Many experts believe that the Free Trade Area of the Asia-Pacific Region (FTAAP) will benefit China, especially textile and clothing industry, to a great extent.
FTAAP is a proposed free trade area involving the member nations of the Asia-Pacific Economic Cooperation (APEC) organization. Such a free trade area would involve the 21 member nations.
Experts say that bigger the free trade area, higher the benefit obtained by China. This will particularly be favourable to Eastern regions of the country.
The FTAAP is more ambitious in scope than the Doha round, which limits itself to reducing trade restrictions. The FTAAP would create a free trade zone that would considerably expand commerce and economic growth in the most dynamic and largest economies.
Members of ASEAN and Asia-Pacific region are continuously organizing meetings to reach a mutual ground regarding FTAAP. However, due to the huge difference in the development levels and economic condition of these countries, it has been extremely difficult to reach a common stand.
Several analysts say that though the goal to integrate Asian economy is very grand, the development of the FTAAP is most likely to take many years.
Fibre2fashion News Desk - China
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