DaNang (VNA) – President of the Republic of Korea (RoK) Moon Jae-in hasurged efforts to promote free trade in the Asia-Pacific region and voicedsupport for the early conclusion of a regional trade deal known as the RegionalComprehensive Economic Partnership (RCEP).

Atthe dialogue between APECleaders and the APEC Business Advisory Council (ABAC) in centralDa Nang city on November 10, Moon said over thepast 30 years, APEC has realised its outstanding development and become thefocal point of economic cooperation in the Asia-Pacific region in the contextthat the region's trade volume increased by more than 7 percent each year.

Thespirit of economic integration through free trade that APEC has been pursuinghas been the foundation of the success, he said, insisting it is now time tobuild institutions for free trade in the region.

Thespirit of APEC must further be strengthened, he affirmed, adding that a FreeTrade Area of the Asia-Pacific (FTAAP) should be quickly established asproposed by ABAC.

Moonnoted the APEC represented the world's largest market with its member economiesaccounting for 60 percent of global gross domestic product (GDP) and 45 percentof global trade.

Thepath APEC walks will be the path of the global economy, the President said, stressingthat APEC sets an example for expanding free trade and realise the growth.

Tothis end, the RoK will actively work for the early conclusion of RCEPnegotiations to realise growth and prosperity of APEC, he said.

APECwas established in 1989 to create growth and prosperity of 21 economic members.Since its birth, the bloc has become a favourable space for economic growth inthe Asia – Pacific region.

Strengtheningfree trade and investment – the pillars of APEC – has made significantcontributions to improving socio-economic indices of the economies, with thebloc’s trade exchanges rising by seven times.

APECcomprises Australia, Brunei, Canada, Chile, China, Hong Kong (China),Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, PapuaNew Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand,the US and Vietnam.-VNA