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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World APEC debates becoming body that can forge FTA By MARI YAMAGUCHI,Associated Press - Monday, November 8 Send IM Story Print YOKOHAMA, Japan – Pacific Rim economies are debating whether to change the informal Asia-Pacific Economic Cooperation forum so that it can negotiate the creation of a sprawling Pacific-wide free trade zone, Japanese officials said Monday. The potentially major change for the 21-member APEC, formed in 1989 as non-binding forum to promote regional trade and investment, would open the possibility of a trade pact encompassing 44 percent of global trade and more than half of the world's gross domestic product. The idea faces resistance from some member economies that want to strike free trade deals independently, said the Japanese officials, who requested anonymity because of government rules. Indonesia and the Philippines have said they are cool toward the concept _ known as the Free Trade Area of the Asia-Pacific _ preferring to think of it as a much longer-term goal. Experts have also said it is an unrealistic objective given the huge variation among the 21 member economies, which range from tiny Papua New Guinea to China and the United States, the world's two biggest. Given APEC's non-binding nature, some have said any trade treaty would have to take place in a parallel structure. Still, the idea of an APEC-wide free trade zone, first floated by the U.S. at the 2006 meeting in Hanoi, Vietnam, has gained momentum as a way to harmonize the proliferation of bilateral and regional free trade pacts within the region and amid frustration with stalled World Trade Organization talks. The week of meetings in Yokohama, just south of Tokyo, will culminate in a weekend summit attended by President Barack Obama, Chinese President Hu Jintao, Japanese Prime Minister Naoto Kan and 18 other leaders. Recommend Send IM Story Print Related Articles Japan's Skymark to buy four A380 superjumbos AFP - 7 minutes ago World Bank chief calls for gold to anchor forex AFP - 16 minutes ago Blackouts trigger diesel shortage in China: state media AFP - 17 minutes ago Shell surprises by selling down Woodside stake Reuters - 21 minutes ago BRIEF-Krungthai Card expects higher new card issues this year Reuters - 27 minutes ago News Search Top Stories Rescued Chilean miner shows 'yes you can' in NYC Marathon Democracy icon Suu Kyi locked up for rare Myanmar vote Germany's E.ON set for major reorganization: report Pamela Anderson calls out Ultra-Orthodox men on fur hats Violent protests in Germany against nuclear waste train More Top Stories » Related Full Coverage Free TradeFree Trade All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Pope sanctifies Sagrada Familia, rounds on abortion World's oldest axe found in Australia Fed not in the business of inflation: Bernanke RBS bank plunges back into loss Dell has not ruled out going private, CFO says More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France Spectacular unknown species found in Amazon Ancient galaxy is more than 13 billion light years away Moon's 'treasure chest' includes silver More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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