Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) chairman Juan Francisco Raffo noted that the TPP could lay the foundations for a larger agreement among the member economies of the Asia Pacific bloc.

The Trans Pacific Partnership Agreement is a proposed new regional free trade agreement which builds on an existing Free Trade Agreement between New Zealand, Chile, Singapore and Brunei Darussalam. Negotiations now include the United States, Australia, Peru, Vietnam and Malaysia.

The 8th round of talks will take place from September 6-14 in the United States, while the 9th round will be held in Lima from October 24-28.

“The main objective of the ABAC meeting is that the APEC economy members work on a Free Trade Agreement (FTA). Unfortunately, these agreements take time as it is a long and complex process, but we are making progress,” said Raffo after the opening of the 3rd ABAC meeting in Lima.

(END) EBS/JPC/LGV/PSY/LVT