Putin voices support for creation of Asia-Pacific FTA

BEIJING - Russia supports the idea of establishing a free trade area (FTA) in the Asia Pacific region, which is believed to enhance the country's position in the Asia Pacific market, President Vladimir Putin said in a signed article published here on Thursday.

"We support the idea of forming an Asia-Pacific free trade area. We believe this is in our practical interest and represents an opportunity to strengthen our positions" in the rapidly growing Asia-Pacific markets, Putin said in an article entitled "The 25th APEC Economic Leaders' Meeting in Da Nang: Together Towards Prosperity and Harmonious Development."

The Asia-Pacific Economic Cooperation Economic Leaders' Summit will be convened on Nov 10-11 in Vietnam's central Da Nang city.

Over the past five years, the share of APEC economies in Russia's foreign trade has increased from 23 to 31 percent, and from 17 to 24 percent in exports, according to Putin.

"And we have no intention of stopping there," reads the article.

The Russian president suggested that the large-scale project to create the APEC FTA be carried out with due account of the experience gained from implementing key integration formats in the Asia-Pacific region and Eurasia, including the Eurasian Economic Union in which Russia cooperates with Armenia, Belarus, Kazakhstan and Kyrgyzstan.

On a related note, Putin mentioned the Russian idea to create the Greater Eurasian Partnership, suggesting forming it on the basis of the Eurasian Economic Union and China's Belt and Road Initiative.

As comprehensive development of infrastructure will serve as the basis for effective integration, Russia is actively modernizing its sea and air ports in its Far East, developing transcontinental rail routes, and building new gas and oil pipelines, the article said.