APEC strategic plan also covers creation of a green supply network
APEC leaders said on Tuesday they will draw up a strategic blueprint to promote development of global value chains and establish a regional cooperation network on a green supply chain.
Under the blueprint announced in Beijing, the APEC could launch initiatives in 2015 to enhance global supply chains and study the impact of the measures on supply chain growth.
Shen Danyang, spokesman for the Ministry of Commerce, said the blueprint, which covers most major issues in trade and economic cooperation, will serve to guide global supply chain cooperation.
Closer supply chain links have helped to increase cross-border business and push economic integration in the region, laying a foundation for the Free Trade Area of the Asia-Pacific, he said. When established, this area will cover about half the global economy.
The region will also take a step-by-step approach to compiling domestic account and foreign trade statistics and set up a strategic framework on measuring APEC value-added trade.
Economists said the Asia-Pacific has the closest supply chain links, and setting up efficient supply chains in the region will enhance economic integration and benefit economies at all levels of development.
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