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Free Trade Area of the Asia-Pacific (FTAAP)

The Free Trade Area of the Asia-Pacific (FTAAP) is an international trade pact backed by China and supported by the 21-member Asia-Pacific Economic Cooperation (APEC). FTAAP is seen as a rival to the proposed Trans-Pacific Partnership (TPP) backed by Washington as part of its pivot to Asia but which notably excludes China. APEC is to begin a two-year feasibility study for FTAAP, which would be the first formal step in negotiating the new FTA. The plan is to finalize the FTAAP agreement by 2025. Under the FTAAP, the U.S. would gain about $626 billion in exports, while China would gain a whopping $1.6 trillion. The 21-member Asia-Pacific Economic Cooperation forum accounts for more than 50 percent of global GDP and nearly half of world trade.

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