China Wins Support To Back Asia-Pacific Trade Proposal, Beijing Enthused

Leaders of Asia-Pacific economies have agreed to begin work toward possible adoption of a Chinese-backed free-trade pact, giving Beijing a victory in its push for a bigger role in managing global commerce. In a joint statement after a two-day Asia-Pacific Economic Cooperation summit, the leaders including U.S. President Barack Obama and Russia's Vladimir Putin agreed to take a first step by launching a two-year study of the initiative. Chinese President Xi Jinping is calling it "a historic step in the direction of an Asia-Pacific free trade area." China is promoting the proposed Free-Trade Area of the Asia Pacific despite U.S. pressure to wrap up other trade negotiations. Analysts see it as a response to a U.S.-led initiative, the Trans-Pacific Partnership, which includes 12 countries but excludes China.