Asia-Pacific leaders Tuesday backed China’s roadmap for a vast new free trade area.
Chinese President Xi Jinping called the plan as a "historic" step towards realizing the Free Trade Area of the Asia-Pacific (FTAAP). He said it reflected the "confidence and commitment（承诺）of APEC members to promote the integration（一体化）of the regional economy". The 21-member Asia-Pacific Economic Cooperation forum accounts for more than 50 percent of global GDP and nearly half of world trade.
The US president has insisted he wants China "to do well" despite dealing with tensions between the world's two largest economies. "The United States welcomes the rise of a prosperous, peaceful and stable China," Obama said in a speech Monday at the APEC summit.
Ahead of the gathering, Xi promised ever-closer cooperation with Putin, saying it was "time to gather the fruit" of their deepening ties. Russia and China have been brought together by mutual geopolitical concerns.
Obama held talks of about 15-20 minutes with Putin, according to the White House, with their conversations covering Iran, Syria and Ukraine.
Putin also met Abbott, who has publicly declared his fury at the downing of Malaysia Airlines flight MH17 over eastern Ukraine, killing 298 people including 38 Australian citizens and residents. "The leaders have spoken out in favor of speeding up the investigation of the reasons for the tragedy," the Kremlin said after their meeting.
At the meeting Obama praised China for focusing attention on APEC's role in eventually achieving the FTAAP, first proposed in 2006, but also emphasized the US priority was the smaller TPP.
Xi hosted Obama for a private dinner Tuesday and they were to meet again on Wednesday. Both sides say they want to manage their relationship to avoid clashes in the past that have occurred between rising and established powers.
In a sign that they can work together, the White House announced Tuesday that they had "reached an understanding" on an agreement to reduce tariffs on information technology trade. Obama also announced in Beijing the two governments had reached a reciprocal（互惠的）agreement to extend visa validity（有效性）periods to as long as a decade.
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