The "Belt and Road" initiative is a fantastic idea and an acknowledgement of China's important role in the Asia-Pacific region, Juan Francisco Raffo, an incoming chairman of the APEC Business Advisory Council (ABAC), said on Monday. [Special coverage]
"If China achieves the more than 6-percent annual growth rate for the next 5 years, it will put the country very close to the U.S. in economic terms. That will be very good," said Raffo, a Peruvian executive who will chair the ABAC next year.
"Peru is a small economy, doing very well and having one of the highest growing rates in South America," Raffo said about his country, adding that China's experience in economic development could be shared by other APEC economies.
He noted that trade and exchanges with China proved to be very important for Peru, which now sees China as its largest trading partner.
The initiative of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, proposed by Chinese President Xi Jinping in 2013, is aimed at reviving the ancient trade routes that span Asia, Africa and Europe.
He said the ABAC will push hard for concrete movements to achieve a free trade agreement for the Asia-Pacific, saying that China can make solid contributions in this drive.
"This is completely in harmony with objectives of APEC and of China. Talking about the free trade agreement for Asia-Pacific, we are at challenging but also very optimistic times," he said.
A series of business forums and ministerial meetings are ongoing here in the Philippine capital Monday, as preceding gatherings ahead of the APEC Economic Leaders' Meeting scheduled for Nov. 18-19.
