Asia-Pacific leaders meeting at the Apec summit in China this week have agreed to move towards establishing a new free trade zone, reports the BBC.
The Apec summit near Beijing agreed to launch a study into The Free Trade Area of the Asia-Pacific (FTAAP), the BBC said.
Chinese leader Xi Jinping described the endorsement of the pact as an 'historic' decision, according to the report.
Apec - the 21-nation Asia-Pacific Economic Co-operation forum - said the study into the establishment of the FTAAP would last two years.
Meanwhile, the US is currently negotiating a separate Trans-Pacific Partnership (TPP), the BBC said, which is considered part of Washington's 'pivot' towards Asia - ensuring continued US influence in the region in response to growing Chinese power.
The TPP involves 12 countries, but not China or Russia.
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