HUAIROU, China (AP) - Leaders of Asia-Pacific economies agreed Tuesday 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.
"This is a historic step in the direction of an Asia-Pacific free trade area," said Chinese President Xi Jinping at a news conference.
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.
The APEC leaders also promised to work more closely to combat official corruption. That is a special concern for Beijing, which is stepping up efforts to pursue officials who flee abroad with stolen public money.
Beijing has launched a series of trade and finance initiatives in pursuit of a bigger role in U.S.-dominated economic and security organizations to reflect Beijing's status as the world's second-biggest economy.
APEC was the first major international gathering in China since Xi took power and gave Beijing a platform to lobby for a bigger leadership role.
On the eve of the summit, Beijing announced a free-trade agreement with South Korea. Also Monday, regulators approved a plan to open Chinese stock markets wider to foreign investors by linking exchanges in Hong Kong and Shanghai. That followed the weekend announcement of a $40 billion Chinese-financed fund to improve trade links between Asian economies.
Earlier this year, Beijing launched a regional development bank with 20 other governments. In May, Xi called for a new Asian structure for security cooperation based on a group that includes Russia and Iran but excludes the United States.