DHAKA, Nov 11, 2014 (BSS) - Nations in the Asia Pacific Economic Cooperation (APEC) bloc decided to conduct a two-year study to speed up formation of a free trade zone to spur growth.

In sync with other Chinese initiatives in the region like the "Silk Route Belt" the free trade zone would also include five more countries: Bangladesh, Pakistan, Mongolia, Tazakhstan and Kazakhstan, the Chinese official news agency Xinhua reported.

Speaking at this year's APEC summit in Beijing, Xi said the 21-member forum had agreed that economic integration was the "driving force" behind sustained strong growth and APEC "should continue to play a leading and coordinating role in pushing forward this process."

APEC, which also includes the US, China, Japan, South Korea, Indonesia and Canada, groups countries which account for 40 percent of the world's population, 54 percent of its economic output and 44 percent of trade.

Xi urged members to speed up the trade liberalization framework called the Free Trade Area of the Asia Pacific (FTAAP). APEC had approved work towards the establishment of FTAAP, which Xi said was a "historic step."

"Currently, the global economic recovery still faces many unstable and uncertain factors. Facing the new situation, we should further promote regional economic integration and create a pattern of opening up that is conducive to long-term development," Xi said.

"We should vigorously promote the Asia-Pacific free trade zone, setting the goal, direction and roadmap and turn the vision into reality as soon as possible," the Chinese president said.

Xi was quoted by state news agency Xinhua on Monday as saying that FTAAP "does not go against existing free trade arrangements which are potential pathways to realize FTAAP's goals."

Japanese Prime Minister Shinzo Abe welcomed China's efforts this year on crafting a roadmap for the FTAAP scheme.