Ministers from the 21 members of the Asia Pacific Economic Cooperation forum agreed to examine the effects free trade in minerals and metals would have on the sector, said Australia's Resources Minister Ian Macfarlane.

"We have taken the first step to achieving a long-term vision of an Apec free trade agreement," Macfarlane told reporters at the end of the meeting late Wednesday.

"This would dwarf every other FTA ever written."

Apec brings together 40 percent of the world's population, represents 47 percent of world trade and 60 percent of global economic output.

Apec leaders agreed at a summit in Vietnam in November to commission a study of a free trade zone linking Asia and the Americas for evaluation this year.

The meeting of mining ministers is one of a series being held in Australia ahead of this year's Apec summit in Sydney.

Apec members include big mineral producers such as Australia, Canada, Peru, Chile and the US as well as major consumers like China and Japan.

The ministers agreed that cooperation and consultation would overcome significant challenges confronting resources security throughout the Apec economies, Macfarlane said in a statement.