Introduction of Apec

Topics: Economics, Economy, International trade Pages: 1 (277 words) Published: February 19, 2011
Introduction of APEC
Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. The Asian-Pacific Economic Cooperation (APEC) is a cooperative effort of 21 countries with a common goal of improving free trade in this region. First established in 1989 with 12 member countries in Canberra, Australia, APEC has made great strides in facilitating and improving trade among its member countries. In the first decade after its creation, the economies of the member nations accounted for 70% of global growth economically. Objectives of APEC

To enhance the positive gains, both for the region and the world economy as a whole resulting from growing economic interdependence; to develop and strengthen the open multilateral trading system; and to reduce barriers to trade in goods and services and investment. • To sustain the growth and development of the region for the common good of its people thus contributing to the growth of world economy. •To enhance the gains of both regional and world economy by encouraging the flow of goods, services, capital and technology. • To develop and strengthen the open multilateral trading system in the interest of Asia-Pacific member economies and all other economies。 • To reduce barriers to trade in goods and services, and minimize hindrance to investment among its participants in a manner consistent with GATT/WTO principles, where applicable, and without detriment to other economies. APEC envisions full trade and investment liberalization and facilitation by 2010 for industrialized economies and 2020 for developing members. With respect to tariffs, the goal is zero tariffs in 2010 and 2020 for developed and developing countries, respectively.
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