APEC member-economies have outlined four (4) main objectives: · 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; and · 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.
Compare and contrast the economic development stages of each of the three selected countries within your chosen region.
What benefits can accrue to the Philippines as a member of APEC ? The benefits from Philippine participation in APEC are as follows: § As APEC seeks to create a more open trade environment, business transactions and exchange of goods, services and technology will be greatly relaxed. · Investments will flow freely to and from developing economies. The transfer of professional skills and consultancy will be simpler and more manageable. · There will be easier access to resources made available to industrialized member-economies giving a better chance for local industries to improve and compete in the global market. · Improvements in the energy, transportation, and telecommunication infrastructures are expected to be the immediate results of a strengthened cooperation among the APEC...
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