APEC, which stands for Asia-Pacific Economic Cooperation, is the leading platform for promoting economic development, collaboration, commerce, and investment in the Asia-Pacific region. Comprising 21 countries, APEC is a cooperative initiative aimed at enhancing trade liberalization across this area.
Established in Canberra, Australia in 1989, APEC has achieved considerable advancements in improving trade between its twelve member countries. During its initial ten years of operation, these economies were responsible for 70% of the world's economic growth. APEC's objectives include enhancing economic interdependence, advocating for a more effective multilateral trading system, reducing barriers to investment and trade, and supporting regional development that benefits citizens w
...hile also contributing to global economic expansion.
APEC's objective is to enhance the economy at both regional and global levels by advancing the movement of goods, services, capital, and technology. This encompasses reinforcing multilateral trade systems for member economies in Asia-Pacific while diminishing obstacles to trade in services, goods, and investment. The actions executed must abide by principles established by GATT/WTO without causing any adverse effects on other economies. APEC is striving towards achieving complete liberalization and facilitation of trade as well as investment before 2010 for industrialized countries and 2020 for developing members. The primary target related to tariffs is zero tariffs until 2010 for developed nations and till 2020 for developing nations.
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