Apec Regional IntegrationEssay Preview: Apec Regional IntegrationReport this essayRegional Integration: APECUniversity of PhoenixMGT 448February 20, 2006IntroductionAsia-Pacific Economic Cooperation, or APEC, is the premier opportunity for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC promotes global business and there are several advantages and disadvantages of this regional integration. There are numerous ramifications of APECs economic development for global business and these will be discussed below.
APECAPEC was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only inter governmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect for the views of all participants. APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments that are undertaken on a voluntary basis. APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.
APEC is currently developing a set of four strategic strategic priorities and a policy framework to ensure global competitiveness as well as international competitiveness. Although these priorities include a strong commitment to enhance development, trade, and investment opportunities across the region and to strengthen regional cooperation, they also continue to be linked to policies aimed at achieving better regional integration. APEC’s strategic plans for the world’s largest trading hub, the Abu Dhabi-Roubaix, include trade and investment cooperation, trade investment opportunities across the regional economy, international cooperation, and the need to counter emerging threats to regional stability and sustainable development.
APEC currently employs 70,000 personnel worldwide, the majority of which is based in Indonesia. The development of international-level contacts at the Abu Dhabi-Roubaix is also being supported by APEC, the international trade bureau, industry and financial advisory groups, the Department of Finance and the International Trade Commission (ITC).
As the global financial system undergoes a transition to a 21st century, as new trade and financial instruments are exchanged in international currencies for global and domestic currencies or exchange rate instruments, the development of local and international trade on the basis of APEC has not always been a priority, but it continues to be the source of revenue for APEC. APEC will provide opportunities for local and international trade and investment. However, the focus on regional cooperation has hindered APEC’s efforts to develop regional intergovernmental groups and encourage global dialogue.
APEC has identified issues that make it challenging for it to continue to take part in its strategic plans. For example, it remains concerned that APEC and APEC-EIA and APEC-IA-EBA could remain too close together over issues on which local and international trade may be hindered without APEC even in this particular period (for example, in the Middle East). APEC believes that the international-level coordination required to conduct the activities described above is necessary on a local and international level.
APEC and APEC-EIA are working to enhance regional coordination by working with other partners, providing a framework to improve regional decisionmaking, and building regional cooperation so that APEC can better contribute to international trade.
APEC also develops a comprehensive strategic strategy with key focus on meeting key challenges such as energy security, national security, national health, and economic and societal well-being. These challenges cannot be overcome without the participation of local and international trade partners.
APEC has developed a strategy for meeting its regional requirements by establishing trade and investment co-operation structures across APEC. This strategy incorporates both global, local and international trade coordination initiatives, as well as APEC-EIA-TIA, APEC-APEC-
APECAPEC is an important and important group of leaders and an important part of economic and security reform in Northeast Asia. APEC has contributed to strengthening the intergovernmental development process.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments that are undertaken on a voluntary basis. APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its
APECAPEC is an important and important group of leaders and an important part of economic and security reform in Northeast Asia. APEC has contributed to strengthening the intergovernmental development process.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments that are undertaken on a voluntary basis. APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its
APECAPEC is an important and important group of leaders and an important part of economic and security reform in Northeast Asia. APEC has contributed to strengthening the intergovernmental development process.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments that are undertaken on a voluntary basis. APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its
APECAPEC is an important and important group of leaders and an important part of economic and security reform in Northeast Asia. APEC has contributed to strengthening the intergovernmental development process.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments that are undertaken on a voluntary basis. APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its participants.
APECAPEC was established to enhance economic growth and prosperity for the region and to improve the Asia-Pacific community (APEC, 2006). APEC is the only intergovernmental grouping in the world working on the basis of non-binding commitments, open dialogue and equivalent respect of the views of all participants. APEC has no treaty obligations required of its
APEC has worked to lessen tariffs and other trade barriers across the Asia-Pacific region, creating competent domestic economies and significantly increasing exports. Free and open trade and investment helps economies to grow, creates jobs and provides greater opportunities for international trade and investment. In contrast, protectionism keeps prices high and fosters inefficiencies in certain industries. Free and open trade helps to lower the costs of production and thus reduces the prices of goods and services, which is a direct benefit to all. Asia-Pacific Economic Cooperation (APEC) works in three broad areas to meet the Bogor Goals of free and open trade and investment in the Asia-Pacific by 2010 for developed economies and 2020 for developing economies (APEC, 2006).
Regional IntegrationRegional integration is the formation of closer economic linkages among countries that are geographically near each other, especially by forming preferential trade agreements (U of M, 2006). Most industrial and developing countries in the world are members of a regional integration agreement, and several belong to more than one.
The structure of regional agreements varies hugely, but all have one thing in common–the objective of reducing barriers to trade between member countries. At their simplest they merely remove tariffs on intra-bloc trade in goods, but many go beyond that to cover non-tariff barriers and to extend liberalization to trade and investment. At their deepest they have the objective of economic union, and they involve the construction of shared executive, judicial, and legislative institutions (OECD, 2006).
The benefits of regional integration are easily identified. There are economic benefits such as additional trade, improved quality, increased imports and exports, high-quality international relations and an integrated market. Regional integration can enhance the general quality of life for the citizens of those states. Integration can lead to further development in nations around the world with institutional building and strengthening, coordination of economic and social policy, harmonization of external relations, and governance.
Some disadvantages of regional integration are negotiations, cost issues, the enforcement of these rules and the compliance with them by individual businesses can be a complicated task. Plus, neighboring countries differ as to their need for tariff revenue,
and hence as to the height of tariff that is appropriate. They also differ in their chosen pace of trade liberalization and in their preferences and opportunities for tariff bargaining. Finally, the common pool of revenue has to be divided on some basis, and this may strain political cooperation.
Ramifications of APECAccording to APEC, there are 21 member economies which are Australia; Brunei Darussalam; Canada; Chile; Peoples Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam. There are substantial differences in the economies of some of these countries. In the economic indicators table below, one can see the similarities and differences between the APEC members economies.
Key Economic Indicators for APEC Members:Member Economy and Year JoinedArea (000 sq km)Population (million)GDP (US$bn)GDP per capita (US$)Exports (US$m)Imports (US$m)Australia (1989)7,692692.433,62986,551103,863Brunei Darussalam (1989)15,7644,7131,638Canada (1989)9,9711,084.133,648315,858271,869Chile (1994)105.86,80732,54824,769China (1991)9,5611,299.81,851.21,416593,647560,811Hong Kong, China (1991)174.025,006265,763273,361Indonesia (1989)1,905223.8280.91,23771,58546,525