All about APEC: Primer

Summary

The video, presented by the U.S. Embassy in Manila, introduces the Asia-Pacific Economic Cooperation (APEC). It explains the purpose of APEC, which aims to enhance trade, cooperation, and economic growth among 21 member economies in the Asia-Pacific region. The video highlights APEC's three key areas: trade and investment liberalization, business facilitation, and economic and technical cooperation (ECOTECH). It emphasizes APEC's significance in driving free and open trade, promoting economic integration, and building a sustainable business environment. The video is part of a series exploring APEC's impact and goals.

Takeaways

• 🎬 U.S. Embassy Manila's video series 'All About APEC' provides insights into the Asia-Pacific Economic Cooperation (APEC).
• 🌍 APEC is an organization that promotes economic growth, cooperation, trade, and investment among 21 member economies in the Asia-Pacific region.
• 🇵🇭 The Philippines is hosting APEC this year, and as a founding member, the United States is actively participating.
• 📈 APEC represents approximately 40% of the world's population, 55% of global GDP, and 44% of world trade.
• 🤝 APEC's main goals include promoting free and open trade, enhancing economic integration, improving security, and creating a sustainable business environment.
• 📅 APEC was formed in 1989 by 12 economies, including the U.S. and the Philippines, and its goals were formally adopted in 1994 with a target to achieve them by 2020.
• 🚪 The three pillars of APEC are: Trade and Investment Liberalization, Business Facilitation, and Economic and Technical Cooperation (ECOTECH).
• 📊 Trade and Investment Liberalization aims to reduce tariffs and remove other barriers to facilitate easier trade and investment.
• 💼 Business Facilitation focuses on lowering the costs of business transactions by improving access to trade information and aligning policies.
• 👩‍🏫 ECOTECH provides people with the skills and training needed to actively participate in the workforce, ensuring inclusive growth.

Q & A

What is APEC and what does it aim to achieve?

APEC stands for Asia-Pacific Economic Cooperation. It aims to facilitate economic growth, cooperation, trade, and investment in the Asia-Pacific region.

How many member economies are part of APEC, and what is their global significance?

APEC consists of 21 member economies, representing approximately 40% of the world’s population, 55% of the world’s GDP, and 44% of world trade.

What are the three main pillars of APEC’s work?

The three main pillars of APEC’s work are Trade and Investment Liberalization, Business Facilitation, and Economic and Technical Cooperation (ECOTECH).

What is the goal of Trade and Investment Liberalization under APEC?

The goal of Trade and Investment Liberalization is to reduce tariffs and other barriers to trade and investment among APEC member economies.

How does APEC aim to facilitate business transactions?

APEC aims to facilitate business transactions through Business Facilitation, which reduces costs by improving access to trade information and aligning business policies to promote growth and free trade.

What is ECOTECH and how does it contribute to APEC’s goals?

ECOTECH, or Economic and Technical Cooperation, helps people develop skills to participate in the workforce, thereby supporting sustainable economic development across APEC member economies.

Why is the United States excited to participate in APEC this year?

As a founding member of APEC, the United States is excited to improve trade relations and sustain economic growth during this year’s APEC events, hosted by the Philippines.

What historical milestone in 1994 is significant to APEC’s goals?

In 1994, APEC adopted a goal to achieve free and open trade and economic integration by 2020, marking a key milestone in its long-term objectives.

What benefits does APEC bring to the Philippines, according to participants in the video?

Participants in the video believe that APEC provides the Philippines with an opportunity to become more competitive and engage in globalization, aiming for world unity and economic growth.

How and when was APEC originally formed?

APEC was formed in 1989 when 12 Asia-Pacific economies, including the United States and the Philippines, met to establish an organization aimed at promoting regional economic cooperation.