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.

Outlines

00:00

🎥 Introduction to APEC Video Series

The video begins with a welcome message to the U.S. Embassy Manila's video series titled 'All About APEC.' It explains that this series will present short videos about the Asia-Pacific Economic Cooperation (APEC), which the Philippines is hosting this year. The United States, as a founding member of APEC, is excited to participate in this year’s efforts to improve trade relations and sustain economic growth. The introduction wraps up by promising to cover the basics of APEC in the video.

🤝 Perspectives on APEC from Participants

This segment features various participants sharing their thoughts on APEC. One participant explains that APEC is a gathering of like-minded individuals aiming to boost the economy in the Asia-Pacific region. Another sees APEC as an opportunity for the Philippines to become more competitive, while a third describes it as a reunion of Asia-Pacific representatives focused on globalization and world unity.

🌍 APEC: Key Facts and Objectives

The narrator provides an overview of APEC, describing it as a coalition of 21 member economies aimed at promoting economic growth, cooperation, trade, and investment in the Asia-Pacific region. APEC represents about 40% of the world's population, 55% of the global GDP, and 44% of global trade. The primary goals of APEC are to champion free and open trade, enhance economic integration, improve security, and create a sustainable business environment. These goals were adopted in 1994 with the aim of being achieved by 2020.

📊 History and Structure of APEC

APEC was established in 1989 by 12 Asia-Pacific economies, including the United States and the Philippines. APEC operates through three main pillars: Trade and Investment Liberalization, Business Facilitation, and Economic and Technical Cooperation (ECOTECH). Each of these areas focuses on reducing barriers to trade, lowering business transaction costs, and providing individuals with skills to participate in the global workforce.

📅 Conclusion and Future Videos in the APEC Series

The video concludes by summarizing the key points of APEC's goals and structure. It encourages viewers to stay tuned for upcoming videos in the 'All About APEC' series produced by U.S. Embassy Manila, promising more insights and information on the topic in the future.

Keywords

💡APEC

APEC, or the Asia-Pacific Economic Cooperation, is an intergovernmental forum focused on promoting economic integration, trade, and investment among its 21 member economies. The video emphasizes that APEC fosters collaboration between economies like the Philippines and the United States to enhance regional growth. APEC is also highlighted as a platform for reducing trade barriers and supporting sustainable business environments.

💡Economic growth

Economic growth refers to the increase in the production of goods and services in an economy over a certain period. In the video, APEC’s core mission is to promote sustained economic growth in the Asia-Pacific region. This is achieved through liberalizing trade, enhancing business facilitation, and fostering technical cooperation.

💡Trade and investment liberalization

This is one of APEC's three pillars and refers to the process of reducing barriers like tariffs and quotas to encourage free trade and foreign investments. The video explains how APEC seeks to create open markets by lowering restrictions, making it easier for economies to trade and invest with each other, thus boosting the region’s economic dynamism.

💡Business facilitation

Business facilitation involves making it easier and more efficient to conduct business by improving access to trade information and streamlining policies. The video stresses that APEC helps reduce transaction costs for businesses and ensures that policies are aligned to promote growth and free trade, contributing to a more competitive environment for businesses in the region.

💡Economic and technical cooperation (ECOTECH)

ECOTECH is another key pillar of APEC, focused on building human capacity and enhancing skills to enable greater participation in the global economy. In the video, ECOTECH is described as providing the necessary training and skills development for people in the Asia-Pacific region to thrive in the workforce, contributing to overall economic resilience.

💡Globalization

Globalization refers to the increasing interconnectedness and interdependence of the world's economies. The video highlights how APEC plays a role in managing globalization by facilitating dialogue and cooperation among Asia-Pacific economies, aiming to integrate them further into the global economic system and promote shared prosperity.

💡Free and open trade

Free and open trade refers to the removal of trade barriers and restrictions, allowing goods, services, and investments to flow freely across borders. In the video, this concept is central to APEC's mission as it seeks to reduce tariffs and promote open markets, leading to more accessible and competitive trade environments for its member economies.

💡Asia-Pacific region

The Asia-Pacific region includes economies located around the Pacific Ocean, many of which are members of APEC. The video underscores the importance of this region, which accounts for about 40% of the global population, 55% of the world's GDP, and 44% of global trade, making it a crucial area for economic cooperation and growth.

💡Tariffs

Tariffs are taxes imposed on imported goods and services. The video discusses how APEC works to reduce these tariffs as part of its trade and investment liberalization efforts. By lowering tariffs, APEC aims to facilitate easier and more cost-effective trade among member economies, boosting overall economic activity.

💡Sustainable business environment

A sustainable business environment refers to conditions that allow businesses to thrive in the long term without causing harm to the economy or environment. In the video, APEC is portrayed as a champion of sustainability, ensuring that the policies and practices it promotes foster stable and lasting economic growth across the Asia-Pacific region.

Highlights

Introduction to U.S. Embassy Manila's video series on APEC.

Overview of APEC, the Asia-Pacific Economic Cooperation, hosted by the Philippines this year.

The United States, as a founding member of APEC, is eager to improve trade relations and sustain economic growth.

APEC is described as a coming together of like-minded individuals focused on boosting the Asia-Pacific economy.

APEC provides an opportunity for the Philippines to become more competitive in the global economy.

APEC is seen as a reunion of Asia-Pacific representatives aiming for globalization and world unity.

APEC consists of 21 member economies, accounting for approximately 40% of the world's population, 55% of the global GDP, and 44% of world trade.

APEC promotes free and open trade, economic integration, security, and a sustainable business environment.

The goals of APEC were adopted in 1994, with hopes of being achieved by 2020.

APEC was formed in 1989 with 12 founding economies, including the United States and the Philippines.

APEC operates on three broad pillars: trade and investment liberalization, business facilitation, and economic and technical cooperation (ECOTECH).

Trade and investment liberalization aims to reduce tariffs and other trade barriers.

Business facilitation seeks to lower business transaction costs by improving access to trade information and aligning policies.

ECOTECH focuses on giving people the skills they need to participate in the workforce.

APEC is committed to fostering economic growth, cooperation, and investment in the Asia-Pacific region.

Transcripts

[MUSIC PLAYING]

NARRATOR: Hi, and welcome to U.S. Embassy Manila's

video series, "All About APEC."

We'll present short videos about

the Asia-Pacific Economic Cooperation, or APEC,

which the Philippines is hosting this year.

As an APEC founding member,

the United States is excited to be part of

this year's chance to improve trade relations

and sustain economic growth.

But first, let's talk about the basics.

[MUSIC PLAYING]

PARTICIPANT: It is actually coming together

of similar-minded individuals

whose main goal is to bring about

additional economic boost in Asia-Pacific region.

PARTICIPANT: APEC for me is an opportunity for the Philippines

to become more competitive.

PARTICIPANT: It's a scheduled reunion of Asia-Pacific representatives

and something to do related to globalization

and also with an aim of attaining world unity.

NARRATOR: APEC is 21 member economies aiming to facilitate economic growth,

cooperation, trade and investment in the Asia-Pacific region

– composed of approximately 40% of the world's population,

approximately 55% of the world's GDP, and about 44% of world trade.

Basically, APEC champions free and open trade,

promotes economic integration, enhances security and facilitates

a sustainable business environment.

These goals were adopted in 1994, and hope to be achieved by 2020.

In 1989, 12 Asia-Pacific economies met to form APEC,

including the United States and the Philippines.

APEC works in three broad areas called APEC three pillars:

Trade and investment liberalization,

business facilitation,

and economic and technical cooperation.

Trade and investment liberalization reduces tariffs and other barriers

to trade and investment.

Business facilitation reduces the costs of business transactions

by improving access to trade information

and aligning business policy and strategies to facilitate

growth, and free and open trade.

Economic and Technical Cooperation, or ECOTECH, gives people the skills

to participate in the workforce.

And that, in a nutshell, is all about APEC.

Stay tuned for our next video on the series "All About APEC,"

and other videos from U.S. Embassy Manila.

See you soon.

[MUSIC PLAYING]