QUEZON City, Philippines (November 17) – Different countries united for a common goal, to aim for a better and brighter future for their country and their people. This is the reason why Asia Pacific Economic Cooperation, more popularly known as APEC, was created – to facilitate the growing economy, trade and Investment in the Asia Pacific Region.
The main objective of APEC is known as BOGOR goals, it aims to achieve free trade and open trade investments. However, accomplishing Bogor goals is not easy that’s why the members developed the so-called Three Pillars which serves as their guideline.
First of the Three Pillars is the trade and investment liberalization which aims to diminish and eliminate the tax levied to trade or invests across borders. The next pillar is the business facilitation that wants to reduce the cost in every transaction that may result in low-cost goods and services and more employment.The last pillar is the Economic and technical cooperation (Ecotech) that will provide trainings to its members and highlights the improvement and protection of the people’s way of living.
There are 21 countries that joined the forum. These are: Australia; Brunei Darussalam, Canada, Chile, People’s Republic of China, Hong Kong, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, United States of America and Vietnam. These countries are all helping and supporting each other in promoting balanced and good trade of products from place to place, improve digital skills and others.
APEC envisions a great possibility of a better and brighter future not only to some business enthusiasts but to the whole country and the people in it.
(written by Alanna Marie Ambil, edited by Jay Paul Carlos, additional research by Lovely Ann Cruz)
