Tuesday, June 02, 2020

APEC and the Asia and Pacific Free Trade Area

Free trade areas have been formed in great number across the world, particularly in Asia and the Pacific. For the region, the most interesting FTA is the FTAAP. The idea was first proposed in 2003 but it was not until 2006 that it was seriously considered a possibility. The idea was brought to the attention of the Leaders at their 17th Summit. This was caused by the impasse of the Doha Development Round, the setting up of FTAs in other regions, strengthened economic cooperation and integration in the region.

The FTAAP would be the biggest free trade area, affecting the region and the world as it reduces transaction costs through common rules of origin, promotes trade through nontechnical barriers, contributing to economic development of the region. However, many thinks that the FTAAP can negatively impacted APEC while others share the view that The FTAAP is important in achieving the Bogor goals. APEC members are also divided on the FTAAP. The US, Singapore, Taiwan, Hong Kong support the idea and think it is highly feasible while Canada Japan, the Republic of Korea, Australia, New Zealand, Russia and Latin American countries think it is a good idea and supports it over the long term, still others are hesitant and afraid of the negative impacts. In the future, the FTAAP would be further considered at APEC and other forums in the region and the world.

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