In this paper, I will be discussing the role of regional integration in Asia. The regional integration that I will be explaining is the Asia-Pacific Economic Cooperation (APEC). I will also include the advantages and disadvantages of APEC. I will compare and contrast the economic development stages of the countries within the region along with the ramifications of economic development for global business.
Role of Regional Integration
First of all, who is the Asia-Pacific Economic Cooperation (APEC)? APEC was established in 1989 to help with the economic growth and success for their region and help strengthen the Asia-Pacific communities. From the beginning, they helped to reduce trade barriers and tariffs along the Asia-Pacific. This created domestic economies to be efficient and increased their exporting. APEC's vision are what are referred to as the 'Bogor Goals' of free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and 2020 for developing economies.
These goals were adopted by Leaders at their 1994 meeting in Bogor, Indonesia1.
APEC acts like a cooperative, mutual economic and a trade forum. APEC is the only intergovernmental group in the world that is devoted to increasing investments and reducing trade barriers without having their members legally bound to any obligations. The way decisions are made within APEC is by personal views of their members then by a consensus. Their decisions always lead to achieve their free and open trade investment goals.
There are currently 21 members of APEC. The members are Vietnam, United States, Hong Kong China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, People's Republic of China, Chile, Canada, Brunei Darussalam, and Australia. The members must take action in order to open their markets and encourage economic growth...