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Madamba, Arthuro Jr.

Pablo

ANIMATION 4

APEC

Purpose of APEC
The purpose behind APECs establishment is the desire to have a forum
that caters to the enhancement of economic conditions of states. This would
entail the facilitation of economic growth, promotion of cooperation among
states, liberalization of trade, and creation of opportunities for investments in
the Asia-Pacific community.
APECs mission is to build a dynamic and harmonious Asia-Pacific
community by championing free and open trade and investment, promoting
and accelerating regional economic integration, encouraging economic and
technical cooperation, enhancing human security, and facilitating a favorable
and sustainable business environment.
The effects of APEC
-To ensure the safety of the economic leaders and delegates in Manila, tight
security was enforced.
Advantage of APEC
Over the years, the Philippines took advantage of the freer markets
around the region. The eagerness of booming economies to open up their
markets to developing countries, like the Philippines, is somehow linked to
the country's major growth drivers remittances from overseas Filipino
workers (OFWs) and the burgeoning business process outsourcing
(BPO) industry.
The Philippines has a very successful economic formula that worked
well over the last 5 to 10 years. We've had a chance to grow as a country,
but a lot has been led by consumer demand. We have a young population,
remittances that come back, and burgeoning BPO industry," Jaime Augusto
Zobel de Ayala, chairman and CEO of Ayala Corporation and a member of the
3-person APEC Business Advisory Council (ABAC), told Rappler in an
interview
on
Wednesday,
November10.
The Philippines will be the world's biggest stage for one week. APEC summit
is a good networking event. If I take a look at the level of interest, over
thousands of those who registered or 85% of them are from overseas.
Disadvantage of APEC

Madamba, Arthuro Jr. Pablo

ANIMATION 4

Instead, APEC has sought to realize a vision of global free trade, driven
by the liberalization of the Asia Pacific region's dynamic economies.
Prism Electronics, viewing an overseas country for creating a manufacturing
facility within the APEC region, considered various factors to determine in
which country the company should set up a manufacturing site. Certain
countries, such as Canada, Mexico, Chile and Japan, were excluded
immediately because they did not meet the internal criteria of the company,
i.e. be part of the burgeoning Pacific Rim. Prism looked at the dynamic
ASEAN region, which is comprised of Brunei, Indonesia, Malaysia, the
Philippines, Singapore, Thailand, and Vietnam. In 1994, this region
represented more than 400 million people with a combined GDP of $470
billion. Over the next decade, the region's GDP is expected to more than
double, with the population exceeding 686 million by 2010. U.S. exports to
the ASEAN region could easily equal or exceed exports to Japan or China by
that time as well.
Dynamic growth has resulted in increased purchasing power and a
demand for consumer goods. An increased emphasis on services, falling
barriers to trade, and urbanization are creating tremendous opportunities for
equipment suppliers as each nation scrambles to modernize facilities and
services. The ASEAN countries are not only an integrated trading market, but
also a gateway to the northeast Asian economies of Japan and China and the
southwest countries of Indonesia and the Philippines.

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