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APEC and the 1997 Summit in Vancouver. CRS Report for Congress

机译:apEC和1997年温哥华峰会。 CRs国会报告

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The Asia Pacific Economic Cooperation (APEC) forum is an association of 21211u001eeconomies bordering the Pacific Ocean who are working cooperatively to reduce 211u001ebarriers to trade and investment; ease the exchange of goods, services, 211u001eresources, and technical know-how; and strengthen economic and technical 211u001ecooperation. The members include the United States, Canada, Mexico, Peru, Chile, 211u001eJapan, Russia, South Korea, China, Taiwan, Hong Kong, Indonesia, Brunei, 211u001eMalaysia, Singapore, Thailand, Vietnam, the Philippines, Australia, New Zealand, 211u001eand Papua New Guinea. These members of APEC have declared their intention to 211u001eestablish free trade and investment in the region by the year 2010 for 211u001eindustrialized members and 2020 for the others. On November 25, 1997, APEC held a 211u001eLeaders Meeting (summit) in Vancouver, B.C., Canada to further pursue the APEC 211u001eagenda where they endorsed a framework developed by their finance ministers to 211u001epromote financial stability in the region and to supplement resources by the 211u001eInternational Monetary Fund when necessary. The leaders agreed to other actions, 211u001eincluding to liberalize trade in fifteen sectors (with work beginning on nine 211u001esectors), to work towards a successful conclusion of the World Trade Organization 211u001enegotiations on financial services, and to harmonize and simplify customs 211u001eclearances by the year 2000. They also welcomed Peru, Russia, and Vietnam as new 211u001emembers.

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