APEC to Cut Tariffs to Zero in 2020

The Asia-Pacific Economic Cooperation (APEC) mechanism agreed to cut tariffs among its 21 members to zero in 2020, Peruvian APEC representative of APEC Luis Quesada said Wednesday.

This decision under the 2nd Association Plan of Trade Facilities was ratified at the APEC's Second Senior Officers Meeting (SOM-II), being held from May 20-29 in the Peruvian city of Arequipa.

According to the plan, Quesada said that as a first step the average customs tariff between the 21 members of APEC would be reduced to 5 percent in 2010.

The attendees also discussed structural reform to integrate juridical measures and regulations for the governments to boost investment, he added.

Since its inception in 1989 in response to the growing interdependence among Asia-Pacific economies, APEC has become a major regional forum acting as the primary regional vehicle for promoting open trade and economic and technical cooperation in the region.

 

 

Source: CRIEnglish