Key Economic Partnerships: APEC, EU, ASEAN & More
APEC (Asia-Pacific Economic Cooperation)
APEC is a forum that promotes economic cooperation and free trade among its member economies in the Asia-Pacific region. It was established in 1989 and consists of 21 member economies, including Australia, Canada, China, Japan, Russia, the United States, and many countries in Southeast Asia and the Pacific. APEC aims to facilitate economic growth, trade, investment, and sustainable development through dialogue, policy coordination, and regional economic integration.
SICA (Central American Integration System)
SICA is an organization that promotes regional integration and cooperation among the Central American countries. It was established in 1991 and currently consists of eight member countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, and the Dominican Republic.
SICA’s objectives include strengthening political, economic, social, and cultural integration, as well as addressing common challenges such as poverty, inequality, and security issues.
NAFTA (North American Free Trade Agreement)
NAFTA was a trilateral trade agreement among Canada, Mexico, and the United States, which was in effect from 1994 to 2020.
Its main objective was to eliminate trade barriers and promote economic integration among the three member countries. NAFTA facilitated the movement of goods, services, and investments across North America and created a comprehensive framework for intellectual property rights and dispute resolution.
EU (European Union)
The European Union is a political and economic union consisting of 27 member countries primarily located in Europe. It was established through various treaties, with the most notable being the Maastricht Treaty in 1993. The EU’s objectives include promoting peace, stability, and economic prosperity among its member states. It has a single market, a common currency (euro), and common policies in areas such as agriculture, trade, and competition. The EU also aims to coordinate policies on security, environment, and other global challenges.
ASEAN (Association of Southeast Asian Nations)
ASEAN is a regional organization comprising ten member countries in Southeast Asia, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 to promote regional stability, economic cooperation, and social progress.
ASEAN’s objectives include enhancing regional integration, promoting economic growth, and facilitating cooperation in areas such as trade, investment, tourism, and cultural exchange.
TTIP (Transatlantic Trade and Investment Partnership)
The TTIP was a proposed trade agreement between the European Union and the United States. Negotiations began in 2013 but were put on hold in 2016. The objective of the TTIP was to create a more integrated transatlantic market by reducing trade barriers, harmonizing regulations, and promoting economic growth and job creation. The agreement aimed to enhance trade and investment flows between the EU and the US by addressing regulatory differences and fostering cooperation in various sectors.
MERCOSUR (Southern Common Market)
MERCOSUR is a regional trade bloc in South America, established in 1991. Its member countries are Argentina, Brazil, Paraguay, and Uruguay, with Venezuela as a suspended member. MERCOSUR aims to promote economic integration, free trade, and the movement of goods, services, and capital among its member states. It also works towards the coordination of common external tariffs and the development of joint policies on areas such as agriculture, industry, and technology.
SADC (Southern African Development Community)
SADC is a regional economic community in Southern Africa, established in 1980. It currently consists of 16 member countries, including Angola, Botswana, South Africa, Zambia, Zimbabwe, and others.