SINGAPORE, Nov. 9 (Xinhua) — The impact of membership of the Asia-Pacific Economic Cooperation (APEC) on trade is comparable to that of a free trade agreement, even without a binding agreement, says a report released Monday by the APEC Secretariat.
The report’s analysis reveals that APEC members trade with each other more than they do with other free trading agreement partners and much more with trading partners who are both members of the APEC and members of the World Trade Organization.
This, say analysts, demonstrates the high level of de facto integration between members of the APEC, even under non-binding arrangements.
After taking into account the usual factors that influence trade, APEC members are three times more likely to export to another member than to a non-member and two times more likely to import from another member than from a non-member.
Findings are further supported by a five-fold increase in tradevwithin the APEC since its establishment in 1989 and the 67 percent share that intra-regional trade comprises of total APEC trade. Notably, this is a larger intra-regional share of trade than that in the European Union.
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Source: Xinhua, “APEC members enjoy de facto integration: report”, November 9, 2009, http://news.xinhuanet.com/english/2009-11/09/content_12416247.htm.
