Southern Common Market (MERCOSUR)

Mercosur or Mercosul (Spanish: Mercado Común del Sur, Portuguese: Mercado Comum do Sul, Guarani: Ñemby Ñemuha, English: Southern Common Market) is an economic and political agreement among Argentina, Brazil, Paraguay, Uruguay, and Venezuela; with Bolivia becoming an accessing member on 7 December 2012 to be ratified by the Member State's legislatures.^[5][6]

Its purpose is to promote free trade and the fluid movement of goods, people, and currency. The official languages are Guaraní,^[7] Portuguese andSpanish. It has been updated, amended, and changed many times since. It is now a full customs union. Mercosur and the Andean Community of Nations are customs unions that are components of a continuing process of South American integration connected to the Union of South American Nations.

Bolivia, Chile, Colombia, Ecuador, and Peru currently have associate member status.

The member nations agreed that any free-trade zones that in August 1994 were already in operation could operate normally under Mercosur, along with any that are set up in light of legal guidelines prevailing or in course in Congress during this same time period. This means that a member nation can no longer create new free-trade zones that are more privileged. Mercosur is an effective agreement for it's members.

24. North American Free Trade Agreement (NAFTA)

The North American Free Trade Agreement (NAFTA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada–United States Free Trade Agreement between the U.S. and Canada.

NAFTA has two supplements: the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAALC).

The NAFTA Secretariat is a unique organization established pursuant to Article 2002 of the North American Free Trade Agreement (NAFTA). It administers the mechanisms specified under the NAFTA to resolve trade disputes between national industries and/or governments in a timely and impartial manner.

A similar administrative body, the Binational Secretariat, existed under the Canada - United States Free Trade Agreement to administer the dispute settlement provisions of that Agreement. It consisted of two offices, known as national sections, one in Ottawa and one in Washington, D.C.

Under the NAFTA, pursuant to the Parties' (NAFTA governments') obligation to establish, permanent, national Section offices in each country, Canada and the United States simply renamed their existing national Sections to the NAFTA Secretariat, Canadian Section and the United States Section, respectively, and Mexico established its own national Section. The NAFTA Secretariat is comprised of:

· the Canadian Section located in Ottawa;

· the Mexican Section located in Mexico City; and

· the United States Section located in Washington, D.C.

The national sections, which are "mirror-images" of each other, are each headed by a Secretary appointed by their respective government. The Parties are responsible for the costs of operating their national section of the Secretariat.

25. Asia – Pacific Economic Cooperation

Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region.

APEC is an intergovernmental grouping that operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.

APEC has 21 members - referred to as "member economies" - which account for approximately 40 percent of the world's population, approximately 55 percent of world GDP and about 44 percent of world trade.

APEC's 21 Member Economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.

Purpose and Goals

APEC was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.

Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, creating efficient domestic economies and dramatically increasing exports. Key to achieving APEC's vision are what are referred to as the 'Bogor Goals' of free and open trade and investment in the Asia-Pacific by 2010 for industrialised economies and 2020 for developing economies. These goals were adopted by Leaders at their 1994 meeting in Bogor, Indonesia.

Learn more about the Bogor Goals in the 1994 Leaders' Declaration.

Free and open trade and investment helps economies to grow, creates jobs and provides greater opportunities for international trade and investment. In contrast, protectionism keeps prices high and fosters inefficiencies in certain industries. Free and open trade helps to lower the costs of production and thus reduces the prices of goods and services - a direct benefit to all.

APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.

Date: 2015-01-29; view: 787