The average tariffs among Asia-Pacific Economic Cooperation (APEC) member countries and regions have been steadily decreasing over the years, reflecting the region's commitment to trade liberalization. Since APEC's establishment in 1989, the 21 member economies have worked collaboratively to reduce barriers to trade, fostering a more open and competitive economic environment.
As the 2024 APEC Economic Leaders' Week takes place in Peru, the ongoing decline in average tariffs highlights the success of these initiatives. Lower tariffs have facilitated smoother trade flows, increased market access, and stimulated economic growth across the Asia-Pacific region.
This downward trend in tariffs not only benefits businesses and consumers by reducing costs but also encourages innovation and investment within emerging markets. As APEC leaders discuss future strategies in Peru, the focus remains on sustaining this momentum to ensure continued prosperity and integration among member economies.
Reference(s):
cgtn.com
