APEC
• Asia-Pacific Economic Cooperation is a forum for 21 Pacific
Rim member economies that promotes free trade
• It was established in 1989
• Headquarters Singapore
• Executive Director Allan Bollard
APEC MEMBERS
OBJECTIVES
• To sustain the growth and development of the region
• To enhance the positive gains, both for the region and the world economy
• To develop and strengthen the open multilateral trading system
• To reduce barriers to trade in goods and services and investment among participants in a manner
• Last year they held their 28th meeting in Peru(South America) with the theme of Quality
Growth and Human Development
• This year the conducted in Vietnam(China)
SAARC
• South Asian Association for Regional Cooperation.• Economic and political organization.• Established on December 8th,1995.• Members: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan
and Srilanka.• 3rd April 2007, 14th summit Afghanistan became 8th member.• Headquarters- Kathmandu, Nepal.
• General secretary H.E. Mr. Amjad Hussain B. Sial • Current Observers of SAARC are:• Australia,• China,• The European Union,• Iran,• Japan,• Republic of Korea,• Mauritius,• Myanmar• USA.
OBJECTIVES
• Promote welfare of the people• Accelerate economic growth• Strengthen cooperation with other developing countries• Active collaboration and mutual assistance• Cooperate with international organisation with similar aims and purposes
KEY AGREEMENTS
• Integrated Programme of action – 1983Agriculture, rural development, metrology, telecommunication, Health, transport, postal, science and technology,Sports, etc• SAARC preferential trading agreement (SAPTA) – 1997To promote and sustain economic growth within SAARC region through exchange of concessions.
CLOSER ECONOMIC RELATION
• A free trade agreement between the governments
• 1 January 1983, but the actual treaty was not signed until 28 March 1983
• Other parts of CER include:
• A good that can be legally sold in one country can also be legally sold in the other.
• Anyone registered to practice an occupation in one country may practice in the other
• Service providers may provide services in either country (except in certain areas such as airway services)
EXAMPLES
ADVANTAGES:
• Improved labor force with low cost• Reduced export and helped internal development• Advantageous to textile industry• esp.: developing countries• Example: Bangladesh suffered at the end MFA,• Because of more competition, from China.
WHAT IS OPEC……..?
• Organization of petroleum exporting countries• 12 Inter-governmental organization• Key for development• 41.7% world’s total oil production• US Dollar is unit of sales• Petrodollar
COUNTRIES:
• Algeria• Angola• Ecuador• Iran• Iraq• Kuwait
• Libya• Nigeria• Qatar• Saudi• UAE• Venezuela
OBJECTIVE:
• Co-ordinate & Unify• Stable Price• Consistent supply• Fair ROI• Promote harmony• Forecasting• Policy changes
OIL PRICE
• Availability•Demand • Extraction cost• Tax burden
TREND:
• 2006-2008(Increase)• 2009 steady between $60 - $80• Past 3 years $90 - $120• 2014 declined to the least
WHY DECLINE……..?
•US oil production increases• Lower economic growth of China•Higher oil export by Iran
ATTITUDE- EFFICIENCY
• Cleaner – Safer – Efficient • Environmental Sustainability•Optimization