APEC Canada 1997 was a series of Asia-Pacific Economic Cooperation meetings focused on economic cooperation, held in

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, Canada on 24–25 November 1997. It was the fifth

APEC The Asia-Pacific Economic Cooperation (APEC ) is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.

meeting in history, and the second held in the Americas. Though discussions also involved the admission of

Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = National seal , national_motto = "Firm and Happy f ...

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, and

Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...

into the organization (as of 2010, these countries remained APEC's newest members), the meeting focused on development in Asia-Pacific countries, and its implications for the world's economy. The role of the IMF was also discussed, as was the need to strengthen global cooperation with respect to economic activity (EVSL initiative - tariffs), customs procedures, and emergencies. 47% of world trade is done by APEC members. The first day of the meeting was November 24, 1997.

History

The organization first met as a forum in 1989, in an informal meeting meant to facilitate dialogue between member nations (originally 12 including 3 G8 countries). It was intended to liberalize international trade. APEC's three pillars were delineated at the 1995 meeting in Japan.

Expansion

Three new members Russia, Peru and Vietnam, were admitted under a ten-year integration initiative (a decision agreed in 1997 but not converted into formal admission for the new members until 1998). The most recent additions prior to this had been those of Mexico, Papua New Guinea, and Chile in 1991. 1997 was also the year Russia entered the G7, creating the G8.

Purpose and goals

The group

ratified Ratification is a principal's approval of an act of its agent that lacked the authority to bind the principal legally. Ratification defines the international act in which a state indicates its consent to be bound to a treaty if the parties inten ...

tariff A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and pol ...

reduction initiative called early voluntary sectoral liberalization (EVSL), which aimed to lower tariffs across 15 economic sectors; the process regarded nine of these as priority areas. Goals were set regarding financial stability and how it could be achieved through a stronger and more relevant

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

. Customs procedures were also discussed, with the goal of improving clearances by 2000.

Criticism

An APEC report, compiled by inquiry commissioner

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and including testimonies from over 150 witnesses, concluded that the

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used excessive force on protesters during the meeting.

Attendees

References

{{Asia-Pacific Economic Cooperation 1997 in Canada History of Vancouver

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