NARRATOR: Hi, and welcome to U.S. Embassy Manila's

video series, "All About APEC."

We'll present short videos about

the Asia-Pacific Economic Cooperation, or APEC,

which the Philippines is hosting this year.

As an APEC founding member,

the United States is excited to be part of

this year's chance to improve trade relations

and sustain economic growth.

But first, let's talk about the basics.

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PARTICIPANT: It is actually coming together

of similar-minded individuals

whose main goal is to bring about

additional economic boost in Asia-Pacific region.

PARTICIPANT: APEC for me is an opportunity for the Philippines

to become more competitive.

PARTICIPANT: It's a scheduled reunion of Asia-Pacific representatives

and something to do related to globalization

and also with an aim of attaining world unity.

NARRATOR: APEC is 21 member economies aiming to facilitate economic growth,

cooperation, trade and investment in the Asia-Pacific region

– composed of approximately 40% of the world's population,

approximately 55% of the world's GDP, and about 44% of world trade.

Basically, APEC champions free and open trade,

promotes economic integration, enhances security and facilitates

a sustainable business environment.

These goals were adopted in 1994, and hope to be achieved by 2020.

In 1989, 12 Asia-Pacific economies met to form APEC,

including the United States and the Philippines.

APEC works in three broad areas called APEC three pillars:

Trade and investment liberalization,

business facilitation,

and economic and technical cooperation.

Trade and investment liberalization reduces tariffs and other barriers

to trade and investment.

Business facilitation reduces the costs of business transactions

by improving access to trade information

and aligning business policy and strategies to facilitate

growth, and free and open trade.

Economic and Technical Cooperation, or ECOTECH, gives people the skills

to participate in the workforce.

And that, in a nutshell, is all about APEC.

Stay tuned for our next video on the series "All About APEC,"

and other videos from U.S. Embassy Manila.

See you soon.

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