Trade liberalization and its eff ect on foreign trade of APEC countries (towards 30 years оf APEC’s foundation)

Abstract

The article analyzes the activities of the Asia-Pacific Economic Cooperation Forum in terms of the formation of a free trade zone based on the evolution from the Bogor goals to the Free trade area for Asia-Pacific (FTAAP). Completion of the goal of creation a free trade zone is scheduled for 2020. The results of trade liberalization and trade facilitation are described, including a reduction in average rates of customs duties, harmonization and elimination of certain types of non-tariff restrictions, reduction of transaction costs, simplification of administrative formalities. Trade liberalization stimulated the growth of foreign trade of APEC states, including intraregional ones, which increased its share from 57.9% to 69.5% during 1990–2017, as well as faster growth rates of foreign trade of the APEC countries compared with the growth dynamics of international trade.