The Association agreed to a list of industrial projects covering petrochemicals, fertilizers, steel, soda

Ash, newsprint, and rubber, on which the group would cooperate in the construction of major

Plants. The Association also agreed to set up a permanent secretariat. Brunei joined the Association

In 1984, Vietnam in 1995 and Burma and Laos in 1997. Import tariffs on intra-ASEAN trade

Were be reduced to a maximum of 5 per cent by 2003, subject to the right to exclude some sensitive

Traded goods or services.

21.7.1.4. Read the text “Asia-Pacific Economic Cooperation” and answer the question: How

many countries are there in APEC?

Asia-Pacific Economic Cooperation (APEC) was a forum of, originally, fifteen Pacific Rim countries,

Formed in 1989 on the initiative of Australia. In 1992, a secretariat was opened in Singapore,

And in 1994 an agreement was reached for the establishment of a free-trade area. The advanced

Countries in the group should achieve the objective by 2010, and the developing countries by 2020.

At a meeting in Osaka in 1995 the member countries agreed to reduce import tariffs and liberalize

Services, public procurement contracts and foreign investment. It was accepted that flexibility should

Be allowed in the implementation of measures by the developing countries in the group and in

Relation to particularly sensitive areas, such as agriculture. The APEC countries agreed that the