APEC is examining the prospects and options for a free trade area in the Asia-Pacific region (FTAAP), which would include all APEC member countries. Since 2006, the APEC Business Advisory Council, which advocates the theory that a free trade area has the best chance of converging Member States and ensuring stable economic growth within the framework of free trade, has committed to creating a high-level task force to study and develop a free trade area plan. The proposed free trade agreement was born out of a lack of progress in the World Trade Organization negotiations in Doha and a way to overcome the spaghetti bowl effect created by divergent and contradictory elements of the umpteenth free trade agreements. There are approximately 60 free trade agreements and another 117 are located in Southeast Asia and the Asia-Pacific region. THE GATT and its successor, the WTO, have succeeded in reducing tariffs. Average tariff levels for large GATT participants were about 22% in 1947, but were 5% after the Uruguay Round of 1999.  Experts attribute some of these tariff changes to the GATT and the WTO.    The Stated objectives of the Organization are to promote international economic cooperation, international trade, employment and exchange rate stability, including providing financial resources to Member States to meet the needs of the balance of payments. IMF Member States have access to information on the economic policies of all Member States, the ability to influence the economic policies of other members, technical assistance in banking, tax and foreign exchange, financial assistance in times of payment difficulties and increased trade and investment opportunities. Voting rights at the IMF are based on a quota system.
Each member has a number of “basic votes” (the basic number of votes of each member corresponds to 5.502% of the total), plus an additional vote for each special draw right (SDR) of 100,000 the rate of a member country. The special drawing right is the IMF`s unit of account and is a right to money. It is based on a basket of important international currencies. The basic votes create a slight distortion in favour of small countries, but the additional votes determined by the SDR outweigh this bias. The implementation of NAFTA on January 1, 1994 resulted in the immediate removal of tariffs on more than half of Mexican exports to the United States and more than one-third of U.S. exports to Mexico. Within 10 years of the implementation of the agreement, all U.S.-Mexico tariffs would be eliminated, with the exception of some U.S. agricultural exports to Mexico, which were to expire within 15 years.
Most U-Canada trade was already duty-free. NAFTA also aims to remove non-tariff barriers and protect the intellectual property rights of products. Most nations have adopted the nation`s most preferred principle when setting tariffs, which has largely replaced quotas. Tariffs (preferably quotas, but still an obstacle to trade) have in turn been constantly reduced in successive rounds of negotiations. The fifth cycle took place again in Geneva and lasted from 1960 to 1962.