Business
APEC is different from WTO on the basis of substantial and operational aspects of the international trade. The main purpose of the APEC was to save the Asia Pacific countries such as Australia, Japan and China form getting isolated from the international business. On the other hand, the main purpose of developing WTO was to keep the international trade according to the tariffs and prioritization between the two countries. (Smith)
APEC standards were made by the weaker countries in the committee and these countries are trying to reduce the barriers of trade between the members and the non-members as well. APEC rules gives priority to the diversifying the market and the business on the basis of equality. Moreover, the main element of APEC is to diversity the socio-political and combines all the governments of the member countries on one page. APEC gives priority to the economic system which is regional based, however, APEC accept the non-member countries without any discrimination as compared to the WTO. Therefore, the feature of APEC to lower the internal and external barriers for the members and non-members is the main different between APEC and WTO. (Smith)
The rules of APEC are more flexible than the rules of WTO. It is easy for the members to adopt the rules according to their local laws and customs. The main objective of WTO is to reduce tariffs, setting of trade limits, border constraint and quotas. However, in APEC, the main idea is to make business easy and reduce the barriers related to the international trade in the Asia Pacific and other part of the world. (Rose)
Another major different between APEC and WTO is that in WTO the agreement made is a binding agreement. However, in the case of APEC, the head of states makes all the decisions and these decisions are not binding. (Rose)
Work Cited
Smith, Randall K., et al. "Collisional plasma models with APEC/APED: emission-line
diagnostics of hydrogen-like and helium-like ions." The Astrophysical Journal Letters 556.2 (2001): L91.
Rose, Andrew K. Do we really know that the WTO increases trade?. No. w9273. National
bureau of economic research, 2002.
