Guillermo, Herohito III O.
CAS-01-301A
November 24, 2022 GEO3
Direction: Supply the meaning of the following acronyms and give their main purpose or
mission.
1. ASEAN - Association of Southeast Asian Nations
Association of Southeast Asian Nations was formed with the goal of speeding
regional economic growth, social improvement, and cultural development, as well as
supporting peace and stability in the region.
2. APEC - Asia-Pacific Economic Cooperation
Asia-Pacific Economic Cooperation seeks to deepen regional economic
integration by reducing barriers to trade and investment at the border, boosting
distribution network connectivity across the border, and improving business conditions
beyond the border.
3. WTO – World Trade Organization
The World Trade Institution (WTO) is the sole international organization that
deals with global trade regulations. Its primary role is to keep commerce flowing as
smoothly, reliably, and freely as possible.
4. AFTA - ASEAN Free Trade Area
The primary goals of the ASEAN Free Trade Area are to establish a single market
and an international manufacturing base, to attract foreign direct investment and to
promote intra-ASEAN trade and investment.
5. TNCs – Transnational Corporations
A transnational corporation is a business that is involved in the international
manufacturing of goods or services, overseas investments, or the administration of
revenue and assets in more than one country.
6. Economic Union - An economic union is a contract between two or more countries that
allows commodities, services, money, and labor to freely cross borders.
Economic union aims to eliminate internal trade obstacles between member
nations in order to benefit all member countries economically.
Guillermo, Herohito III O. CAS-01-301A
November 24, 2022 GEO3
7. RTA’s – Regional Trading Agreement
The Regional Trading Agreement aims to foster the free flow of products and
services across its members' borders, lower trade costs, and set various economic
regulations.
8. NAFTA - North American Free Trade Agreement
NAFTA's objective is to abolish all tariff and non-tariff trade and investment
obstacles between the United States, Canada, and Mexico. The idea was to make doing
business in Mexico and Canada more affordable for American firms and vice versa, by
lowering the amount of red tape required to import or export goods.
9. EU – European Union
The European Union's internal objectives are to encourage peace, its values, and
the welfare of its citizens, to provide freedom, security, and social equity without internal
borders, and to adopt appropriate measures at its external borders to monitor and control
asylum and immigration, as well as to help deter and combat crime.
10. EEC - European Economic Community
The EEC was created to create a trading bloc among its members by removing
most trade obstacles and establishing a uniform external trade policy.
