The United States on Tuesday became the 18th member economy of the Asia-Pacific Economic Cooperation ( APEC) to sign up to the APEC Business Travel Card Scheme, giving further boost to trade and investment across the region.
The Australian Department of Immigration and Citizenship, which manages the scheme on behalf of the APEC Business Mobility Group, said in a press release issued here that a certificate of participation allowing the United States to start issuing APEC business travel cards was signed by the U.S. side in Canberra earlier Tuesday.
The APEC Business Travel Card Scheme is an APEC initiative developed in response to the need of business people to gain streamlined business visitor entry to the economies of the Asia- Pacific region. The card allows holders to transit through the airport quickly using a priority APEC immigration processing lane, and provides business visa pre-clearance valid for three years and multiple entries to a scheme-participating economy for a maximum stay of two months.
Up to now, only three APEC member economies, namely Mexico, Russia and Canada, have not joined the scheme.
APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. Since its birth in 1989, it has grown to encompass 21 members spanning four continents, and represents the most economically dynamic region in the world, accounting for approximately 40 percent of the world's population, 56 percent of world GDP and 48 percent of world trade.
The 21 member economies are Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Thailand, the United States and Vietnam.
Source: Xinhua
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