Which of the following is a common feature of the EU and APEC?
a. a shared currency b. a uniform tariff levied on imports from non-members c. a reduction in borders among members a. a stated aim to improve trade among members
d. a stated aim to improve trade among members
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The correct answer is c. a reduction in borders among members, as both the European Union (EU) and the Asia-Pacific Economic Cooperation (APEC) have taken steps to reduce barriers to trade and promote economic integration among their member countries.
To determine the correct answer, you could approach the question by analyzing each option:
a. shared currency: The EU has a shared currency known as the Euro, used by 19 of its member states. On the other hand, APEC does not have a shared currency among its member countries. Therefore, this option is not a common feature of both organizations.
b. uniform tariff levied on imports from non-members: While the EU has a common customs union and applies a uniform external tariff on imports from non-members, APEC does not have a unified tariff system. Instead, APEC promotes freer trade and economic cooperation among its member countries through voluntary means like reducing trade barriers and enhancing market access. Thus, this option is not a common feature of both organizations.
c. reduction in borders among members: Both the EU and APEC aim to reduce barriers to trade and facilitate economic integration among their member countries. The EU has gone further by implementing a mechanism called the Schengen Agreement, which allows for the elimination of internal borders, allowing passport-free travel within its member states. While APEC has not implemented such an agreement, it has made efforts to promote the liberalization of trade and investment among its members. Therefore, this option is the common feature of both organizations.
Considering the explanations above, the correct answer is c. a reduction in borders among members.