Endnotes
1The APEC Economic Leaders Declaration of Common Resolve signed in Bogor, Indonesia on 15 November 1994, or commonly known as Bogor Goals, commit to sustain free and open trade and investment in the Asia Pacific by reducing barriers to trade and investment and by promoting the free flow of goods, services and capital among economies. It sets the target of creating free and open trade and investment in the region no later than 2020, with industrialized countries achieving this goal in 2010, and developing economies no later than 2020.
2The Grubel-Lloyd Index is a widely used indicator to measure the extent of intra-industry trade as opposed to inter-industry trade. High intra-industry trade will bring the GL index equal to one. Lack of intra-industry trade will bring the GL index to zero. The index varies from zero (all inter-industry trade) to one (all intra-industry trade), and the sum over the shares of the two mutually exclusive forms of trade amounts to one in each country's aggregate trade (Lee 2004).
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