IKEA has opened stores in Beijing and Shanghai and hopes to capitalize on China's growing consumer economy, since the potential of China's consumer market is so vast that it is almost impossible to measure. IKEA and other global retailing giants operating in China are beneficiaries of the _____, which was established in 1989 to promote open trade and economic and technical cooperation among member nations. In addition, they are allowed to participate in a wide range of organizational activities and have become increasingly competitive regarding global business.

Question

Quizplus · Accepted Answer

APEC (Asia-Pacific Economic Cooperation) was established in 1989 to promote open trade and economic and technical cooperation among member nations, including China. IKEA and other global retailing giants operating in China are beneficiaries of this agreement, which allows them to participate in a wide range of organizational activities and become increasingly competitive regarding global business. The EU (European Union), NAFTA (North American Free Trade Agreement), and ASEAN (Association of Southeast Asian Nations) do not directly apply to China's involvement with global retailing giants such as IKEA.

IKEA Has Opened Stores in Beijing and Shanghai and Hopes