| Asia-Pacific Economic
Cooperation (APEC) is the premier forum for facilitating economic
growth, cooperation, trade and investment in the Asia-Pacific region.
APEC is the only inter governmental grouping in the world operating
on the basis of non-binding commitments, open dialogue and equal
respect for the views of all participants. Unlike the WTO or other
multilateral trade bodies, APEC has no treaty obligations required
of its participants. Decisions made within APEC are reached by consensus
and commitments are undertaken on a voluntary basis.
|
APEC was established in 1989 to further enhance economic growth
and prosperity for the region and to strengthen the Asia-Pacific
community. APEC is a forum for senior government officials from
twenty-one economies to discuss major issues. Regional economic
cooperation was becoming an important topic of discussion in the
1980s. Economies in the Asia-Pacific region have considered the
need to create a regional forum for discussing ways to address economic
and trade challenges facing the region.
Member economies of APEC at this moment is Australia;
Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia;
Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru;
Philippines; Russian Federation; Singapore; Chinese Taipei; Thailand;
United States; and Vietnam.
APEC members refer to "Member Economies"
which account for approximately 40% of the world's population. It
is approximately 56% of world GDP and about 48% of world trade.
It also proudly represents the most economically dynamic region
in the world having generated nearly 70% of global economic growth
in its first 10 years.
APEC is based on the principles of voluntarism
and consensus-
building. At the same time, APEC is not a trading bloc,
but an open regional forum. APEC believes in the
spirit of open regionalism. The primary objectives
of APEC include:
o Maintain the development of the Asia-Pacific region.
o Strengthen economic advantages for all members.
o Enhance multilateral trade system.
o Decrease members'barriers to trade in goods and
services and investment.
For more information about APEC, please check at http://www.apec.org/
APEC Structure |
