What is APEC?
The Asia-Pacific Economic Cooperation (APEC) Forum is the main forum for promoting growth, technical and economic cooperation, trade facilitation and liberalization, and investment in the Asia-Pacific region.
The Asia-Pacific Economic Cooperation (APEC) Forum is the main forum for promoting growth, technical and economic cooperation, trade facilitation and liberalization, and investment in the Asia-Pacific region. It was created in 1989, at the behest of Australia and Japan, to strengthen the community of the Asia-Pacific region.
A major long-term goal is the creation of a Free Trade Area of the Asia Pacific (FTAAP). Furthermore, in 1994, economies defined the "Bogor Goals" of free and open trade, which are met by 2020. In May of the present year, the APEC Vision Group (AVG) was officially created, which will be responsible for defining the Forum's post 2020 vision.
It has 21 members, which are known as " economies ". These are: Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong; Indonesia; Japan; South Korea, Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapore; Chinese Taipei; Thailand; United States and Viet Nam. The moratorium was revoked in 2010 with regard to the entry of new members. However, this issue has not been addressed since then. The last economies to join were Peru, Russia and Vietnam in 1998.
Together, these 21 economies currently represent the most dynamic economic region in the world with 40% of world's population, 60% of global GDP and 50% of total trade.
APEC.ORG is the only inter-governmental organization operating in the world on the basis of non-binding commitments and open dialogue. Unlike other multilateral economic bodies, decisions made within APEC are reached by consensus and commitments are made on a voluntary basis.
APEC.ORG is essentially a forum for economic and technical cooperation and it is in this context that it allows applying for funds for economies to share good practices and through this tool advance the prosperity of the region and its people.
APEC.ORG has three official observers:
- Pacific Economic Cooperation Council (PECC);
- Association of Southeast Asian Nations (ASEAN) Secretariat;
- Pacific Islands Forum (PIF) Secretariat