What is Asia-Pacific Economic Cooperation?
Asia-Pacific
Economic Cooperation, or APEC, is the premier forum for facilitating
economic growth, cooperation, trade and investment in the Asia-Pacific
region.
APEC is an
intergovernmental grouping that operates 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 has 21
members - referred to as "member economies" - which account for
approximately 40 percent of the world's population, approximately 55
percent of world GDP and about 44 percent of world trade.
APEC's 21
Member Economies are Australia; Brunei Darussalam; Canada; Chile;
People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic
of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The
Republic of the Philippines; The Russian Federation; Singapore; Chinese
Taipei; Thailand; United States of America; Viet Nam.
Purpose and Goals
APEC was
established in 1989 to further enhance economic growth and prosperity
for the region and to strengthen the Asia-Pacific community.
Since its
inception, APEC has worked to reduce tariffs and other trade barriers
across the Asia-Pacific region, creating efficient domestic economies
and dramatically increasing exports. Key to achieving APEC's vision are
what are referred to as the 'Bogor Goals' of free and open trade and
investment in the Asia-Pacific by 2010 for industrialised economies and
2020 for developing economies. These goals were adopted by Leaders at
their 1994 meeting in Bogor, Indonesia.
Free and open
trade and investment helps economies to grow, creates jobs and
provides greater opportunities for international trade and investment.
In contrast, protectionism keeps prices high and fosters inefficiencies
in certain industries. Free and open trade helps to lower the costs of
production and thus reduces the prices of goods and services - a direct
benefit to all.
APEC also
works to create an environment for the safe and efficient movement of
goods, services and people across borders in the region through policy
alignment and economic and technical cooperation.
For further information, please visit here: apec.org
