APEC, or the Asia-Pacific Economic Cooperation, is an intergovernmental forum established in 1989 to promote economic cooperation and facilitate trade and investment among countries in the Asia-Pacific region.
APEC consists of 21 member economies, including Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam. Together, these economies account for approximately 60% of the global GDP and approximately 47% of world trade.
The primary objective of APEC is to promote sustainable economic growth, development, and prosperity in the Asia-Pacific region. It aims to achieve this through various means, including reducing trade barriers, enhancing regional integration, promoting economic and technical cooperation, and fostering a favorable business environment.
APEC operates based on the principles of consensus, non-binding commitments, open dialogue, and voluntary cooperation. It facilitates discussions and negotiations on a wide range of economic and trade-related issues, such as tariffs, investment, intellectual property rights, structural reform, and regional economic integration.
APEC holds annual meetings, where leaders of member economies come together to address regional economic challenges and opportunities. These meetings provide a platform for dialogue and cooperation, enabling member economies to strengthen economic ties, enhance policy coordination, and develop initiatives to promote regional economic integration and cooperation.
Overall, APEC serves as an important platform for fostering economic cooperation and integration in the Asia-Pacific region, promoting sustainable development, and enhancing the well-being of people in member economies.
