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APEC
Economic Advantages and Disadvantages of APEC Membership

Abstract Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region (APEC, 2013). APEC is an intergovernmental grouping that operates based on non-binding commitments, open dialogue and equal respect for the views of all participants (APEC, 2013). APEC countries use a system of consensus to corroborate ideas, and pledges are initiated on a voluntary basis. Their primary goal is to promote economic growth and strengthen member economies. APEC also strives to improve business relationships between corporations and governments throughout its 21 members. However, its large number of member states and broad geographic spread has posed significant challenges for APEC to develop a meaningful economic union. It has faced criticism for failing to meet expectations during its 21 years of existence. This paper examines APEC 's accomplishments as well as its shortcomings to provide a balanced view of the benefits and drawbacks it provides for the participating economic markets.

Economic Advantages Under the theme of "Resilient Asia-Pacific, Engine of Global Growth", the 21st APEC summit agreed that a strong multilateral trading system is a key driver for economic growth, job creation and sustainable development (Dan, 2013). APEC is committed to removing protectionist trade barriers for its member economies in an effort to promote economic growth in the Asia-Pacific region. APEC accounts for approximately 44 percent of the global trade giving APEC countries leverage in regards to improving trading systems. The cooperation has vowed to put this objective at the forefront as an improved trading system, which will promote economic growth for its member economies. Asia-Pacific economies will count on enhanced regional connectivity to stimulate trade and attract investment as the member countries


References: APEC. (2013). What is Asia-Pacific Economic Cooperation? Retrieved from: http://www.apec.org/about-us/about-apec.aspx APEC APEC economies remain the world 's fastest growing: Report. (June, 2012). Targeted News Service. Retrieved from: http://search.proquest.com.ezproxy.libproxy.db.erau.edu/docview/1019448388?accountid =27203 APEC-IAP Dan, Z. (2013). APEC leaders issue joint declaration on economic growth. Retrieved from: http://english.cntv.cn/20131008/104817.shtml ILO Kemlu: Diverse but one APEC. (October, 2013). Hong Kong Government News. Retrieved from: http://search.proquest.com.ezproxy.libproxy.db.erau.edu/docview/1439661070 Nan, Z Park, S.H., & Lee, J.Y. (2009). APEC at crossroads: challenges and opportunities. Asian Perspective Journal, 33(2), 97-124. Retrieved from: http://search.proquest.com.ezproxy.libproxy.db.erau.edu/docview/748995982/fulltextPD F?accountid=27203 Quintos, L
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