Apec: It's Successes and Future Prospects

Topics: Asia-Pacific, Asia-Pacific Economic Cooperation, Economic growth Pages: 4 (1253 words) Published: August 5, 2010
Shruti Jain

APEC: It’s Successes and Future Prospects

Asia-Pacific Economic Cooperation, commonly abbreviated for APEC has 21 Pacific members, including all the major economies of the region and some of the most dynamic, fastest growing economies in the world. Statistically, APEC members have a combined Gross Domestic Product of over $16 trillion and carry out 42% of world trade. Over the past few years, APEC's role has grown in both depth and scope and now encompasses trade liberalization, business facilitation, economic and technical cooperation.

Despite the differences in the levels of economy growth, there is a growing sense of common purpose and cooperation aimed at sustained regional and world growth. Some objectives of APEC are: •to enhance the positive gains, both for the region and the world economy as a whole •to develop and strengthen the open multilateral trading system in the interest of Asia-Pacific and all other economies; •to decrease the number of obstacles in trade and also to reduce tariffs across Asia Pacific nations •to promote, develop and maintain high standards of endodontic research, teaching and clinical practice in the Asian Pacific region.

APEC was established in 1989, when Australia hosted the first annual meeting, the Canberra Ministerial Meeting, Foreign and Trade Ministers from 12 Asia-Pacific economies to discuss the growing interdependence among Asia-Pacific economies and to the need to advance Asia-Pacific economic dynamism and sense of community. In 1993, the United States held the first annual meeting of APEC Leaders at Blake Island to give trade liberalization and economic cooperation further impetus and high level commitment, to develop a spirit of community in the region and to promote sustainable growth and equitable development. Between its establishment in 1989 and the first annual meeting of APEC Leaders in 1993, APEC accepted six new members. In November 1991, the People's Republic of China; Hong Kong,...

References: http://www.economywatch.com/country-grouping/apec.html
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