Asian Pacific Economy Cooperation

Topics: International trade, World Trade Organization, Free trade Pages: 7 (2113 words) Published: February 25, 2013

It is an association of economies that share the boundaries of the Pacific Ocean.  Under APEC, member economies work together to:
* reduce barriers to trade,
* ease the exchange of goods, services, resources and technical know-how, and * Strengthen economic and technical cooperation between and among them. These concerted efforts, ultimately, would result in a greatly improved global economy and the forging of stronger ties between the developing and the major economies of the world. History

In January 1989, Australian Prime Minister Bob Hawke called for more effective economic cooperation across the Pacific Rim region. This led to the first meeting of APEC in the Australian capital of Canberra in November, chaired by Australian Foreign Affairs Minister Gareth Evans. Attended by political ministers from twelve countries, the meeting concluded with commitments for future annual meetings in Singapore and South Korea. Countries of the Association of Southeast Asian Nations (ASEAN) opposed the initial proposal, instead proposing the East Asia Economic Caucus which would exclude non-Asian countries such as the United States, Canada, Australia, and New Zealand. This plan was opposed and strongly criticized by Japan and the United States. The first APEC Economic Leaders' Meeting occurred in 1993 when U.S. President Bill Clinton, after discussions with Australian Prime Minister Paul Keating, invited the heads of government from member economies to a summit on Blake Island. He believed it would help bring the stalled Uruguay Round of trade talks back on track. At the meeting, some leaders called for continued reduction of barriers to trade and investment, envisioning a community in the Asia-Pacific region that might promote prosperity through cooperation. The APEC Secretariat, based in Singapore, was established to coordinate the activities of the organization. During the meeting in 1994 in Bogor, Indonesia, APEC leaders adopted the Bogor Goals that aim for free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and by 2020 for developing economies. In 1995, APEC established a business advisory body named the APEC Business Advisory Council (ABAC), composed of three business executives from each member economy. APEC Members

1. Thailand 6-7 Nov 1989
2. The United States 6-7 Nov 1989
3. The Philippines 6-7 Nov 1989
4. Canada 6-7 Nov 1989
5. Indonesia 6-7 Nov 1989
6. Japan 6-7 Nov 1989
7. Republic of Korea 6-7 Nov 1989
8. Singapore 6-7 Nov 1989
9. Malaysia 6-7 Nov 1989
10. New Zealand 6-7 Nov 1989
11. Australia6-7 Nov 1989
12. Brunei Darussalam 6-7 Nov 1989
13. People's Republic of China 12-14 Nov 1991
14. Chinese Taipei 12-14 Nov 1991
15. Hong Kong, China 12-14 Nov 1991
16. Mexico 17-19 Nov 1993
17. Papua New Guinea 17-19 Nov 1993
18. Chile 11-12 Nov 1994
19. Peru 14-15 Nov 1998
20. Russia 14-15 Nov 1998
21. Viet Nam 14-15 Nov 1998
* Trade and Investment Liberalization
* Business Facilitation
* Economic and Technical Cooperation
 APEC member-economies have outlined four (4) main objectives: 1. To sustain the growth and development of the region for the common good of its people thus contributing to the growth of world economy; 2. To enhance the gains of both regional and world economy by encouraging the flow of goods, services, capital and technology; 3. To develop and strengthen the open multilateral trading system in the interest of Asia-Pacific member economies and all other economies; and 4. To reduce barriers to trade in goods and services, and minimize hindrance to investment among its participants in a manner consistent with GATT/WTO principles, where applicable, and without detriment to other...
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