Difference between revisions of "APEC"
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APEC's 21 members account for approximately 41% of the world's population, approximately 56% of [[world GDP]] and about 49% of world trade. These members are: | APEC's 21 members account for approximately 41% of the world's population, approximately 56% of [[world GDP]] and about 49% of world trade. These members are: | ||
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* [[Australia]] | * [[Australia]] | ||
* [[Brunei|Brunei Darussalam]] | * [[Brunei|Brunei Darussalam]] | ||
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* [[United States of America]] | * [[United States of America]] | ||
* [[Vietnam]] | * [[Vietnam]] | ||
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==References== | ==References== | ||
Revision as of 19:33, September 2, 2025
APEC (Asia-Pacific Economic Cooperation) is an association of 21 countries in the Asia-Pacific region which works together to achieve economic growth, cooperation, trade and investment.[1]
APEC operates on the basis of non-binding commitments. Unlike 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.
Purpose and Goals
APEC was established in 1989 with the aims of enhancing economic growth and prosperity for the region and strengthening the Asia-Pacific community.
Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, creating more efficient domestic economies and increasing exports. In 1994 the APEC leaders agreed the 'Bogor Goals' of free and open trade and investment in the Asia-Pacific by 2010 for industrialised economies and 2020 for developing economies.
The 2007 APEC meeting in Sydney signed a Declaration on Climate Change, Energy Security and Clean Development. The declaration specifies wide-ranging and ambitious actions the APEC member economies will take to reduce greenhouse gas emissions. It will be the first time that both the US and China agree to long-term aspirational goal to reduce greenhouse gas emissions.
The next APEC meeting will take place in 2008 in Peru.
Member States
APEC's 21 members account for approximately 41% of the world's population, approximately 56% of world GDP and about 49% of world trade. These members are: