APEC
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 worked towards are Sydney declaration that included aspirational goals and binding regional targets to cut emissions of greenhouse gases. It will be the first time that US and China agree to such global goals.
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: