Asia Pacific Economic Cooperation (APEC)

Foundation Date : November, 1989

Headquarter : Singapore

Executive Director : Dr Alan Bollard

Member Countries : 21

About APEC

Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC is an intergovernmental grouping that operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or 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.

APEC has 21 members - referred to as "member economies" - which account for approximately 40 percent of the world's population, approximately 55 percent of world GDP and about 44 percent of world trade. APEC's 21 Member Economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.

Purpose and Goals

APEC was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, creating efficient domestic economies and dramatically increasing exports. APEC's key to achieving vision are referred to as the 'Bogor Goals' of free and open trade and investment in the Asia-Pacific by 2010 for industrialised economies and 2020 for developing economies. These goals were adopted by Leaders at their 1994 meeting in Bogor, Indonesia. Free and open trade and investment helps economies to grow, creates jobs and provides greater opportunities for international trade and investment. Free and open trade helps to lower the costs of production and thus reduces the prices of goods and services which will be a direct benefit to all. APEC also works to create an environment for the safe and efficient movement of goods, services and people across borders in the region through policy alignment and economic and technical cooperation.

Career Scope in Print Media

Print media are lightweight, portable, disposable publications printed on paper and circulated as physical copies in forms we call books, newspapers, magazines, and newsletters. They hold informative and entertaining content that is of general or special interest. They are published either once or d →

United Nations Organization (UNO)

History of United Nation The name "United Nations", coined by United States President Franklin D. Roosevelt was first used in the Declaration by United Nations of 1 January 1942. In 1945, representatives of 50 countries met in San Francisco at the United Nations Conference on International Organiza →

What is Bitcoin?

In 2009, an unknown programmer by the name of Satoshi Nakamoto put forward a whitepaper that proposed a creation of new form of digital currency - cryptocurrency. Cryptocurrency functions the same way as regular currencies do in that its used as a means of exchange, unit of account and a store of va →

Medical Council of India (MCI)

Headquarter: New Delhi Function of the Organization: The Medical Council of India was established in 1934 under the Indian Medical Council Act, 1933, now repealed, with the main function of establishing uniform standards of higher qualifications in medicine and recognition of medical qualifications →

  • Contribute to our Site

    If you contribute your content to our site. Please mail us your content to editor@onlinegk.com

Follow us on Social Media

Follow us on Facebook
Follow us on Google Plus
Follow us on Twitter