Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Find a Job
  • Home
  • Business Management & Operations
  • Global Business, International Law & Relations

Asia Pacific Economic Cooperation - Explained

What is the APEC?

Written by Jason Gordon

Updated at March 11th, 2022

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More

Table of Contents

What is the Asia-Pacific Economic Cooperation (APEC)?What is the History of the the Asia-Pacific Economic Cooperation (APEC)?APEC's Actions and GoalsSub-Groups of APECAcademics Research on Asia-Pacific Economic Cooperation (APEC)

What is the Asia-Pacific Economic Cooperation (APEC)?

The Asia-Pacific Economic Cooperation (APEC), is a group of 21 big economies whose coalition was based on fostering economic growth and sustainable development among the member countries. APEC was established in 1989, it is an inter-governmental organization that comprises 21 countries. APEC fosters interdependence between the member countries and also promote free trade in the Asia-Pacific region. As a premier forum, APEC fosters economic cooperation, trade, and investment among the participating countries.

Back to: INTERNATIONAL BUSINESS, LAW, & RELATIONS

What is the History of the the Asia-Pacific Economic Cooperation (APEC)?

As part of the functions of APEC, it fosters a sense of belonging among member countries which are Asia-Pacific countries. Since its establishment in 1989, there are some significant successes that can be attributed to APEC, they include;

  • Reduction or elimination of trade tariffs and high import tax between the member countries.
  • Enhancing the efficiency of customs cross-border.
  • Conquering terrorist groups
  • Stimulating economic integration and growth
  • Combating climate change
  • Bridging the economic gap that exists between developing and developed countries
  • Improving the quality of education and standards of living in developing Asian countries.

APEC's Actions and Goals

Before the official launch of the Asia-Pacific Economic Cooperation (APEC), its action agenda and goals have already been formulated. Before the creation of APEC in 1989, various summits and discussion groups were held by Asia-Pacific countries where they agreed on establishing a free trade that will foster economic growth among participating countries. In a 1995 summit meeting, APEC adopted the Osaka Action Agenda, whose objectives include trade liberalization, economic integration, promotion of trade and investment and enhancement of business and technical cooperation.

Sub-Groups of APEC

APEC has a number of sub-groups that serve different purposes and create awareness on different agenda and objectives of APEC. The sub-groups of APEC are created based on the purpose they serve. APEC subgroups are;

  • Gender Issues: This sub-group of APEC continues advocacy for the participation of women in the Asia-Pacific economy. This is to achieve gender balance.
  • Intellectual Property Rights: This sub-group was established to ensure proper protection of intellectual property rights in the Asia-Pacific region.
  • Emergency Preparedness: This sub-group ensures that counties in the Asia-Pacific region are prepared for the outbreak of natural disasters such as tsunamis, volcanic eruptions, earthquakes, and others.


asia-pacific economic cooperation apec

Was this article helpful?

Yes
No

Related Articles

  • The World Bank - Explained
  • Customs Union - Explained
  • Convention on the International Trade in Endangered Species (CITES) - Explained
  • Caribbean Community and Common Market (CARICOM) - Explained



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand