Asia Pacific Economic Cooperation - Explained
What is the APEC?
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Table of ContentsWhat 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.
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.