Asia-Pacific Economic Cooperation ( English : sideline of the APEC ) [1] is an intergovernmental forum that includes 21 member states of the Pacific edge of the Pacific , which promotes free trade throughout the region Asia and the Pacific . [2] After the success of the series of ASEAN Ministerial Conferences that began in the mid-1980s, [3] the Asia-Pacific Economic Cooperation was founded in 1989, [4] in response to increased economic growth and in response to the growing interdependence of the economies of the Asia-Pacific region and the emergence of Regional trading blocs in other parts of the world such as the European Unionand naphtha , and was aimed at creating new markets for agricultural products and raw materials outside Europe. [5]
EPIC seeks to raise the standard of living and education through achieving balanced economic growth and revenue sharing between the countries of Asia and the Pacific, where the population of the countries bordering the Pacific constitutes nearly 40% of the world’s population. [6] [7] [8]
Headquartered in Singapore , [9] the Forum is considered one of the highest multilateral gatherings and the oldest in the Asia Pacific region, [10] and has significant global influence. [11] [12] [13] [14]
The annual meeting of APEC is attended by heads of government from member countries other than the Republic of China (Taiwan) represented under the name of Chinese Taipei at the minister level [15] in the annual meeting of economic leaders of the Forum. The venue of the forum changes annually among the member states, and one of the most prominent customs of this conference is that heads of government wear the national clothes of the host country. [16]
Bogor , Indonesia, Forum leaders adopted the Bogor Goals of free and open trade and investment in the Asia-Pacific region by 2010 for industrialized economies and by 2020 for developing economies. In 1995, the APEC established a business advisory body called the Asia Pacific Economic Cooperation (ABAC) Business Advisory Council (ABAC), made up of three business executives from the economic system of each member state.
The Asia-Pacific Economic Cooperation (APEC) forum in collaboration with five other international organizations (Eurostat, IEA, Latin American Energy Organization, OPEC, United Nations Statistics Division) launched in April 2001 the Common Oil Data Regulations, which in 2005 became an initiative Joint Organizations Data (JODI).
Member economies [ edit ]
APEC currently has 21 members. However, the criterion for membership is that the member is a separate economy , not a country. As a result, the APEC uses the term member economies rather than member states to refer to its members. A consequence of this criterion is that forum membership includes Taiwan (officially the Republic of China, participating under the name “Chinese Taipei”) along with the People’s Republic of China (see Relations across the Taiwan Strait ), as well as Hong Kong, which entered APEC as a British colony but is now an administrative region Especially for the People’s Republic of China . APEC also includes three official observers, namely the ASEAN, the Pacific Islands Forum and the Pacific Economic Cooperation Council. [21][2]
| member economies | The name as used in APIC | the date of join | GDP (purchasing power parity) in 2017 (in millions of international dollars) |
|---|---|---|---|
 Australia |
Australia | November 1989 | 1,235,297 |
 Brunei |
Brunei Darussalam | November 1989 | 32,958 |
 Canada |
Canada | November 1989 | 1,763,785 |
 Indonesia |
Indonesia | November 1989 | 3,242,966 |
 Japan |
Japan | November 1989 | 5,405,072 |
 South Korea |
The Republic of Korea | November 1989 | 2,026,651 |
 Malaysia |
Malaysia | November 1989 | 926,081 |
 New Zealand |
New Zealand | November 1989 | 185,748 |
 Philippines |
Philippines | November 1989 | 874,518 |
 Singapore |
Singapore | November 1989 | 513,744 |
 Thailand |
Thailand | November 1989 | 1,228,941 |
 United State |
United State | November 1989 | 19,362,129 |
 Taiwan |
Chinese Taipei [a] | November 1991 | 1,175,308 |
 Hong Kong |
Hong Kong, China [b] | November 1991 | 453,019 |
 China |
People’s republic of China | November 1991 | 12,150,000 |
 Mexico |
Mexico | November 1993 | 2,406,087 |
 Papua New Guinea |
Papua New Guinea | November 1993 | 30,839 |
 Chile |
Chile | November 1994 | 452,095 |
 Peruvian |
Peruvian | November 1998 | 424,639 |
 Russia |
Russia | November 1998 | 4,000,096 |
 Vietnam |
Vietnam | November 1998 | 643,902 |
Next
Possible expansions
India applied to join the Asia-Pacific Economic Cooperation, and received support from the USA, Japan, Australia and Papua New Guinea. The officials decided not to allow India to join for various reasons considering that India does not border the Pacific Ocean , a condition fulfilled by all existing members. India was invited to be an observer for the first time in November 2011. [22] [23] [24] [25]
Bangladesh, Pakistan, Sri Lanka, Macau, Mongolia, Laos, Cambodia, Costa Rica, Colombia, Panama , and Ecuador, as well as twelve other economies, have applied for membership in the APEC. Colombia applied for membership in the Asia-Pacific Economic Cooperation at the beginning of 1995, but its offer was rejected as the organization stopped accepting new members from 1993 to 1996, and the suspension was extended to 2007 due to the 1997 Asian financial crisis. Guam has sought For separate membership such as Hong Kong, but the United States of America, which represents Guam, opposed the request. [26] [27] [28] [29] [30] [31]
Business facilitation [ ]
APEC has always been at the forefront of reform to make business easier. It reduced transaction costs across the region by 6% between 2002 and 2006, thanks to the APEC Trade Facilitation Action Plan. Between 2007 and 2010, the APEC Forum sought an additional 5% reduction in transaction costs. To this end, a new Action Plan for Trade Facilitation was approved. According to research published by the World Bank in 2008 as part of the Trade and Facilitation Costs Project, increasing the transparency of the trading system in the region is critical if APEC is to achieve its Bokor goals . APIC Travel Business Card (a document for visa-free business travel within the region) is one of the concrete measures to facilitate business. Russia acceded in May 2010 to the agreement. [32] [33]
APEC Study Center [ ]
APEC leaders decided in 1993 to establish a network of study centers among member universities and economic research institutions. The purpose is to enhance cooperation between higher education and research institutions in member economies, and thus to have better academic cooperation on key regional economic challenges. APEC Study Centers are independently funded to encourage independence from the APEC Forum, as well as their choice of research topics. [34]
There are about 70 APEC research centers as of December 2018. An annual conference is usually held in the country of the year’s host economic system.
APEC Business Advisory Council [ ]
APEC Advisory Council established business by economic leaders at the APEC in November 1995 to provide advice to the APEC Economic Leaders on ways to achieve the goals and priorities of Bokor other business sectors and provide business perspective in the areas of cooperation. [35] [36]
Each economy nominates up to three members from the private sector to the APAC Business Advisory Council. These business leaders represent a wide range of industry sectors. The APAC presents an annual report to APEC economic leaders that includes recommendations for improving the business and investment environment in the region, and outlines perspectives on priority regional issues. APAC is also the only non-governmental organization on the official agenda of the APEC Economic Leaders Meeting. [37]
Annual meetings of APEC economic leaders [ ]
Since its founding in 1989, APEC has held annual meetings with representatives from all member economies. The first four meetings were attended by ministerial officials. Beginning in 1993, the annual meetings have been called the APEC Economic Leaders’ Meetings and are attended by heads of government from all member economies except Taiwan, which is represented by a ministerial-level official. The annual leaders’ meetings are not called summits.
Meeting developments [ ]
In 1997, the APEC meeting was held in Vancouver . The controversy arose after officers from the Royal Canadian Mounted Police used pepper spray against protesters. The protesters objected to the presence of authoritarian leaders such as Indonesian President Suharto . [38] [39] [40] [41] [42] [43]
At the 2001 Leaders Meeting in Shanghai, APEC leaders pushed for a new round of trade negotiations and supported a program to help build trade capacity, leading to the launch of the Doha Development Agenda a few weeks later. The meeting also approved the Shanghai Agreement proposed by the United States, focusing on the implementation of the open market plan, structural reform and capacity building . As part of the agreement, the meeting committed to developing and implementing APEC transparency standards, reducing transaction costs in the Asia-Pacific region by 5 percent over five years, and pursuing trade liberalization policies related to goods and information technology services.
In 2003, Jemaah Islamiyah’s leader , Ridwan Isamuddin , planned to attack the APEC leaders’ meeting to be held in Bangkok in October. Thai police arrested him in Ayutthaya, Thailand on August 11, 2003, before he could finish planning the attack.
Chile became the first South American country to host a leaders’ meeting in 2004. That year’s agenda focused on terrorism and trade, small and medium enterprise development, and thinking about free trade agreements and regional trade agreements.
The 2005 Leaders’ Meeting was held in Busan, South Korea . The meeting focused on the Doha Round of World Trade Organization (WTO) negotiations, leading up to the 2005 WTO Ministerial Conference held in Hong Kong in December. Weeks ago, trade negotiations were held in Paris between several members of the World Trade Organization, including the United States and the European Union , and focused on reducing agricultural trade barriers . At the summit, APEC leaders urged the European Union to agree to cut agricultural subsidies . Continuing the Climate Information Sharing Initiative established by the APEC Climate Network Working Group, leaders decided to establish the APEC Climate Center inBusan . Peaceful protests were held against APEC in Busan, but the meeting schedule was not affected.
At the leaders’ meeting held on November 19, 2006 in Hanoi , APEC leaders called for a new beginning of global free trade negotiations while condemning terrorism and other threats to security. The APEC forum also criticized North Korea for its nuclear test and missile launch that year, urging it to take “concrete and effective” steps toward denuclearization . Concerns related to nuclear proliferation in the region were also discussed , as well as economic issues. The United States and Russia signed an agreement as part of Russia’s bid to join the World Trade Organization.
The 2007 APEC Leaders’ Meeting in Australia took place in Sydney from 2-9 September 2007. The political leaders agreed on an “ambitious target” of 25% energy reduction linked to economic development. [44] Heavy security measures including airborne snipers and extensive steel and concrete barriers have been deployed against prospective demonstrators and potential terrorists. However, the protest activities were peaceful and the security barrier was easily breached by a disingenuous diplomatic motorcade run by members of the Australian television program The Chaser , one of whom was dressed as al – Qaeda leader Osama bin Laden .
The 2019 APEC conference, originally scheduled for November 16-17, 2019 in Chile , has been canceled due to ongoing protests by sections of its population over inequality, the cost of living and police repression. [45]