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APEC

APEC stands for Asia Pacific Economic Cooperation and is an open economic forum aimed at promoting economic measures and trade between Asia-Pacific economies. It was established in 1989 by 12 founding members and has since expanded to include 21 member economies, accounting for around half of global GDP and trade. APEC's goals are to support sustainable economic growth and prosperity in the Asia-Pacific region.

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23 views2 pages

APEC

APEC stands for Asia Pacific Economic Cooperation and is an open economic forum aimed at promoting economic measures and trade between Asia-Pacific economies. It was established in 1989 by 12 founding members and has since expanded to include 21 member economies, accounting for around half of global GDP and trade. APEC's goals are to support sustainable economic growth and prosperity in the Asia-Pacific region.

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mpanhcg2005
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First, I will talk about WHAT IS APEC ???

I’d like to give u some general in4 abt Apec


APEC stands for Asia Pacific Economic Cooperation.
APEC is an open economic forum , aimed at promoting economic measures,
promoting trade and investment between economies. membership on a purely
voluntary basis while being truly open to all other countries and regions.
Headquater in Singapore
Turning our attention to. HISTORY OF APEC
The idea of APEC was firstly publicly broached by former prime minister of
Australia Bob Hawke during a speech in Seoul, Korea, on 31 January 1989
.Ten months later, 12 Asia-Pacific economies met for the first time in Canberra
under the chairmanship of Australian Foreign Minister Gareth Evans, deciding
to establish APEC.
The founding members are Australia; Brunei Darussalam; Canada; Indonesia;
Japan; Korea; Malaysia; New Zealand; the Philippines; Singapore; Thailand;
and the United States.
APEC was established on November 1989 in the context of the increase of
globalization process in all fields causing the countries and regions around the
world are increasingly dependent on each other, leading to a need to promote
and expand economic cooperation w/ each other
APEC admitted China, Hongkong, Taiwan in Nov 1991, Mexico, Papua New
Guinea in Nov 1993, Chile in Nov 1994
Suspended the membership period for 3 years.
By Nov 1998, 3 new members which is Peru, the Russian Federation and
Vetnam were accepted to join APEC.
After that, APEC decided to suspended the period of considering admission of
new members for 10 years to strengthen the organization, create favorable
conditions for members to focus on implementing the Bogor Goals on
liberalization, trade and investment facilitation.
Basically, a country or economic territory that wants to become an APEC
member must meet a number of necessary conditions as follows:
1- Geographic location: located in the Asia-Pacific region, adjacent to the
Pacific coast.
2- Economic relations: there are close economic relations with APEC member
economies in terms of trade in goods and services, foreign direct investment and
free movement of officials.
3- Economic similarities: accept the open economic policy towards the market.
4- Interest and acceptance of APEC's goals: show strong interest in APEC's
areas of activity by participating in Working Groups or independent research and
other APEC activities.
Currently, Apec has 21 member economies accounting for about 52% of the
world's territory, 59% of the population, 70% of the world's natural resources
and contributing about 55% of global GDP and nearly 43% of world trade.

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