Asia-Pacific Economic Cooperation(APEC)

 

Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies ^that seeks to promote free trade and economic cooperation throughout the Asia Pacific Region Region established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional Trade Blocs in other parts of the world

APEC carries out work in three main areas:

1. Trade and Investment Liberalisation

2. Business Facilitation

3. Economic and Technical Cooperation

APEC currently has 21 members,the criterion for membership is that the member is a separate economy, rather than a state. As a result, APEC uses the term member economies rather than member countries to refer to its members.

Member economy (name as used in APEC)	Date of accession
Australia	November 1989
Brunei Darussalam	November 1989
Canada	November 1989
Chile	November 1994
Chinese Taipei[6]	November 1991
Hong Kong[7]	November 1991
Indonesia	November 1989
Japan	November 1989
Malaysia	November 1989
Mexico	November 1993
New Zealand	November 1989
Papua New Guinea	November 1993
People's Republic of China	November 1991
Peru	November 1998
Philippines	November 1989
Russia	November 1998
Singapore	November 1989
South Korea	November 1989
Thailand	November 1989
United States	November 1989
Vietnam	November 1998

Members account for approximately 40% of the world's population, approximately 54% of the world's GDP and about 44% of world trade

India has requested membership in APEC though India does not border the Pacific Ocean, which all current members do.

In addition to India,Pakistan,Bangladesh,Macau,Mongolia,Laos,Cambodia,Costa Rica,Colombia,Panama and Ecuador are among a dozen countries seeking membership in APEC. 

Annual APEC Economic Leaders' Meetings

Since its formation in 1989, APEC has held annual meetings with representatives from all member economies. The first four annual meetings were attended by ministerial-level officials. Beginning in 1993, the annual meetings are named APEC Economic Leaders' Meetings and are attended by the Heads of Govt from all member economies except Taiwan, which is represented by a ministerial-level official