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APEC Overview: Key Facts and Impact

The Asia-Pacific Economic Cooperation (Apec) is a forum with 21 member economies that account for over 50% of global GDP and approximately 2.7 billion people. Established in 1989, Apec promotes free trade and cooperation among its members, though its decisions are non-binding and consensus has become more challenging. Recent agendas focus on digital change, sustainable energy, and increasing opportunities for marginalized groups.

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10 views2 pages

APEC Overview: Key Facts and Impact

The Asia-Pacific Economic Cooperation (Apec) is a forum with 21 member economies that account for over 50% of global GDP and approximately 2.7 billion people. Established in 1989, Apec promotes free trade and cooperation among its members, though its decisions are non-binding and consensus has become more challenging. Recent agendas focus on digital change, sustainable energy, and increasing opportunities for marginalized groups.

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chatbotansari
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© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Asia-Pacific Economic Cooperation (Apec) forum.

What is Apec - explained in 30


seconds
The Asia-Pacific Economic Cooperation club has 21 members that
represent more than 50% of global GDP and are home to about 2.7
billion people

The idea of the Asia-Pacific Economic Cooperation group was firstly


publicly broached during a speech in Seoul, South Korea, on 31
January 1989 by Bob Hawke, Australia’s prime minister of the time.
Ten months later, 12 Asia-Pacific economies met in Canberra to
establish Apec.

The grouping now has 21 members that represent more than 50%
of global GDP and are home to about 2.7 billion people, or 40% of
the world’s population.

China, Russia and the US are three of the largest members. The
others are: Australia, Brunei Darussalam, Canada, Chile, Hong
Kong, Indonesia, Japan, Malaysia, South Korea, Mexico, New
Zealand, Papua New Guinea, Peru, the Philippines, Singapore,
Taiwan, Thailand, and Vietnam.

The Apec region generated 70% of the world’s economic growth


during its first 10 years of existence.

Leaders of the countries meet annually for a summit that lasts


several days. Since its establishment, Apec has primarily served as
a platform to promote free trade and multilateralism by
encouraging cooperation and reducing trade and investment
barriers. However, decisions made at Apec meetings are non-
binding, and finding consensus has been increasingly difficult,
particularly amid a rise of nationalism and protectionism driven in
part by tariffs imposed by the US president, Donald Trump, that
have roiled global markets.

In recent years, Apec’s agenda has included topics like adapting to


digital change, harnessing artificial intelligence, sustainable
energy, food supplies, responding to demographic shifts, and
increasing opportunities for women and people with disabilities.

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