Asia Pacific Economic Cooperation

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Asia Pacific Economic Cooperation

Asia Pacific Economic Cooperation (APEC) in relation with International Trade

In the context of trade organizations, Christopher Mark (1993) provided the following definition of Asia Pacific Economic Cooperation (APEC): A regional cooperation organization including Australia, Brunei. Canada. China, Hong Kong. Indonesia, Japan. Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and the United States. Objectives include consultation and cooperation on a broad range of economic and trade-related policies, and promotion of trade liberalization among members in a GATT -consistent manner. APEC ministerial meetings have been held since November 1989; 10 working groups and two informal groups are currently in operation. The September 1992 Bangkok Declaration established APEC’s institutional structure. APEC became legally established January 1993, with its permanent secretariat based in Singapore.

Asia-Pacific Economic Cooperation (APEC)

Asia-Pacific Economic Cooperation, abbreviated as APEC, established in 1989, is a forum for 21 countries bordering the Pacific Ocean (Pacific Rim). It aims at promoting free trade and economic cooperation throughout the Asia-Pacific region

Member economies, with entry date, are:

  • Australia 6-7 Nov 1989
  • Japan 6-7 Nov 1989
  • The Philippines 6-7 Nov 1989
  • Brunei Darussalam 6-7 Nov 1989
  • Republic of Korea 6-7 Nov 1989
  • Russia 14-15 Nov 1998
  • Canada 6-7 Nov 1989
  • Malaysia 6-7 Nov 1989
  • Singapore 6-7 Nov 1989
  • Chile 11-12 Nov 1994
  • Mexico 17-19 Nov 1993
  • Chinese Taipei 12-14 Nov 1991
  • People’s Republic of China 12-14 Nov 1991
  • New Zealand 6-7 Nov 1989
  • Thailand 6-7 Nov 1989
  • Hong Kong, China 12-14 Nov 1991
  • Papua New Guinea 17-19 Nov 1993
  • The United States 6-7 Nov 1989
  • Indonesia 6-7 Nov 1989
  • Peru 14-15 Nov 1998
  • Viet Nam 14-15 Nov 1998

Growth of Asian Economies

As the world economy has grown in the 1980s and 1990s, the center of economic activity has shifted from Europe and North America to the Asia-Pacific region. In East Asia, South Korea, Taiwan, and Singapore have registered dramatic economic growth and prosperity by using strategies based on foreign trade and export growth. China achieved 10 percent average annual growth in the late 1980s and early 1990s using a similar model of economic development. Other East and Southeast Asian countries seek to emulate these successes. Meanwhile, most of Africa and several smaller areas have been left behind, with low and falling standards of living. Global economic change has also transformed the balance of political power. For example, U.S. policy makers pay more attention to Japan and China and less to Europe than they did several decades ago. ” (1)

For an introduction to International Political Economy, see here. For information on Trends in International Political Economy, see here.

Asian-Pacific Economic Cooperation Outline

Australia initiated the idea of establishing regional economic cooperation in the Asia-Pacific region. No concrete proposal has been made and discussed by the countries which are interested in the idea (not every country which is geographically located in the region is). Based on the governmental discussions between the interested countries, it appears that the contemplated cooperation, if it is to come into existence, will be carried out at a low level of cooperation under which the contracting parties will not undertake substantial obligations to coordinate their tariffs and customs policies. Given the diversity of the political, economic and cultural interests of the countries in the Asia-Pacific region, it is less likely that APEC will become a regional customs union. The idea is yet to be developed by the countries which are interested in a sort of forum to improve economic cooperation between them.(2)

Resources

Notes and References

See Also

  • International Organization
  • Foreign Relations
  • Intergovernmental Organization
  • Regional Organization
  • Regional Integration
  • African, Caribbean and Pacific (ACP)
  • Andean Community (CAN)
  • Association of South East Asian Nations (ASEAN)
  • North American Free Trade Agreement (NAFTA)

Further Information

Asia-Pacific Economic Cooperation (APEC) – home page

Hierarchical Display of Asia-Pacific economic cooperation

International Organisations > World organisations > World organisation
Geography > Economic geography > APEC countries

Asia-Pacific economic cooperation

Concept of Asia-Pacific economic cooperation

See the dictionary definition of Asia-Pacific economic cooperation.

Characteristics of Asia-Pacific economic cooperation

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Resources

Translation of Asia-Pacific economic cooperation

Thesaurus of Asia-Pacific economic cooperation

International Organisations > World organisations > World organisation > Asia-Pacific economic cooperation
Geography > Economic geography > APEC countries > Asia-Pacific economic cooperation

See also

  • APEC
  • Asia-Pacific Economic Cooperation Council
  • Asia-Pacific Economic Cooperation Forum

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