Menu Close

What the meaning of APEC?

What the meaning of APEC?

Asia-Pacific Economic Cooperation (APEC) is a forum of 21 Asia-Pacific economies. APEC’s member economies are home to more than 2.7 billion people and make up over half of global GDP.

What is APEC and what is its purpose?

APEC’s principal goal is to ensure that goods, services, capital, and labor can move easily across borders. This includes increasing custom efficiency at borders, encouraging favorable business climates within member economies, and harmonizing regulations and policies across the region.

Who are APEC members?

APEC’s 21 member economies are Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; …

What has APEC achieved?

APEC has scored two tangible achievements to date: a sweeping but vaguely worded 1994 pledge by its member states to open up to free trade and investment by 2010 and 2020, and a central role in the negotiation of the 1996 Information Technology Agreement (ITA).

Who owns APEC?

SMC Global Power Holdings
(APEC), was organized and established by SMC Global Power Holdings on November 12, 2013, as a fully owned and controlled subsidiary.

What are the three pillars of APEC?

The Action Agenda consists of three pillars; (1) liberalization, (2) facilitation and (3) economic and technical coopertion. The three pillars are expected to interact with each other in a way that will maximize the growth and prosperity in the region.

What are disadvantages of APEC?

APEC’s problems stem from three principal weaknesses: a lack of consensus among members over its objectives and how these might best be realized; the absence of a body that has the capacity to be a dynamo for the grouping; and a failure to engage with civil society.

Why is APEC important?

APEC ensures that goods, services, investment and people move easily across borders. Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region.

Who started APEC?

Bob Hawke
Asia-Pacific Economic Cooperation/Founders
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 in Canberra, Australia, to establish APEC.

What are the objectives of APEC?

They are: (1) to sustain the growth and development of the region for the common good of its peoples and, in this way, to contribute to the growth and development of the world economy; (2) to enhance the positive gains, both for the region and the world economy, resulting from increasing economic interdependence.

What are the downfalls of APEC?

How does APEC operate?

APEC operates as a cooperative, multilateral economic and trade forum. Member economies participate on the basis of open dialogue and respect for views of all participants. In APEC, all economies have an equal say and decision-making is reached by consensus. There are no binding commitments or treaty obligations.

What does the acronym APEC stand for?

APEC stands for Asia Pacific Economic Conference. Suggest new definition. This definition appears frequently and is found in the following Acronym Finder categories: Organizations, NGOs, schools, universities, etc. Business, finance, etc.

What is meaning of APEC?

The definition of APEC is the Asia-Pacific Economic Cooperation which is 21 Pacific Rim countries including the United States, Japan, Australia, China, Thailand and Hong Kong that work to promote free trade and economic cooperation. An example of APEC is a concentration by member countries on financial issues with world commodity markets,…

What is the aim of APEC?

APEC, the Asia-Pacific Economic Cooperation, is an economic forum whose primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region.

What are the countries under APEC?


  • Brunei Darussalam
  • Canada
  • Chile
  • Mainland China
  • Hong Kong China
  • Indonesia
  • Japan
  • Korea
  • Malaysia