Asia-Pacific Economic Cooperation
Members – 21 Pacific Rim Members
Headquarters – Singapore
Founded – 1989
There was a growing interdependence among Asia-Pacific economies which led to the formation of Asia-Pacific Economic Cooperation. Also, the formation of trade blocks in other parts of the country and the fear that Japan would dominate trade in Asia-Pacific region also led to the formation of the forum. An annual APEC meeting takes place every year attended by heads of the governments of all APEC members other than Taiwan.
After a lot of for and against arguments, the first APEC meeting took place in 1993 when US President Bill Clinton invited the heads of government“After a lot of for and against arguments, the first APEC meeting took place in 1993.” from all the member economies to a summit on Blake Island. APEC also includes three official observers: ASEAN, the Pacific Islands Forum and the Pacific Economic Cooperation Council.
India requested for a membership in APEC and also garnered support from USA, Australia and Japan in the initial stages but the officials decided to not approve the request for a variety of reasons.
- The cost of business transactions around the world came down by 6% between 2002 to 2006.
- The cost of business transactions further came down by 5% between 2007-2010.
- APEC Business travel card enables VISA free business travel in the region thus facilitating business.
- Real accumulated GDP of all the 21 members has doubled from USD16 trillion to USD 31 trillion since the establishment of APEC.
- APEC regions total trade increased seven times between 1989 and 2012.
- APEC Supply Chain Connectivity – To improve efficiency of logistics and transport APEC is addressing eight ‘chokepoints’ from regulatory impediments to customs procedures and infrastructure bottlenecks with the goal of an APEC-wide 10 per cent improvement in supply chain performance in terms of time, cost and uncertainty by 2015.
APEC has made progress towards achieving this goal.