APEC, or the Asia-Pacific Economic Cooperation, is a regional economic forum established in 1989 to promote free trade and economic cooperation among its member economies in the Asia-Pacific region. It serves as a platform for leaders and policymakers to discuss and collaborate on issues related to economic growth, trade, and investment in the Asia-Pacific.
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APEC's primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region through the promotion of free, open, and non-discriminatory trade and investment.
APEC has 21 member economies, including the United States, China, Japan, Russia, and several Southeast Asian countries, representing around 60% of the world's GDP.
APEC operates on the principle of open regionalism, meaning it aims to enhance economic cooperation without forming a formal trade bloc or customs union.
One of APEC's key initiatives is the Bogor Goals, which set a target for achieving free and open trade and investment in the Asia-Pacific by 2020 for developed economies and 2025 for developing economies.
APEC focuses on facilitating trade and investment, promoting and accelerating regional economic integration, encouraging sustainable economic growth, and enhancing human security in the Asia-Pacific region.
Review Questions
Explain the primary objectives and guiding principles of APEC.
The primary objectives of APEC are to promote free, open, and non-discriminatory trade and investment, as well as to support sustainable economic growth and prosperity in the Asia-Pacific region. APEC operates on the principle of open regionalism, which means it aims to enhance economic cooperation without forming a formal trade bloc or customs union. This approach allows APEC to bring together a diverse group of economies and facilitate trade and investment across the region.
Describe the role of APEC in addressing current issues in international political economy, such as economic globalization and sustainable development.
APEC plays a significant role in addressing current issues in international political economy, particularly in the context of economic globalization and sustainable development. As a regional economic forum, APEC provides a platform for member economies to collaborate on issues related to trade, investment, and economic integration, which are crucial aspects of economic globalization. Additionally, APEC has emphasized the importance of sustainable development, with initiatives focused on promoting green growth, renewable energy, and environmental protection, helping to address the challenges associated with economic development and environmental sustainability.
Analyze how APEC's initiatives and policies have influenced the economic and geopolitical dynamics in the Asia-Pacific region over the past few decades.
APEC's initiatives and policies have had a significant impact on the economic and geopolitical dynamics in the Asia-Pacific region over the past few decades. By promoting free and open trade, APEC has facilitated increased economic integration and cooperation among its member economies, contributing to the region's rapid economic growth and the rise of emerging economies like China. However, APEC's approach of open regionalism has also led to complex geopolitical dynamics, as member economies navigate the balance between regional cooperation and national interests. APEC's efforts to address issues such as sustainable development and human security have also shaped the broader geopolitical landscape in the Asia-Pacific, as member economies grapple with the intersection of economic, environmental, and security concerns.
Related terms
Free Trade Agreement (FTA): A free trade agreement is a pact between two or more countries to reduce or eliminate barriers to trade and investment between them.
The process of increased interconnectedness and integration of economies, cultures, and populations around the world, driven by international trade, investment, and the exchange of ideas.
The concept of meeting present needs without compromising the ability of future generations to meet their own needs, often encompassing economic, social, and environmental considerations.