What is APEC and its Objectives – Established in November 1989, the Asia-Pacific Economic Cooperation (APEC) Forum has 21 members, contributing about 57% of global GDP and more than 50% of World Trade. Let’s find out together!
What is APEC?
APEC is the English abbreviation of the Asia-Pacific Economic Cooperation (APEC), which is the leading economic cooperation mechanism in the Asia-Pacific to promote economic freedom. trade and investment, economic growth and shared prosperity in the region.
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Background of birth
– Global economy: The increase of globalization in all fields makes countries around the world increasingly dependent on each other. Meanwhile, the Uruguay round of negotiations within the GATT framework, which is at risk of not achieving the expected results, has further accelerated the regionalization process with the formation of major regional trade blocs in the world such as the EU, NAFTA, AFTA…
– Regional economy: The Asian region, especially East Asia, were dynamic economies in the world in the 1980s with an average growth rate of 9-10% per year. However, there is no effective form of economic and trade cooperation in the Asia Pacific region to promote economic development.
– Politics: The strategic adjustment of the major countries in the late 1980s when the cold war ended, especially the convergence of economic and political interests among the major powers led to the formation of a regional economic and trade structure.
– Developing countries: (ASEAN) also wants to increase its voice in the region to promote economic development, but does not want to overshadow the existing political cooperation mechanisms.
The process of formation and development
1/ Mutual benefit: Due to the diversity of economies in APEC in terms of politics, culture, and economy, the cooperation process must ensure all APEC economies, regardless of the difference in level. development is beneficial.
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2/ Principle of consensus: All commitments of APEC must be based on consensus of members. This is a principle that has been applied by ASEAN members and obtained many results.
3/ The principle of voluntariness: All commitments of APEC members are on a voluntary basis (eg IAP). Together with the principle of consensus, this is the principle that sets APEC apart from GATT/WTO. All of APEC’s trade liberalization and facilitation programs do not take place at the negotiating table but are voluntarily offered by countries.
4/ In line with WTO/GATT principles: APEC is committed to implementing the multilateral trade regime of the WTO and not a customs union, a Free Trade Area like NAFTA, AFTA.
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Apec member economies and accession date
Australia, 6-7 November 1989Brunei Darussalam, 6-7 November 1989Canada, 6-7 November 1989Chile, 6-7 November 1989People’s Republic of China, 12-14 November 1991Hong Kong, China, 12 November 14, 1991Indonesia, November 6-7, 1989Japan, November 6-7, 1989Republic of Korea, November 6-7, 1989Malaysia, November 6-7, 1989Mexico, November 17-19 1993New Zealand, November 6-7, 1989Papua New Guinea, November 17-19 1993Peru, November 14-15, 1998The Philippines, November 6-7, 1989Russia, November 14-15, 1998Singapore,November 6-7, 1989Chinese Taipei, November 12-14, 1991Thailand, November 6-7, 1989The United States, November 6-7, 1989 Vietnam, November 14-15, 1998
Vietnam’s economy is on the rise with APEC economic members, and through the above article, we have also learned more about APEC and its operational goals. So let’s work together for a beautiful Vietnam!