The Asia-Pacific Economic Cooperation (Apec) was founded in 1989 in Australia, whose main objective is the creation of a free trade area between member countries and Hong Kong. Apec members are: Australia, Brunei, Canada, Chile, China, Indonesia, Japan, South Korea, Malaysia, Mexico, Nova Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Thailand, Vietnam and the United States, as well as Taiwan (Formosa) and Hong Kong.
Apec is the premier forum providing economic growth, cooperation, trade and investment in the Asia-Pacific region. Decisions in this block are taken by consensus, Apec does not present a treaty of obligations for its participants.
One of Apec's main goals is to reduce tariffs and other trade barriers across the Asia-Pacific region, providing efficient national economies and increasing exports. This fact helps economic growth, generates jobs and offers greater opportunities for international trade and new investments.
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Apec member country leaders meeting
The member countries of Apec currently form the most economically dynamic group in the world, with the largest business volumes on the planet. They are responsible for about 46% of world exports. Since its foundation until the year 2008, Apec's trade grew approximately 395%, significantly surpassing the rest of the world. The bloc's Gross Domestic Product tripled in the same period. Another economically important factor of Apec is the approach of the United States with the commerce of the Pacific countries.
The economic growth, the generation of new jobs and the improvement in the quality of life of the citizens of the region are the main objectives to be achieved by the performance of Apec.
By Wagner de Cerqueira and Francisco
Graduated in Geography
Brazil School Team
Economic blocks - geography - Brazil School
Would you like to reference this text in a school or academic work? Look:
FRANCISCO, Wagner de Cerqueira e. "Apec"; Brazil School. Available in: https://brasilescola.uol.com.br/geografia/apec.htm. Accessed on June 28, 2021.
