The full form of APEC is Asia-Pacific Economic Cooperation. It is a global organisation comprised of 21 economies from the Pacific Rim’s Asian and Pacific regions. It was created to take advantage of the Asia-Pacific area’s growing interconnectedness and facilitate free commerce throughout the region.
The 21 APEC member nations intend to achieve economic prosperity by promoting inclusive, equitable, balanced, and fast growth. Canada, Brunei Darussalam, Australia, Chile, Hong Kong, Indonesia, China, Japan, Malaysia, New Zealand, Republic of South Korea, Mexico, Peru, Papua New Guinea, Russia, Republic of the Philippines, Vietnam, Singapore, Thailand, Chinese Taiwan, and the United States of America are all members of APEC.
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APEC’s History in a nutshell
- It was established in 1989. Singapore is home to both the APEC Secretariat and the organization’s headquarters.
- A fixed-term Executive Director appointed for a three-year term will serve as its leader. It provides technical assistance, advisory services, and information management, communications, and public outreach programmes.
Principal goals of APEC
- It ensures that people, investments, and things can travel freely across borders.
- It guarantees more efficient border customs procedures.
- It ensures a positive working atmosphere for inmates.
- Around the border, customs and procedures are coordinated.
- It works to improve member countries’ diplomatic and economic ties.