A SIA - P ACIFIC E CONOMIC C O - OPERATION (APEC)

Created in 1989 Is a trade organization that unites many of the countries surrounding the Pacific Ocean APEC’s twenty one member countries comprise 40.5 percent of the globes population Approximately 43 percent of international trade APEC is not established by treaties, it is based on a consensus, and commitments are voluntary 21 member countries

APEC meetings are held annually with the host country rotating each year Goals: to foster open and free trade among its members, increase prosperity and economic growth, and develop the Asia pacific community Their work focuses on three pillars: trade and investment liberalization, business facilitation, and economic and technical co-operation

Discusses climate change, security and terrorism, global economic success and integration, and emergency preparedness Decrease tariffs and trade barriers between it’s members which has caused a dramatic increase in exports Member countries: Australia, Canada, Chile, Hong Kong, China, Indonesia, Japan, Republic of Korea, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Thailand, U.S, Vietnam

I NTERESTING FACTS APEC has represented the most economically dynamic region in the world, with its member economies accounting for approximately 41 percent of the world's population, about 56 percent of world GDP and nearly half of world trade. The theme of this year's APEC meetings is "A new commitment to the Asia-Pacific Development." APEC has a five-layer structure: the APEC Economic Leaders' Meeting, the Ministerial Meeting, Senior Officials Meetings (SOMs),committees and working groups, and the Secretariat. The APEC Secretariat, located in Singapore, was set up in February 1993.

R EFERENCES 11/16/c_ htm Fundamentals of international Business, Canadian perspective