Background
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989. The 21 member economies are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam.
Objectives
The objectives of APEC are to promote sustainable economic growth and prosperity in the region, and to support the realization of the benefits of economic integration.
Activities
APEC’s work is based on three pillars: trade and investment liberalization, business facilitation, and capacity building.
Membership
APEC is open to any member of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
Indonesia’s Participation in APEC
Indonesia first participated in the APEC summit in 1993 as an observer. In 1995, Indonesia was granted full membership in APEC.
Benefits of Membership
There are many benefits of Indonesia’s membership in APEC. These include:
– access to a free trade area with a population of more than 2.8 billion people and a combined GDP of more than US$21 trillion;
– opportunities to participate in the development of regional economic integration initiatives;
– increased access to investment and trade opportunities;
– improved business-friendly environment; and
– enhanced cooperation on economic and social issues.
Contents
How many countries participated in APEC 2021?
21 countries participated in the APEC summit in November 2021 in Chile. The countries are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Thailand, the United States and Vietnam.
Who is hosting APEC in 2022?
The Asia-Pacific Economic Cooperation (APEC) forum is a regional economic organization comprising 21 member economies. APEC’s purpose is to promote free trade and economic cooperation among its members.
The host economy for APEC is selected by the member economies every two years. The host economy is responsible for organizing and hosting all APEC meetings and events during its tenure.
The 2022 APEC host economy will be Chile. This was announced by the Chilean government on November 5, 2018.
Chile is the second Latin American country to host APEC, after Peru hosted the forum in 2008.
The Chilean government has pledged to use the opportunity of hosting APEC to promote Chile’s role as a regional leader and to strengthen economic ties with the other member economies.
How many countries are members of APEC in 1989?
In 1989, the Asia-Pacific Economic Cooperation (APEC) forum had 17 member countries. These countries were Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, and Vietnam.
Which countries are involved in APEC?
The Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries to promote free trade and economic cooperation. Established in 1989, APEC today includes Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam.
APEC’s goal is to create a region-wide economic community with free and open trade and investment. The organization focuses on trade liberalization, facilitation, and promotion, as well as on economic and technical cooperation. In addition to pursuing free and open trade, APEC members are committed to promoting sustainable economic growth, enhancing human resources development, and protecting the environment.
The APEC Economic Leaders’ Meeting is the organization’s highest-level decision-making body. The meeting is attended by the heads of state or government of all APEC members and is held annually. APEC also has a number of other councils and working groups that carry out its work.
Is APEC rich or poor?
APEC, or the Asia-Pacific Economic Cooperation, is a bloc of 21 economies located in the Asia-Pacific region. It is home to a combined population of 3.8 billion people and has a combined nominal GDP of $49.5 trillion.
So, is APEC rich or poor?
Broadly speaking, APEC is considered a relatively affluent region. According to the World Bank, the average GDP per capita in APEC countries is $19,087. This is significantly higher than the global average of $10,725.
However, there is significant disparity in wealth within APEC. The richest economies in the bloc – including Japan, South Korea, and Australia – have GDP per capita levels that are several times higher than the poorest economies, such as Cambodia, Laos, and Myanmar.
In terms of poverty, the International Monetary Fund (IMF) estimates that 9.4% of APEC’s population lives in extreme poverty, compared to 9.2% for the world as a whole.
So, overall, APEC is a relatively affluent region, but there is significant inequality in wealth within the bloc. In terms of poverty, there are some countries within APEC that are worse off than the global average, while others are better off.
Why is India not in APEC?
India is not a member of the Asia-Pacific Economic Cooperation (APEC) forum. This is surprising because India is the world’s second most populous country and its third-largest economy.
There are several reasons why India is not a member of APEC. One reason is that India is not a member of the World Trade Organization (WTO), and APEC is essentially a trade bloc. India has also been reluctant to join APEC because it does not want to be seen as endorsing the U.S. trade policy, which has been criticized by India.
Another reason is that India has been reluctant to open its economy to foreign investment. India has a large domestic market, and it does not want to lose control of its economy. In addition, India is concerned about the impact of increased competition from foreign companies.
Finally, India has been slow to embrace free trade. India has a history of protectionism, and it has been reluctant to lower trade barriers. India has also been skeptical of free trade agreements, such as the Trans-Pacific Partnership (TPP).
Despite these reservations, India is gradually opening its economy to foreign investment and is becoming more supportive of free trade. In fact, India has been negotiating a free trade agreement with the European Union. It is possible that India may eventually join APEC.
Where is APEC 2023?
The Asia-Pacific Economic Cooperation (APEC) is a forum for 21 member economies that promotes free trade and economic cooperation in the Asia-Pacific region. APEC’s annual leaders’ summit is the largest and most important gathering of world leaders in the region.
This year’s summit will be held in Papua New Guinea on November 17-18. The theme of the summit is “Harnessing Inclusive Growth, Embracing the Digital Future.”
APEC’s membership includes Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam.
The next APEC summit will be held in Chile in 2019. The location of the 2023 summit has not yet been announced.