Looking At APEC Background As An Economic Cooperation Forum In The Asia Pacific Region: Aims And Member States

The APEC Forum in Papua New Guinea (Doc. Kominfo)

YOGYAKARTA Asia Pacific Economic Corporation (APEC) is an organization formed by Australia and Asia Pacific countries to build cooperation in the economic sector. The following is complete information about APEC's background and the purpose of establishing the Asia Pacific economic cooperation forum.

APEC Background

Adapting APEC's official website, the Asia Pacific Economic Cooperation forum was formed in 1989 in Canberra. The establishment of this forum was initiated by Australian Prime Minister Bob Hawke.

Some of the things behind the establishment of APEC are:

APEC Aims

Quoted by VOI from the official website of the Ministry of Foreign Affairs, APEC's main goal is to encourage economic growth and improve welfare in Asia Pacific.

This is done by encouraging and facilitating free and open trade and investment in the region, as well as increasing free and open trade and investment in the region.

In addition, the establishment of APEC also aims to increase cooperation in the development of member economic capacity.

Therefore, a target of the Bogor Goals' has been set as a result of the APEC Summit (KTT) agreement in Bogor in 1994. The agreement reads:

...(states with) industrial economies achieving free and open trade and investment goals no later than 2010. And for (states with) economies developing no later than 2020."

In order to achieve the agreement achieved at the APEC Summit, APEC cooperation is based on three pillars, including:

APEC members

In the early days of its establishment, there were only 12 countries that became members of APEC. The 12 APEC members are six rich countries in Asia Pacific and six countries are members of the Association of Southeast Asian Nations (ASEAN).

Over time, APEC members are growing. Given, APEC is an open economic forum and does not form a closed trading block.

Currently, there are 21 economies that are members of APEC, namely:

The collaboration in APEC is a non-political collaboration, characterized by Hong Kong and Taiwan membership. APEC members are called Economics' considering that each member interacts with each other as an economic entity, and not as a country.

APEC has three observers (observers), namely the ASEAN Secretariat, Pacific Economic Cooperation Council (PECC), and the Pacific Islands Forum (PIF) Secretariat.

This is information about APEC's background, which is a forum for cooperation in the economic sector for countries in the Asia Pacific region. Hopefully it will be useful!