Apec- Economy Coorporation
Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia- Pacific community.
Introduction to APEC
The vision of free trade policies and unrestricted growth is its defining feature. Each of the APEC's summits has produced a more articulation of its free trade policies. APEC is the only inter governmental grouping in the world operating based on non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.( APEC website 2005)
Member Economies that make up Apec at this moment, are 21 members - which account for more than a third of the world's population (2.6 billion people), approximately 60% of world GDP (US$19, 254 billion) and about 47% of world trade. In its first 10 years, it generated nearly 70% of global economic growth.(Website 2005)
APEC's 21 Member Economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.
The major cities are increasingly linked to one another through important channels such as trade and financial flows, exchange of information and knowledge, labor migration, tourism and cultural interactions. In cities such as Tokyo, Hong Kong, Singapore, Sydney, San Francisco and Vancouver, service industries are already the dominant sector of the...
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