What is APEC. Let’s explain in simple words – The secret of the company

Simply putAPEC is an alliance established for economic cooperation and to facilitate trade relations between countries. More specifically, economies: due to the fact that Hong Kong and Taiwan are members of APEC – territories that China does not recognize as separate countries.

APEC’s main objectives include bringing regions closer together, balancing legislative disparities, reducing barriers to international trade and creating a liberal investment regime. The joint action of the participating economies helps to simplify operations in the region, speed up customs procedures and establish supply chains. It was planned that a free trade zone would appear under APEC by 2020, but this goal was not achieved in the first half of 2022.

Example of use on “Secret”

“Only the 19th World Festival of Youth and Students in 2017 (4.85 billion rubles) and the summit cost more than the Russian budget APEC in Vladivostok in 2012 (4.17 billion rubles or $ 133.5 million at the then exchange rate).

(From the news that almost 4.5 billion rubles were spent on the Russia-Africa summit in 2019.)

Shades

The association exists without a statute and was originally established as an informal dialogue group. At the same time, it has a mono impact on the world stage. Each year, APEC members organize a summit – a meeting of the Heads of State and Territories that are members of the organization to discuss economic and political issues.

The agenda of the summit is formed by the presiding country, which leads the organization in a calendar year.

APEC does not have a rigid organizational structure, but there is a permanent secretariat (based in Singapore), whose key function is advisory and logistical support to the work of the organization.

History

APEC was established in 1989 at the initiative of Australia and New Zealand. In addition to the initiating countries, it included Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States.

  • In 1991, Hong Kong, Taiwan and China joined APEC.
  • Mexico and Papua New Guinea joined the union in 1993.
  • In 1994, the APEC economies adopted the “Bogor Declaration”, which set out the main objectives of cooperation: the establishment of a free trade and investment system “by 2010 for industrialized countries and by 2020 for developing countries”.
  • In 1995, APEC set up a business advisory body called the APEC Business Advisory Board (ABAC) to give business representatives a voice in economic debates.
  • In 1998, Russia, Peru and Vietnam joined the APEC.
  • In 2001, the APEC economies agreed on a joint fight against terrorism.

action

Since September 2021, APEC has included 21 holdings. This is 19 countries and two territories. According to APEC’s own data, in 2018 member economies accounted for 60% of world GDP and 48% of world trade.

Checked article:

Elvira Parkinson

"Alcohol scholar. Hardcore tv junkie. Wannabe bacon enthusiast. Twitter fanatic. Subtly charming travel guru. Pop culture specialist."

Leave a Reply

Your email address will not be published.