Subject: International Economics
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Overview of Asia-Pacific EconomicCooperation
Found in 1989, Asia-Pacific Economic Cooperation (APEC) is one of the latest organizations thathave been establishment mainly for the purpose of promoting and facilitating free trade in differentcountries belonging to the Asia-Pacific region. The organization that started with twelve membershas been growing and demonstrating several benefits in different areas.The main goal or aim of the entity is to facilitate the economic growth of its member countries by helping them achieve free trade, as well as an investment practice among themselves. Working witha number of small groups, committees and councils, APEC has annual meetings with its membersto decide on future plans and to look into the statuses of the existing plans and initiatives. Theorganization currently has a total of twenty one members, which include countries like the UnitedStates, Japan, Russia, Vietnam, Singapore, New Zealand etc. and is expected to grow further toseveral other countries.One of the main areas in which APEC works is the liberalization of trade. It aims at reducing andminimizing the trade barriers that exist between its member countries to facilitate trade so thathigher international trade and can occur for better and faster economic developments of thesecountries. This has been one of the major agendas of the cooperation and it has also been successfulto a great extent. In addition to the removal of trade barriers, APEC also plans to increase the business transactions that happen across these countries. When two economies have stronger business relations, their growth are shown to be higher andthey are shown to demonstrate higher economic growth and development. And hence, theorganization is trying to build a stronger global industrial sector. Not only does APEC wants tofacilitate business and trade growth, it also wants to make Asia-Pacific a free trade zone or region.The main objective behind this idea is to give an opportunity to the existing underdeveloped anddeveloping economies to grow further and contribute towards global economy.