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APEC (Asian Pacific Economic Cooperation)
APEC (Asian Pacific Economic Cooperation)
Economic Cooperation}
About APEC :
Founded in the year 1989
It has 21 member economies
Constitute 41% of population worldwide
Accounts for 56% of world’s GDP
Approximately 49% of world trade
Why it was formed
It was formed to promote and facilitate cooperation, trade,
economic growth, and investment between Asia Pacific
nations is known as APEC
It is an intergovernmental forum, which operates on the
basis of non binding commitment and open dialog
No treaty obligations
Members of APEC
Objectives and aims
Decrease number of obstacles in trade and also reduce
tariffs across APEC nations
It gave a boost to export activities
Set it’s eye on achieving ‘Bogor goals’ by the year 2010
Achievements
Contributed for 70% of the growth in the
economy world wide
All APEC member nations surpassed the other
economies of the world
When Asia was going through financial crisis,
APEC has managed the streamline economies
of the member nations