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The Asia-Pacific Economic Cooperation (APEC) is an economic forum formed in 1989 that brings together 21 member countries along the Pacific Rim. The goal of the group is to promote free trade and sustainable development in the economies of the region. The countries that are part of APEC are in East Asia, South East Asia, North America, and Oceania, these countries represent around 60percentage of the world Gross Domestic Product (GDP).
APEC works to reduce tariffs and other trade barriers, improve customs efficiency, increase investment and foreign direct investment, reduce the gap between developed and developing economies, and strengthen economic cooperation and integration between its member countries. Additionally, it develops initiatives to support the growth of small-and-medium-sized businesses, which are considered critical contributors to the collective success of APEC nations.
APEC views voluntary commitments as the core of its support for sustainable development, aiming to reduce unsustainable consumption and production patterns and to protect the environment. In support of these goals, APEC offers technical assistance and training to its members and has published various reports, including an annual report on progress in economic and technical cooperation.
APEC engages in multiple micro causes as well, such as intellectual property rights and emergency preparedness. APEC, however, also has numerous sub-groups that have all created different and specific agendas and social policies. For instance, APEC Business Advisory Council (ABAC) is a liaison between APEC economies and private sector businesses. With this sub-group, APEC participation is open to all businesses such as small to medium-sized enterprises and large companies who want to be involved in the economic, social, and technical aspects of the forum. There is also the Women, Economy and Society sub-group that focuses on gender equality and the generation of economic opportunities for women. Similarly, APEC Climate Center is focused on developing the capacity building in support of improving the resilience of the economies of the APEC member countries in the face of climate vulnerabilites.
In each of these sub-groups, aside from proposing different policies and initiatives that are aimed to advancement and cooperation, collaboration websites are established and maintained. These websites disclose activities and progress made as well as serve as a platform for discussion and for collaboration for members aiming to achieve the APEC's ultimate goals.
Overall, APEC is an important forum that is dedicated to the promotion of free trade and sustainable development. Its initiatives and sub-groups are essential elements to bring true economic, environmental, and social growth to its member countries. Furthermore, with the personal and direct involvement of businesses, individuals, and other stakeholders, the potential for success of APEC’s goals is that much more possible.
APEC works to reduce tariffs and other trade barriers, improve customs efficiency, increase investment and foreign direct investment, reduce the gap between developed and developing economies, and strengthen economic cooperation and integration between its member countries. Additionally, it develops initiatives to support the growth of small-and-medium-sized businesses, which are considered critical contributors to the collective success of APEC nations.
APEC views voluntary commitments as the core of its support for sustainable development, aiming to reduce unsustainable consumption and production patterns and to protect the environment. In support of these goals, APEC offers technical assistance and training to its members and has published various reports, including an annual report on progress in economic and technical cooperation.
APEC engages in multiple micro causes as well, such as intellectual property rights and emergency preparedness. APEC, however, also has numerous sub-groups that have all created different and specific agendas and social policies. For instance, APEC Business Advisory Council (ABAC) is a liaison between APEC economies and private sector businesses. With this sub-group, APEC participation is open to all businesses such as small to medium-sized enterprises and large companies who want to be involved in the economic, social, and technical aspects of the forum. There is also the Women, Economy and Society sub-group that focuses on gender equality and the generation of economic opportunities for women. Similarly, APEC Climate Center is focused on developing the capacity building in support of improving the resilience of the economies of the APEC member countries in the face of climate vulnerabilites.
In each of these sub-groups, aside from proposing different policies and initiatives that are aimed to advancement and cooperation, collaboration websites are established and maintained. These websites disclose activities and progress made as well as serve as a platform for discussion and for collaboration for members aiming to achieve the APEC's ultimate goals.
Overall, APEC is an important forum that is dedicated to the promotion of free trade and sustainable development. Its initiatives and sub-groups are essential elements to bring true economic, environmental, and social growth to its member countries. Furthermore, with the personal and direct involvement of businesses, individuals, and other stakeholders, the potential for success of APEC’s goals is that much more possible.