Apec: It's Successes and Future Prospects Essay example

1247 Words Jul 21st, 2010 5 Pages
Shruti Jain

APEC: It’s Successes and Future Prospects

Asia-Pacific Economic Cooperation, commonly abbreviated for APEC has 21 Pacific members, including all the major economies of the region and some of the most dynamic, fastest growing economies in the world. Statistically, APEC members have a combined Gross Domestic Product of over $16 trillion and carry out 42% of world trade. Over the past few years, APEC's role has grown in both depth and scope and now encompasses trade liberalization, business facilitation, economic and technical cooperation.

Despite the differences in the levels of economy growth, there is a growing sense of common purpose and cooperation aimed at sustained regional and world growth. Some objectives of APEC
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Peru, Russia and Vietnam were the latest economies to join the organization in November 1998. As of today, APEC comprises of 21 Member Economies.
Since the establishment of APEC, opinions about its achievements and future roles have changed from the highly optimistic to the utterly dismissive. APEC is the only forum for the exchange co-operative efforts to meet the common problems. It has also shown itself to be quite adaptive and flexible, revising its priorities and programmes to tackle new situations.

During the 1900s, three pillars of APEC emerged:
• Strengthening the open multilateral trading system
• Trade and Investment Liberalization and Facilitation: This has been the real reason for APEC’s existence.
• Intensifying development co-operation in the region

APEC has made two particular contributions at general level of ideas. Firstly, APEC has different working groups, communities, specialized meetings that have gathered government experts to help spread “best practices” across the Asia-Pacific. Secondly, APEC has acted as a driver of ideas in the region. APEC has been involved in the wake of the Asian economic crisis. It also plays an important role in supporting global efforts for trade and investments.

APEC has survived several serious crises. A US-inspired effort to transform APEC into a trade-negotiating forum collapsed in Vancouver. False expectations

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