The Asia-Pacific Economic Cooperation (APEC) Forum’s Week started at Lima in Peru on November 14 bringing together leaders of world’s largest economies, businessmen and investors.
- A creation of Free Trade Area of the Asia-Pacific, which would include all APEC states, is one of the main topics on the agenda of the 2016 APEC Summit that is widely seen as the premier business event drawing together business and economic leaders of 21 Pacific Rim countries.
- The creation of a free trade zone that would include all APEC members is viewed as an alternative to the TPP, which excludes China and Russia, was framed by US President Barack Obama in an effort to guarantee US economic leadership in the region before Beijing does.
Do you know?
- Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.
- It was established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world.
- To defuse fears that highly industrialised Japan (a member of G8) would come to dominate economic activity in the Asia-Pacific region; and to establish new markets for agricultural products and raw materials beyond Europe.
- An annual APEC Economic Leaders’ Meeting is attended by the heads of government of all APEC members except Taiwan (which is represented by a ministerial-level official under the name Chinese Taipei as economic leader).