What is the Full form of APEC?
The full form of APEC is the Asia-Pacific Economic Cooperation. It is the Asian & Pacific nations forum for 21 Pacific Rim member economies. To facilitate free trade across the Asia-Pacific region, it was developed in response to the increasing interdependence of the Asia-Pacific region.
By fostering inclusive, equitable, balanced and secure growth and regional economic integration, the 21 APEC member countries plan to establish greater economic profitability. The countries that are members of APEC are Canada, Brunei Darussalam, Australia, Chile, Hong Kong, Indonesia, China, Japan, Malaysia, New Zealand, Republic of South Korea, Mexico, Peru, Papua New Guinea, Russia, The Republic of the Philippines, Vietnam, Singapore, Thailand, Chinese Taiwan and the United States of America.
A brief history of APEC
- In 1989, it was founded. It has its headquarters in Singapore and the Secretariat of APEC is located in Singapore.
- It shall be headed by a fixed-term Executive Director who shall be selected for a three-year term. It develops and offers technical & advisory support and information management, communications & public outreach programs.
Main objectives of the APEC
- It guarantees that goods, services, investments and people are easily moved across territories.
- It ensures smoother border customs procedures.
- It guarantees a favourable business environment behind bars.
- The norms and practices around the border are coordinated.
- It seeks to strengthen the diplomatic and economic understanding of member nations.