| Asia-Pacific Economic
Cooperation, or APEC, is the premier forum
for facilitating economic growth, cooperation,
trade and investment in the Asia-Pacific
region.
APEC is the only inter governmental
grouping in the world operating on the
basis of non-binding commitments, open
dialogue and equal respect for the views
of all participants. Unlike the WTO
or other multilateral trade bodies,
APEC has no treaty obligations required
of its participants. Decisions made
within APEC are reached by consensus
and commitments are undertaken on a
voluntary basis.
APEC has 21 members - referred to as
"Member Economies" - which
account for more than a third of the
world's population (2.6 billion people),
approximately 60% of world GDP (US$19,
254 billion) and about 47% of world
trade. It also proudly represents the
most economically dynamic region in
the world having generated nearly 70%
of global economic growth in its first
10 years. |