For many countries in the global landscape, its economic situation is perhaps one of the most important concerns which are duly given enough priority by the government. The economic situation of a certain nation is highly indicative of the country’s performance as well as the state of living of its citizens. It is therefore a major concern among national governments to protect the best interest of their domestic economy, as well as local business, in the objective if being able to establish a successful nation. With this, it is a priority for many countries to be proud of many globally operating organizations and economic councils which will not only help them foster a better trading and economic relationship with other nations but will also help them establish global presence. One of such groups would be the APEC or the Asia Pacific Economic Cooperation.

In this research paper, the researcher seeks to examine the APEC in general while being able to provide its background and what it does to be able to help improve the economic condition of its member countries. More importantly, the research will examine some of the issues in APEC and how such were overcome through the policies and recommendations from the said economic body. The impact of APEC on its member countries will also be examined to be able to provide evidence of its significant efficiency. This research would generally seek to discuss the role of APEC in helping its member countries establish a more sustainable and stable economic situation.

WHAT IS APEC?

The Asia Pacific Economic Forum or APEC is a premiere forum which is primarily responsible for facilitating economic growth, cooperation, trade, and investment in the region of the Asia Pacific. It was established to promote economic integration around the Pacific Rim and with the goal of being able to sustain economic growth especially among its 21 member nations. The members of APEC are Australia, Brunei, Canada, Chile, Hong Kong China, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Philippines, Peru, Republic of Korea, Russia, Singapore, Chinese Taipei, Thailand, United States, and Vietnam. An open trade and the establishment of closer economic relation are among the priorities of each member countries in the APEC. Being the primary vehicle in the region to be able to promote trade, investment, and economic cooperation, it is expected that APEC will be able to generate favorable circumstances and activities such as increased employment opportunities and the development of the local community. Since its inception in 1989 to this current time, APEC has initiated various economic activities which resulted into better business among local nations such as the implementation of reduced tariffs.

The APEC is very significant in the global economy primarily because its members, collectively, are acknowledged for being drivers of the growth of the global economy. The individual economic performance of the Asian countries and members of APEC are all seen to have made significant contributions in the success of the international economic situation. Another reason on why APEC is seen to be very significant in the global trading is because its member economies are representative of around 42% of the world’s population while it occupies 43% of the world’s total land area.