Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies that seeks to promote free trade and economic cooperation 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 fears
that highly
industrialized 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 (where demand had been
declining). APEC works to raise living
standards and
education levels through sustainable economic
growth and to foster a
sense of community and an appreciation of shared interests among Asia-Pacific
countries. APEC includes newly industrialized economies, although
the agenda of free trade was a sensitive issue for the
developing NIEs at the time APEC founded, and aims to enable ASEAN economies to explore new export market
opportunities for natural
resources such as natural gas,
as well as to seek regional economic integration (industrial integration) by means of foreign direct investment. Members account
for approximately 40% of the world's population, approximately 54% of the
world's gross domestic product and about 44% of world trade. An annual APEC Economic Leaders' Meeting is
attended by the heads of government of all APEC members except the Republic of
China (who is
represented by a ministerial-level official under the name Chinese
Taipei as economic leader). The location
of the meeting rotates annually among the member economies, and a famous
tradition, followed for most (but not all) summits, involves the attending
leaders dressing in a national
costume of the host country.
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