QUEZON City, Philippines (November 18) – Every student is aware of the four-day holiday in November brought about by the Asia-Pacific Economic Cooperation or APEC. But what do we know about the APEC? Here is the lowdown.
APEC is a meeting for 21 Pacific Rim member economies that promotes free trade throught the Asia-Pacific region. Established in 1989, APEC was the response to the growing interdependence between the Asia-Pacific economies as well as the start of regional trade blocs around the globe. APEC also aim to create new markets for agricultural and raw products.
The APEC is known for its annual Economic Leaders’ Meeting which is attended by the head of government of each APEC member except Taiwan. Said meeting rotates among the APEC members and there is a tradition that said leaders wear the hosting country’s national costume.
Aside from the aforementioned Taiwan, the 21 members of the APEC are: Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States of America, Hong Kong, People’s Republic of China, Mexico, Papua New Guinea, Chile, Peru, Russia and Vietnam.
APEC is unique because it counts as its members the economies found in the region and not the states. This is the reason why Taiwan and Hong Kong were able to claim membership despite Taiwan’s independence being disputed by China and Hong Kong being under China’s rule.
Foremost of APEC’s aims is the creation of a Free Trade Area in the Asia-Pacific.
The 2015 Annual Economic Leaders’ Meeting will be hosted by the Philippines on November 18-19.
(written by Cleeve Carpio, edited by Jay Paul Carlos, additional research by Lovely Ann Cruz)
