Apec’s Role in Asia-Pacific Region
APEC’s Role in Asia-Pacific Region
Hirotoshi Matsushima 65772097
University of British Columbia
Recently, there is a trend towards further globalizing in the world. Each country tends to keep in close contact with other country in economy, politics, and culture. Therefore, many countries make up institutions together to cooperate and promote mutual development. For example, there are EU, which is mainly composed of European countries and NAFTA, which is an agreement for free trade concluded between America, Mexico, and Canada. APEC is also one of these regional unions and now, is made up from 21 economies (countries) around Pacific Ocean like Japan, The United States, Australia, Russia, Canada, and China. APEC made a start in 1989 by 12 countries including ASEAN members. The purpose of it is to make an open economy to prevent economy from being blocked and maintain and make a progress in free multilateral trade thorough liberalization of trade and investment under WTO system. APEC is very huge regional union because it accounts for 41.4 percent of world population and 57.8 percent of whole world GDP and 47 percent of world’s amount of trade. Therefore, it has a big impact on the international situation especially on world economy. Moreover, it brings great benefits for Asia-Pacific region which is member of APEC especially for some developing countries, like South Korea, Singapore, Mexico, and China. This is because APEC had quite a unique structure which is much different from other regional union like EU and this structure is very suitable and effective for development of Asia-pacific region. In this paper, I will refer to the unique characteristics of APEC in detail and then analyze how these features influence on the Asia-Pacific region and promote growth of them.
First, there are very big and many differences among members of APEC. The main gap is that APEC has both developing countries like South Korea and Singapore, which are regarded as NIES (Newly
Hirotoshi Matsushima 65772097
University of British Columbia
Recently, there is a trend towards further globalizing in the world. Each country tends to keep in close contact with other country in economy, politics, and culture. Therefore, many countries make up institutions together to cooperate and promote mutual development. For example, there are EU, which is mainly composed of European countries and NAFTA, which is an agreement for free trade concluded between America, Mexico, and Canada. APEC is also one of these regional unions and now, is made up from 21 economies (countries) around Pacific Ocean like Japan, The United States, Australia, Russia, Canada, and China. APEC made a start in 1989 by 12 countries including ASEAN members. The purpose of it is to make an open economy to prevent economy from being blocked and maintain and make a progress in free multilateral trade thorough liberalization of trade and investment under WTO system. APEC is very huge regional union because it accounts for 41.4 percent of world population and 57.8 percent of whole world GDP and 47 percent of world’s amount of trade. Therefore, it has a big impact on the international situation especially on world economy. Moreover, it brings great benefits for Asia-Pacific region which is member of APEC especially for some developing countries, like South Korea, Singapore, Mexico, and China. This is because APEC had quite a unique structure which is much different from other regional union like EU and this structure is very suitable and effective for development of Asia-pacific region. In this paper, I will refer to the unique characteristics of APEC in detail and then analyze how these features influence on the Asia-Pacific region and promote growth of them.
First, there are very big and many differences among members of APEC. The main gap is that APEC has both developing countries like South Korea and Singapore, which are regarded as NIES (Newly