Functions Of Apec Essay

1671 words - 7 pages

Asia Pacific Economic Cooperation (APEC) was established in order to enhance economic and diplomatic understanding between Asian and Pacific nations. In the present context of emerging cooperation between Asian and non Asian nations, it is important to analyze the functions of this organization. This paper will analyze the role of the APEC from its inception till today.The APEC shows the emergence of economic understanding between the two regions Asia and Pacific. This organization shows the emergence of alliance between countries belonging to Asia and Pacific regions. Since the 1990 decades the Asian countries have showed impressive economic development. In spite of the recent currency crisis problems, Asian economy is expected to grow from medium and long term perspective. Asian economies have gained through their economic alliance with Pacific countries. Therefore, it is important for the Pacific countries to have understanding with the major Asian economic powers. (Drysdale and Vines, p. 4)The APEC, established in 1989, consists of Asian countries such as Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Japan, Korea, China, Hong Kong, Korea, and Taiwan. (Drysdale and Vines, p. 4) Impressed by the performance of this organization, major powers such as the Unites States, Canada, Mexico, Vietnam, and Russia also showed interest to join the APEC. This implies that this organization has showed organic growth over a period of time exhibiting its popularity among various countries of the world. The member countries have realized the need for economic cooperation in order to achieve their economic progress. (Drysdale and Vines, p. 4)Since 1989, the APEC members have pursued the principles of ‘trade liberalization’ and ‘open regionalism’. (Drysdale and Vines, p. 6) Asian and Pacific countries have been attempting to liberalize their economies in order to obtain similar response from other countries. This has allowed the Pacific countries to invest in Asia and vice versa. The recent currency crisis has hindered further liberalization programs due to the fear of emergence of protectionist measures. (Drysdale and Vines, p. 6) After the Asian financial crisis, the Asian countries have adhered to principle of trade liberalization. Through the concept of “open regionalism”, this association has welcomed the countries belonging to different regions. This has allowed economic cooperation between not only Asian countries but also Asian nations and their European counterparts.At regional level, various countries have established their regional organizations. They are not able to deal with countries situated in other regions of the world. (Drysdale and Vines, p. 6) The establishment of APEC is the assertion of the domination of East Asia in the world economy. This is because by 1997, East Asian countries had dominated nearly 24 percent of world trade. (Drysdale and Vines, p. 53) This development has allowed the...

Find Another Essay On Functions of APEC

Transitioning from Mexico to America Essay

1100 words - 5 pages " will enhance the child's coping skills. Understanding the functions and reasons for the behaviors increases the child's range of responses beyond anger or retaliation (Crumbley, 1999). Parents must work to minimize their children's feelings of helplessness. A child's identity can be more positive if he or she perceives him or herself and members of racial groups to be empowered with choices, resources, and the ability to protect their rights. A

About Australia Essay

4049 words - 16 pages , led by a Prime Minister, which is responsible to a majority in Parliament's lower house. The Federal Constitution, however, also contains some elements that resemble American practice (e.g., a Senate, in which each state has equal representation). The Head of State is Queen Elizabeth II, the reigning British monarch, but she exercises her functions through personal representatives who live in Australia (i.e., Australian citizens who serve as

Economic Reform/Policy Mix, Covers macro and micro economic reforms in Australia

1450 words - 6 pages QUESTİON 1the role of the government in a market economy,calls upon the government to perform five functions. These functions are:1. Providing the economy with a legal structure: This is the first and most important function a government should provide and without it an economy may collapse. This function requires the government to ensure property rights, provide enforcement of contract. In order to perform this function, the government

Marketing in China Everything you would want to know about how to do business in China

10110 words - 40 pages State Council indicated that there were four main functions to be performed by the PBOC. First, the PBOC was to provide money, credit, and other finances for the purposes of macroeconomics. Second, the PBOC was required to enforce any and all laws regarding the financial stability of the country. The third stipulation was that the PBOC was to be the control for any indirect measures relating to financial stability, including deposit reserve

US ASEAN Business Council

8561 words - 34 pages States to include provisions in the FTA that curtail the authority provided in the Singaporean law to situations required to enable the Singaporean Government to carry out a legitimate governmental functions.5. Patent Term Restoration. Singapore provides no relief to patent owners who have the effective term of their patents reduced by regulatory or administrative delays. Thus, in Singapore, a delay before the marketing approval authorities or

The Effects of Globalisation on China, A Developing, Newly Industrialised Economy

2383 words - 10 pages manufacturing sector, one of whose main functions has been to achieve export diversification. Needless to say, foreign capital has been all the more. welcome because it was accompanied by advanced technology, managerial expertise and techniques and other relevant skills which had the potential to increase production and productivity in all sectors of the economy.China's commitment to ensuring the benefits of FDI were maximised as reflected in its

Websites & e-Procurement

1855 words - 7 pages advertising will be important to targeted to corporation and individual customers.The future of e-commerce is integral and changing every day. "Like electricity, antibiotics, or the car, the Internet is a revolutionary technology." (France,1999) It is fairly obvious that e-commerce in advance to speed. As one article stated, "The growth of e-commerce won't diminish, it will become such a pervasive influence on how a company works that all functions

An Overview of Globalization

3286 words - 13 pages the EU brought about other trade agreements such as NAFTA, MERCOSUR, and APEC and eventually the WTO. These trade agreements are very important parts to the concept of globalization. Market Rules: Credibility, Transparency, and Accountability The thing that ties together the world's economy and governments is capital market rules. And advances in technology, communications, and financial instruments have given a huge boost to already

Chinese banking system on the way to WTO – history, recent changes, future

3669 words - 15 pages Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. The WTO was established in 1995 and has 148 Members (since 13th October, 2004)Functions:• Administering WTO trade agreements,• Forum for trade negotiations,• Handling trade disputes,• Monitoring national trade

Public Administration Reformation In Brunei

3657 words - 15 pages that is very complicated and needed to develop specially. Each department needs different measures and plans as the functions of each department is different. What we'd like to say is that Wawasan plan only covers the whole picture, but doesn't go in details like what to do in order to achieve the plan. The religious factor of Brunei might unintentionally makes some limitations to further progress to the country. Those plans are quite

"Thinking Big - A Survey of International Banking"

4732 words - 19 pages functions by the US-based financial institutions, duplication of efforts and escalation of the overall Base II project costs, incremental compliance cost … Objection to US approach can be illustrated by the results of a survey conducted by Centre for European Policy Study that 35% of respondents considered US's position as burdensome for EU banks operating in US while 41% thought as disruptive of stability and level playing field worldwide

Similar Essays

World Business And Economy: Free Trade, World Trade And Global Economy

2828 words - 12 pages people who are for free trade and see positive effects, in example cheaper food for everybody and better status for farmers. There is however a better way of achieving this:World trade:What is world trade and what organizations are involved?World trade means all the trading that is going on in the world. There are several organizations dealing with world trade. They are GATT and WTO, NAFTA, APEC and IMF amongst others.How is the situation on

Bob Hawke Essay

548 words - 2 pages legislation);•The Sex Discrimination Act 1984 (Cth), which made discrimination on the basis of sex illegal in employment situations;•The Australia Act 1986 (Cth) which finally ended all control held by the British Government over certain functions of the States of Australia; and•The Privacy Act 1988 (Cth), which provided for safeguards over the use of information held about people in data banks and other information storage

Bob Hawke Essay

548 words - 2 pages legislation);•The Sex Discrimination Act 1984 (Cth), which made discrimination on the basis of sex illegal in employment situations;•The Australia Act 1986 (Cth) which finally ended all control held by the British Government over certain functions of the States of Australia; and•The Privacy Act 1988 (Cth), which provided for safeguards over the use of information held about people in data banks and other information storage

Foreign Investment In Australia Essay

2902 words - 12 pages substantial investors in other countries, and Australia has long maintained a position as a net capital importer, drawing on foreign savings to allow faster development of domestic resources. Foreign investment in Australia in 1998 had reached $571 billion, of which $253 billion came from members of APEC. Today, foreign Investment totals over $700 billion.There are a number of types of foreign investment in Australia: (Table 3 reflects these figures