A Complete Guide on Asia-Pacific Economic Cooperation
The Asia-Pacific Economic Cooperation or APEC is a forum of 21 Asia-pacific economies. The sole objective is to promote free trade or business and economic cooperation throughout the region. The APEC’s member economies has more than 2.9 billion people and make up more than 60-65 % of global GDP.
The Asia-Pacific Economic Cooperation partners generate around 75 per cent of total trade in Australian’s goods and services. There is no denying that the integration of regional economic conditions contributes to the overall economic growth and prosperity of Australia.
Here is a complete guide to help you know everything about Asia-pacific economic cooperation and its impact on Australia’s economic growth.
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A Comprehensive Guide on APEC
Do you know that Australia was a founding member of the Asia-Pacific Economic Cooperation in 1989. The forum was created to boost a thriving and profit-generating regional economy via:
- Trade, investment and facilitation, at the, across and behind the border
- Minimised costs of cross-border trade to help businesses
- Economic and technical cooperation
- Exchanging proven practice information on investment and trade.
- Easy regulatory and administrative processes
- Better institutional capacity to leverage the benefits of investment and trade reform.
The APEC is focused for the APEC Putrajaya Vision 2040, dedicated for a dynamic, reliable and peaceful Asia-Pacific community by 2040. Experts believe that you need to pay attention to the following aspects:
- Trade and investment economic drivers
- Innovation and digitalization
- Sustainable and balanced growth
In fact, the 21 APEC member economies created the Aotearoa Plan of Action in 2021. The roadmap is towards implementing the Putrajaya Vision 2040.
The Role of Australia in Asia-Pacific Economic Cooperation
Australia is committed to driving higher economic growth within the region via APEC. They are focused on boosting the development and innovation of regional economic integration and establish new dimensions on achieve open, free and hassle-free trade and investment in the Asia-Pacific region.
The country aims at supporting economic cooperation and thriving activities to help APEC develop economies via:
- Funding projects that focus on APEC growth
- Assisting APEC economic policy research and analysis
- Supporting project management reforms
What are the APEC priorities of Australia?
According to 2023, Australia has clarified its passion as boosting economic condition of Asia-Pacific region via:
- Promoting investment and trade liberalisation
- Supporting multilateral trade system
- Business in environmental goods and services
- Boosting APEC’s digitalisation trade
- Promoting sustainable growth
- Women’s access to markets.
The entire objective of APEC is to reduce tariffs and other potential trade barriers and make it easy for businesses to import and export across borders. This can lead to lower prices for consumers and higher economic growth.
You can gather more information about Asia-Pacific region, including economic growth, social development, cultural exchange and much more.
APEC members, including Australia share information as well as expertise on trade and investment facilitation, custom procedures and other key aspects to develop economies and improve infrastructure facilities.