Asia Pacific Economic Cooperation (APEC) : current issues and background

In 1989, President George Bush was President of the United States the Asia-Pacific Economic Co-operation (APEC) forum was established to promote economic integration around the Pacific Rim and to sustain economic growth. APEC currently has 21 members: Australia; Brunei Darussalam; Canada; Chile; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Republic of the Philippines; Russia; Singapore; Chinese Taipei; Thailand; USA; Vietnam. The United States, recognising the value of top-level meetings to advance the work of creating a Pacific community, invited member economies' leaders to Blake Island, Washington, to meet informally to discuss major issues in the APEC region. This gathering of economic leaders has become the single most important institution in the Asia Pacific region. It brings top level attention to APEC's vision of free trade and investment as well as providing a forum for leaders to meet on a regular basis both as a group and bilaterally to discuss current issues and resolve disputes. The economic health of the APEC region is vitally important to America's continued prosperity. Economic growth across the APEC region waned this year, largely in response to the slowing US economy and the weakening global demand for many of the Asian members' exports (particularly electronics). Many members have lowered their 2001 growth projections in light of poor performance during the first half of the year, although most will still post positive results. This compelling book about APEC and its background, goals and problems, provides the reader with the necessary information on the crucial role that it plays. A revived Asia-Pacific region means more exports from and investments by U.S. companies, more jobs for Americans and more U.S. economic growth.