The APEC Economic Asia-Pacific Economic Cooperation, was created in 1989 in Australia as a talk forum between the member countries of ASEAN (United Nations Association of South – East Asia) and six economic partners in the Pacific region, as US and Japan. However, it was only in 1994 that it acquired the characteristics of an economic bloc at the Seattle Conference, when members pledged to transform the Pacific into a free trade area.
The Asia and Pacific region experienced intense economic development in the years leading up to the creation of APEC, causing a major impact on the world economy. As a result, it was necessary to create the bloc to open a market between 20 countries plus Hong Kong (China), in addition to transforming the area of Southeast Asia into a free trade area.
A strategic aspect of the alliance is to bring the North American economy closer to the Pacific countries, to counterbalance it with the economies of Japan and Hong Kong.
Among the positive aspects of the creation of APEC are the development of the economies of the member countries that have expanded their markets, and today, in addition to producing their merchandise, they account for 46% of world exports, the rapprochement between the North American economy and the United States. Pacific countries and the growth of Australia as an exporter of raw materials to other member countries of the bloc.
According to equzhou, one of APEC’s biggest problems, if not the biggest, is the great difficulty in matching the different interests of the member countries and those linked to the bloc, such as Peru, New Zealand, the Philippines and Canada. In addition, the bloc has little value in relation to the World Trade Organization, even though it is responsible for great movement in world trade.
APEC member countries are:
Australia, Brunei, Canada, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Thailand, United States, China, Hong Kong, Taiwan, Mexico, Papua, New Guinea, Chile, Russia and Peru.
Relationship with Brazil
APEC’s relationship with Brazil is not very direct or explicit, but some APEC member countries would also be part of the FTAA, if it is actually formed, in addition to a meeting that was created by members of the Asia-Pacific Economic Cooperation Forum that discussed globalization and lasted seven days, in which Brazil was one of the themes along with other countries in Latin America, discussing the relationship between the countries.
In recent years, around 63% of Australian exports have been made to other APEC countries. And 61% came from them.
The bloc is divided on the issue of oil, since several of its members are producers and are satisfied with the rise in prices, as far as those who need to buy oil fight for the price to decrease.