What is the full form of APEC

APEC: Asia pacific economic cooperation

APEC stands for Asia-Pacific Economic Cooperation (APEC). It is an economic forum for 21 Pacific Rim member economies (Asian and Pacific nations). It was established to leverage the growing interdependence of the Asia-Pacific so that free trade throughout the Asia-Pacific region could be promoted.

The APEC's 21 member countries intend to create greater prosperity for themselves by promoting inclusive, balanced, sustainable and secure growth and regional economic integration. The member countries are Australia, Brunei Darussalam, Canada, Chile, Hong Kong, China, Indonesia, Japan, Republic of South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, The Republic of the Philippines, Russia, Singapore, Chinese Taipei (Taiwan), Thailand, United States of America and Vietnam.

It was established in 1989. It is headquartered in Singapore or APEC Secretariat is based in Singapore. It is headed by a fixed-term Executive Director, who is appointed for a period of three years. It coordinates the things and provides the technical and advisory support and information management, communications and public outreach services.

Key Functions

• It ensures the easy movement of goods, services, investment and people across the borders.
• It ensures faster customs procedures at borders.
• It ensures favorable business climate behind the bars.
• It aligns the standards and procedures across the border.
• It aims to enhance economic and diplomatic understanding among member countries.