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Member economies of the Asia-Pacific Economic Cooperation (APEC). The Asia–Pacific (APAC) is the region of the world adjoining the western Pacific Ocean.The region's precise boundaries vary depending on context, but countries and territories in Australasia, East Asia, and Southeast Asia are often included.
Pacific Alliance, a trade bloc of states that border the Pacific Ocean. Permanent members include Chile, Colombia, Mexico, and Peru. The Pacific Pumas, a political and economic grouping of countries along Latin America's Pacific coast that includes Chile, Colombia, Mexico and Peru. The term references the four larger Pacific Latin American ...
Currently, APEC has 21 members. The criterion for membership, however, is that each member must be an independent economic entity, rather than a sovereign state. As a result, APEC uses the term member economies rather than member countries to refer to its members.
Initially, the Group was known as the Asian Group. [8] However, by the 1970s, Pacific island nations were gaining independence and joining the group. By the mid-2000s the number of Pacific island nations in the group had reached over one fifth of the membership, so they began to advocate for a change of name of the Group.
The 15 member countries account for about 30% of the world's population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in history. [3] Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia , including China, Indonesia, Japan, and South Korea.
The Group of Asia and the Pacific Small Island Developing States (formerly the Asia Group), or Asia and the Pacific Group, consists of 54 member states (28% of all UN members) and is the second largest regional group by number of member states after the African Group.
The Pacific Community was founded in 1947 as the South Pacific Commission by six developed countries with strategic interests and territories in the region: Australia, France, the Netherlands, New Zealand, the United Kingdom, and the United States. [4] The SPC's founding charter is the Canberra Agreement.
The Asia Pacific Economic Cooperation (APEC), founded in 1989, was to promote multilateral economic cooperation in trade and investment in the Pacific Rim. [3] APEC is composed of 21 countries that border the Pacific Rim; progress toward free trade is hampered by size and geographic distance between member countries and the lack of a treaty.