The vast ocean connects 21 economies to help you understand APEC

The vast Pacific Ocean connects Asia, Oceania, North America and South America. The 21 economies of the Asia-Pacific Economic Cooperation (APEC) face each other by the sea and come together for cooperation. The 33rd APEC Economic Leaders’ Meeting is about to kick off. What kind of organization is APEC?

What is APEC?

APEC is the abbreviation of four English words, A is Asia, which stands for Asia. P stands for Pacific, and these two letters represent where its members come from. E-Economic, economy, tells everyone that it is engaged in economics, C-Cooperation stands for cooperation, these four letters together are the abbreviation of "Asia-Pacific Economic Cooperation" APEC.

Since its formal establishment in 1989, APEC has become the highest-level, broadest and most influential economic cooperation mechanism in the Asia-Pacific region.

How many members does APEC currently have?

APEC currently has 21 members, with developed members and developing members coexisting, as well as two regional economies, Hong Kong, China and Taipei, China. In addition, APEC has three observers, namely the ASEAN Secretariat, the Pacific Economic Cooperation Council (PECC), and the Pacific Islands Forum (PIF) Secretariat.

How big is the scale and influence of APEC?

At present, its members account for about 60% of the global economy, nearly half of the world's trade volume, and cover a population of about 3 billion. If APEC is compared to a large carriage, the 21 members on this carriage influence the development of most of the world. It has long been a veritable "ballast stone" of the global economy.