![]() ![]() It established in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world.APEC account for about half the world’s trade and almost 60% of global trade.APEC’s 21 members aim to promote free trade throughout the Asia- Pacific region.It is a regional economic forum of 21 Pacific Rim countries.Has and FTA with ASEAN (operational since 2010)Ģ.APEC (Asia-Pacific Economic Cooperation).If the ASEAN nations were a single country, their combined economy would rank the 7th largest in the world.ASEAN Plus Three: Was created to improve existing ties with the China, Japan and South Korea.‘The ASEAN Way’ means : Doctrine that the member countries will largely mind their own business when it comes to internal matters of member countries.Providing a mechanism for member countries to resolve differences peacefully.Accelerating economic growth, social progress, and socio-cultural evolution among its members, Protection of regional stability.Founding members: Indonesia, Malaysia, the Philippines, Singapore, and Thailand.It is a political and economic organisation of 10 South-East Asian nations.UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)ġ.ASEAN ( Association of South-East Asian Nations)
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