Pacific Rim

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Related to Apec: ASEAN, OPEC

Pacific Rim

Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. The economic growth of the west coast of the United States has coincided with Japan's emergence as an economic superpower and with the rise of highly developed industrial economies in Taiwan, Singapore, Hong Kong, and South Korea. Tokyo, Los Angeles, and Hong Kong are all world financial centers. Twenty-one Pacific Rim states, including the United States and Canada, are members of the Asia-Pacific Economic Cooperation (APEC), which was established in 1989 to provide a forum for discussion on a broad range of economic issues, to encourage economic cooperation, and to promote trade among the market-oriented economies of the region. A permanent secretariat was established in Singapore in 1993. In the 1994 Bogor (Indonesia) Declaration APEC members agreed to establish a free-trade zone over a 26-year period. Twelve Pacific Rim nations, including the United States, signed the Trans-Pacific Partnership (TPP), an agreement to reduce or eliminate many tariffs and to set common standards on a number of trade-related issues, in 2016, but political criticism of the TPP in the United States subsequently made U.S. ratification unlikely, and President Trump withdrew (2017) from the agreement. The remaining 11 parties to the TPP signed (2018) a renegotiated Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which took effect at the end of 2018.
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References in periodicals archive ?
"The Aquino administration spent billions of funds for the comfort and leisure of Apec guests' and visitors, but has failed to rehabilitate and rebuild the livelihood of the victims of Typhoon Haiyan which hit central Philippines one year and seven months ago," George Calaor, chair on militant Bayan in Aklan, also said in a statement.
Kazakhstan is an APEC member with close economic ties to other members.
Indonesia will take over the chairmanship of APEC next year and will host the next APEC leaders' summit in October.
On November 12-13, 2011, the United States hosted the 19th APEC Economic Leaders' Meeting in Honolulu.
The State Department said in a statement that the US was hosting APEC in
As a next step, the San Francisco Declaration calls on officials to 'identify and report to APEC senior officials, programmes, including supplier diversity and technical assistance initiatives, that represent best practices of multinational enterprises, governments and SMEs that remove the barriers for women business owners and entrepreneurs, including rural and indigenous women, to obtain up-to-date information on the regulatory environments in APEC economies, and identify and take advantage of domestic or international market opportunities.' In addition, it calls for officials to 'identify networks and associations that can assist women to access business connections and distribution channels.'
This year's CEO Summit saw noteworthy appearances from 14 Leaders of APEC's largest economies including Australia, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Russia, Singapore, Thailand, and Vietnam.
"It has been an extremely successful meeting," he said during his final press conference of the Sydney meeting of 21 leaders of the Asia-Pacific Economic Co-operation (APEC).
In this scenic setting, APEC delegates engaged in constructive dialogue about how to adopt to a changing world.
Dr Mahathir conveyed this message when he received a courtesy call today from Apec executive director Tan Sri Rebecca Fatima Sta Maria and Malaysian programme director at the Apec Secretariat Nurulaina Nadzeri.
Taiwan is an important partner to the U.S., he said, and its contributions to APEC have been constructive and beneficial-particular in the field of the digital economy.