Abstract
Launched in November 1989, Asia Pacific Economic Cooperation (APEC) has a great potential, as APEC countries have realized growth in the 1980s and 1990s. The purpose of this study is to assess the economic linkages among member countries and to project how these linkages can promote the trade and investment expansion associated with technology. During the Cold War, the U.S. provided the massive military presence that protected Asian nations, ensuring stability which fuelled the Asian economic miracle while protecting smaller Asian nations from their neighbours. The end of the Cold War, European Union (EU), North America Free Trade Agreement (NAFTA) and the World Trade Organization (WTO) demonstrate the changing economic order.
Regionalism is on the rise again in the world. In the 1990s, there was a surge of new regional agreements as well as adeepening and widening of existing agreements. Unlike any other regional integrations, APEC suggests an alternative way of open regionalism that is different from the existing regional arrangements, but fully compatible with multilateralism. APEC has evolved mainly into an economic institution compatible with multilateralism. The major thrust of this chapter is to discuss open regionalism that distinguishes APEC from other regional agreements. The study provides an overview of APEC that briefly sketches out its path from the beginning to the present, and it analyzes the functions and limitations of APEC as well. The chapter discusses determinant common characteristics of APEC economies which center on openness to the outside world for generating mutual growth.
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Kim, YS. (1997). Asia Pacific Economic Cooperation in the Changing World Economy. In: Gupta, S.D., Choudhry, N.K. (eds) Globalization, Growth and Sustainability. Recent Economic Thought Series, vol 58. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6203-0_8
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DOI: https://doi.org/10.1007/978-1-4615-6203-0_8
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