TWENTY-ONE leaders of the Asia-Pacific Economic Coopera-tion (Apec) economies meet in Beijing next week.
It will mark the organisation’s 25th anniversary.
So what has Apec got to show the world besides growing from 12-member economies in 1989 to 21 today?
How effective has it been in driving trade and investment?
What can these high-level meetings actually do to improve the global economy?
If one asks whether Apec’s main goal – easing the barriers to doing business in the region – has been achieved, the answer has to be yes. Here’s why.
To be sure, it’s had a head start. First, it accounts for 40% of the world’s population (2.8 billion people), 47% of global trade and 54% of the world’s real Gross Domestic Product in purchasing power parity (PPP) terms.
Has it succeeded in easing tariff barriers? Again, yes.
When Apec was established in...