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Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.( APEC website 2005)
Member Economies that make up Apec at this moment, are 21 members - which account for more than a third of the world's population (2.6 billion people), approximately 60% of world GDP (US$19, 254 billion) and about 47% of world trade. In its first 10 years, it generated nearly 70% of global economic growth.(Website 2005)
APEC's 21 Member Economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam...
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