APEC summit forum 2015 impact on Philippine economics

A term paper
For Araling Panlipunan

Reham

January, 24 2016
Introduction
Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim member economies[1] that promotes free trade throughout the Asia-Pacific region. It was established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; to fears that highly industrialised Japan (a member of G8) would come to dominate economic activity in the Asia-Pacific region; and to establish new markets for agricultural products and raw materials beyond Europe.[2]
An annual APEC Economic Leaders' Meeting is attended by the heads of government of all APEC members except Taiwan (which is represented by a ministerial-level official under the name Chinese Taipei as economic leader[3]). The location of the meeting rotates annually among the member economies, and a famous tradition, followed for most (but not all) summits, involves the attending leaders dressing in a national costume of the host country.
APEC’s original purpose was to promote free trade throughout the Asia-Pacific region.
The founders were also motivated by three other factors. First, there was a felt need to respond to the advent of regional blocs, especially the European Common Market (ECM) in other parts of the world. Second, the rise of the ECM meant that former British Commonwealth countries – like Australia, New Zealand and Canada – and other Asia-Pacific nations felt there was a need to establish new markets for agricultural products and raw materials beyond Europe.
APEC Philippines 2015 was the year-long hosting of Asia-Pacific Economic Cooperation (APEC) summit which concluded with the APEC Economic Leaders' Meeting held on 18–19 November 2015 in Pasay.[1] It was the second time the Philippines hosted the summit, the first being the 1996 APEC summit.[2]
The summit was held amid simmering tensions between China and several nations, including the Philippines, Japan, Vietnam and Malaysia because of the former's aggressive policy of claiming several uninhabited islands in the South China Sea.[3] However, the Philippines decided to put aside the issue temporarily in keeping with its hosting duties.[3] The summit was also held just days after the November 2015 Paris attacks which left 137 people dead, forcing the host country to enforce a lockdown of major streets near summit venues and hotels where the economic leaders were billeted, causing heavy traffic in major Metro Manila roads and inconvenience to commuters and motorists.[4][5]