APECis resilience in changing world

In its 35th year of existence. the Asia-Pacific Economic Cooperation forum continues to remain relevant despite the emergence of other regional forums and is projected to maintain its growth in the face of global uncertainties and challenges. experts say.

- KARL WILSON

Since then Australian prime minister Bob Hawke first floated the idea ofa regional trade alliance in 1989. the regional picture has greatly changed. leading some commentators to question the APEC's relevance today. Their argument is that the forum lacks cohesion and has drifted from its original mandate of fostering trade and investment.

However. the forum has grown from 12 economies to 21. is home to 2.9 billion people. and represents 60 percent of the global GDP today. showing resilience in dealing with new challenges. Tim Harcourt, industry professor and chief economist with the Institute for Public Policy and Governance at the University of Technology Sydney. said APEC remains relevant.