Asia-Pacific Economic Co-operation (APEC)
Origin and Aims. APEC was established in 1989 to take advantage of the interdependence among Asia-Pacific economies, by facilitating economic growth for all participants and enhancing a sense of community in the region. Begun as an informal dialogue group, APEC is the premier forum for facilitating economic growth, co-operation, trade and investment in the Asia-Pacific region. APEC has a membership of 21 economic jurisdictions that together account for 40% of the world population, 43% of world trade and 55% of world GDP. APEC is working to achieve what are referred to as the ‘Bogor Goals’ of free and open trade and investment in the Asia-Pacific area.
Members. Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, USA and Vietnam.
Activities. APEC works in three broad areas to meet the Bogor Goals. These three broad work areas, known as APEC’s ‘Three Pillars’, are: Trade and Investment Liberalisation—reducing and eliminating tariff and non-tariff barriers to trade and investment, and opening markets; Business Facilitation—reducing the costs of business transactions, improving access to trade information and co-ordinating policy and business strategies to facilitate growth, and free and open trade; Economic and Technical Co-operation—assisting member economies build the necessary capacities to take advantage of global trade and the new economy. In 2017 Vietnam hosted APEC meetings under the theme ‘Creating a new driving force for a common future’. The host for 2018 is Papua New Guinea, using the theme ‘Harnessing Inclusive Opportunities, Embracing the Digital Future’.
Official language: English.
Headquarters: 35 Heng Mui Keng Terrace, Singapore 119616.
Executive Director: Dr Alan Bollard (New Zealand).