APEC
What is APEC?
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
APEC ensures that goods, services, investment, and people move smoothly across borders. Members facilitate trade through streamlining customs procedures at borders; fostering more favorable business environments; and coordinating regulations and standards across the region.
It is the only global intergovernmental forum in the world committed to reducing barriers to trade and investment without legally binding obligations. APEC achieves its goals by promoting dialogue and arriving at decisions on a consensus basis, and it gives equal weight to the views of all members.
Mission
APEC’s mission is to achieve sustainable economic growth and prosperity in the Asia-Pacific region.
Members are united in a drive to build a dynamic and harmonious Asia-Pacific community by championing free and open trade and investment; promoting and accelerating regional economic integration; encouraging economic and technological cooperation; enhancing human security; and facilitating a favorable and sustainable business environment.
The initiatives help turn policy goals into concrete results and agreements into tangible benefits for the region.
Vision
The Putrajaya Vision 2040, which outlines APEC’s vision for the next 20 years, was adopted at the 2020 APEC Economic Leaders’ Meeting (AELM). The vision aims to achieve “an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.” APEC members will endeavor to achieve this vision by pursuing three economic drivers: trade and investment; innovation and digitalization; and strong, balanced, secure, sustainable and inclusive growth.
APEC Member Economies
- 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
- Republic of The Philippines
- Russian Federation
- Singapore
- Chinese Taipei
- Thailand
- United States of America
- Viet Nam
※ Official APEC observers: The Secretariat of the Association of Southeast Asian Nations (ASEAN Secretariat); the Pacific Economic Cooperation Council (PECC); and the Pacific Islands Forum (PIF) Secretariat
APEC in the World
As of 2023, the APEC region is home to 37% of the world’s population and represents approximately 49.1% of trade in goods as well as 61.4% of the world GDP.(Source: APEC at a Glance, IMF WEO, ITC, CIA)
How APEC operates
Each year, one of the 21 APEC member economies hosts the APEC meetings and acts as the APEC Chair. The host economy will chair the annual Economic Leaders’ Meeting, Ministerial Meetings, Senior Officials’ Meetings, the APEC Business Advisory Council and the APEC Study Centers Consortium.
The first of these meetings is the Informal Senior Officials’ Meeting (ISOM), held the year prior to the host year.
Throughout the APEC year, more than 200 events are held, including sectoral ministerial meetings, committee and subcommittee meetings, working groups, experts’ meetings, APEC Business Advisory Council (ABAC) meetings, the APEC CEO Summit, as well as seminars, symposiums, and workshops for institutional capacity building. All these meetings are used to progress APEC’s agenda and ongoing projects, as well as form new initiatives often led by the host economy.