Asia-Pacific Economic Cooperation (APEC)

What is Asia-Pacific Economic Cooperation?

• The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. 
• It aims 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.
• The word ‘economies’ is used to describe APEC members because the APEC cooperative process is predominantly concerned with trade and economic issues, with members engaging with one another as economic entities.
• It is the only international intergovernmental grouping in the world committed to reducing barriers to trade and investment without requiring its members to enter into legally binding obligations.

APEC Members

• APEC has 21 members.

APEC Members	Date of Joining
Australia	6-7 Nov 1989
Brunei Darussalam	6-7 Nov 1989
Canada	6-7 Nov 1989
Chile	11-12 Nov 1994
People’s Republic of China	12-14 Nov 1991
Hong Kong, China	12-14 Nov 1991
Indonesia	6-7 Nov 1989
Japan	6-7 Nov 1989
Republic of Korea	6-7 Nov 1989
Malaysia	6-7 Nov 1989
Mexico	17-19 Nov 1993
New Zealand	6-7 Nov 1989
Papua New Guinea	17-19 Nov 1993
Peru	14-15 Nov 1998
The Philippines	6-7 Nov 1989
Russia	14-15 Nov 1998
Singapore	6-7 Nov 1989
Chinese Taipei	12-14 Nov 1991
Thailand	6-7 Nov 1989
The United States	6-7 Nov 1989
Viet Nam	14-15 Nov 1998

Observers

APEC has three official observers:

• the Association of Southeast Asian Nations Secretariat
• the Pacific Economic Cooperation Council
• the Pacific Islands Forum Secretariat

What Does APEC Do?

• APEC ensures that goods, services, investment and people move easily across borders.
• Members facilitate this trade through
  • faster customs procedures at borders
  • more favorable business climates behind the border
  • aligning regulations and standards across the region

• APEC’s initiatives to synchronize regulatory systems is a key step to integrating the Asia-Pacific economy.
• A product can be more easily exported with just one set of common standards across all economies.

How APEC works?

• The 21 APEC member economies jointly work towards the realization of free and open trade and investment in the Asia-Pacific by 2020 and the establishment of greater regional community to address the economic and social dimensions of development.
• A commitment made by APEC Leaders in 1994 known as the Bogor Goals.
• The Three Pillars of APEC’s agenda focus on:
  • Trade and Investment Liberalization
  • Business Facilitation
  • Economic and Technical Cooperation (ECOTECH)
• APEC Member Economies report progress towards achieving free and open trade and investment goals through Individual Action Plans (IAPs) and Collective Action Plans (CAPs).