Asia-Pacific Economic Cooperation (APEC)
Overview
The Asia-Pacific Economic Cooperation (APEC) forum was established in 1989. Since its inception, APEC has become the premier forum for facilitating economic growth, cooperation and trade and investment in the Asia-Pacific region. APEC's core goal is to achieve free and open trade and investment in the region. This vision was set out in the “Bogor Goals” by APEC Leaders in 1994, which gave developed economies until 2010 and developing economies until 2020 to assess their progress. APEC pursues its core objective through the three pillars of trade and investment liberalisation, business facilitation, and economic and technical cooperation.
APEC aims to strengthen regional economic integration by removing impediments to trade and investment “at the border”, enhancing supply chain connectivity "across the border" and improving the business environment "behind the border". It endeavours to improve the operating environment for business by reducing the cost of cross-border trade, improving access to trade information and simplifying regulatory and administrative processes. APEC also assists member economies build the institutional capacity to implement and take advantage of the benefits of trade and investment reform. APEC supports the multilateral trade negotiations underway in the WTO, and complements the goals of the G-20 Framework for Strong, Sustainable and Balanced Growth in the Asia-Pacific Region.
Private sector engagement is central to APEC's success. The APEC Business Advisory Council (ABAC), established in 1995, represents the interests of business in APEC. ABAC is composed of up to three members from each of the 21 member economies, with business representatives appointed by APEC Leaders. The annual APEC CEO Summit and regular Industry Dialogues also provide opportunities for regional business leaders to interact with APEC Leaders and address key issues affecting business in the region.
In 2010, APEC is conducting an intensive review to assess its progress against the Bogor Goals. Participants include the five developed economies (Australia, Canada, Japan, New Zealand, and the United States) and eight developing economies that have volunteered to participate in the assessment (Chile; Hong Kong, China; Korea; Malaysia; Mexico; Peru; Singapore; and Chinese Taipei). APEC developing economies will revisit the Bogor Goals again in 2020. APEC is also working to develop a comprehensive growth strategy that supports more balanced growth within and across economies, achieves greater inclusiveness in the region, sustains the environment, and seeks to raise regional growth potential through innovation and a knowledge-based economy.
APEC operates on the basis of non-binding commitments and open dialogue. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.
The APEC Secretariat is based in Singapore. It provides coordination, technical and advisory support as well as information management, communications and public outreach services. The Secretariat is headed by a fixed-term Executive Director, appointed for a period of three years. The Secretariat is also home to the APEC Policy Support Unit (PSU). The PSU assists APEC's deliberations by providing research, analysis, and policy support. More information on APEC, including its structure, committees and activities, can be found on APEC's official website.
APEC members
APEC has 21 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
- The Republic of the Philippines
- The Russian Federation
- Singapore
- Chinese Taipei
- Thailand
- United States of America, and
- Viet Nam.
Japan is the 2010 APEC host. The United States of America will host APEC in 2011, followed by the Russian Federation in 2012 and Indonesia in 2013.
Australia in APEC
Australia was a founding member of the APEC forum in 1989 and has been active in helping APEC achieve its current status. Australia has helped advance APEC's core work streams of regional economic integration, structural reform and targeted capacity building through its involvement across more than 30 APEC forums (including committees, working groups and sub-forums). Australia played host to APEC in 2007, culminating in the APEC Economic Leaders Meeting in Sydney (8-9 September 2007).
APEC makes an important contribution to the promotion of open trade and investment, economic development and prosperity in the Asia-Pacific and Australia has benefited from APEC's dynamism. APEC's members account for approximately 40.3 per cent of the world's population, 55 per cent of world GDP, 41.6 per cent of world trade, and 69 per cent of Australia's total trade in goods and services. Total two-way trade between Australia and APEC economies rose from around $82 billion in 1989 to over $347 billion in 2009 — some 72 per cent of Australia's total trade in that year.
Recent and upcoming APEC meetings
| August 2010 | ||
|---|---|---|
| 24-27 August 2010 | Bangkok, Thailand | 3rd Meeting of APEC Business Advisory Council |
| September 2010 | ||
| 15-26 September 2010 | Sendai, Japan | Senior Officials' Meeting III (SOM3) and Related Meetings |
| 16-17 September 2010 | Beijing, China | 5th Human Resource Development Ministerial Meeting |
| 22-23 September 2010 | Nara, Japan | 6th Tourism Ministerial Meeting |
| October 2010 | ||
| 2-3 October 2010 | Gifu, Japan | 17th Small and Medium Sized Enterprises Ministerial Meeting |
| 11-12 October 2010 | Paracas, Peru | 3rd APEC Oceans-related Ministerial Meeting (AOMM3) |
| 16-17 October 2010 | Niigata, Japan | Ministerial Meeting on Food Security |
| 30-31 October 2010 | Okinawa, Japan | Ministerial Meeting on Telecommunications and Information Industry |
| November 2010 | ||
| 6 November 2010 | Kyoto, Japan | Finance Ministers' Meeting |
| 7-8 November 2010 | Yokohama, Japan | Concluding Senior Officials' Meeting (CSOM) |
| 8-10 November 2010 | Yokohama, Japan | 4th Meeting of APEC Business Advisory Council |
| 10-11 November 2010 | Yokohama, Japan | 22nd APEC Ministerial Meeting |
| 12-13 November 2010 | Yokohama, Japan | APEC CEO Summit |
| 13-14 November 2010 | Yokohama, Japan | 18th APEC Economic Leaders' Meeting |
A full calendar of APEC events is available on APEC's official website.
Declarations and statements by APEC leaders and ministers
- Meeting of the APEC Ministers Responsible for Trade, Statement, Sapporo, Japan, 5-6 June 2010
- Meeting of the APEC Ministers Responsible for Trade, Standalone Statement: Supporting the Multilateral Trading System and Resisting Protectionism, Sapporo, Japan, 5-6 June 2010
- The 17th APEC Economic Leaders' Declaration, Singapore, 14-15 November 2009
- Leaders' Standalone Declaration: A New Growth Paradigm for a Connected Asia-Pacific in the 21st Century, 14-15 November 2009
- The 21st APEC Ministerial Meeting, Joint Ministerial Statement, Singapore, 11-12 November 2009
- The 16th APEC Finance Ministers' Meeting, Joint Ministerial Statement, Singapore, 12 November 2009
These can be viewed at APEC's official website
The APEC region trade and investment publication
The APEC Region Trade and Investment - 2009
Links
- APEC's official website
- APEC Business Advisory Council (ABAC)
- APEC Business Travel Card Scheme
- Australian APEC Study Centre - RMIT University
Contact us
- Mail:
Department of Foreign Affairs and Trade
Trade and Economic Policy Division
APEC Branch
R.G. Casey Building
John McEwen Crescent
Barton, ACT, 0221 Australia - Telephone: +61 2 6261 1111
- E-mail: AustraliaAPEC@dfat.gov.au