Asia-Pacific Economic Cooperation (APEC) and Australia
Overview
Since its genesis in 1989, APEC has become our region's leading forum, where Asia-Pacific economies strengthen regional links and pursue common trade and economic goals.
Economic Leaders from the 21 APEC member economies meet annually to develop strategies for promoting growth and economic development in the Asia-Pacific region. They also hold informal discussions on current regional and international issues. Ministers, government officials and all sectors of business and industry also cooperate to reduce the barriers to trade and investment.
APEC's "three pillars" - trade and investment liberalisation, business facilitation, and economic and technical cooperation - form the basis of its work and help APEC pursue the Bogor Goals of free and open trade and investment – set out by APEC Leaders in 1994.
APEC promotes trade and investment liberalisation in the region and supports multilateral trade negotiations in the WTO. It is a leader in building a better environment for business and emphasises private sector participation in its activities. The APEC Business Advisory Council, a high-level permanent forum of regional business leaders, advises APEC on private sector concerns. APEC also assists its developing members to achieve sustainable economic growth, by building institutional capacity and addressing long-term economic and corporate governance issues.
Membership of APEC expands Australia's focus beyond the domestic market and provides tremendous opportunities to create jobs and income. Australian business has access to over 2.5 billion consumers and around 60% of global income in 21 APEC member economies. These economies also purchase around three-quarters of Australia's merchandise exports. In the last decade APEC exports have more than doubled to nearly AUS$5 trillion, and APEC economies have generated 195 million new jobs and 70% of the increase in the world's economic growth.
APEC has also helped Australia's neighbours, reducing poverty by a third in some APEC economies. Higher incomes have enabled better access to safer drinking water, increased expenditure on health and education. These improving social indicators promote regional stability, and generate larger markets for the goods and services Australia can provide.
APEC members
Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; Russia; Singapore; Chinese Taipei; Thailand; USA and Viet Nam.