Asia-Pacific Economic Cooperation | |
---|---|
Headquarters | Singapore |
Type | Economic meeting |
Membership | |
Leaders | |
• Chairperson | Pres. Dina Boluarte |
• Executive Directors | Rebecca Fatima Santa Maria |
Establishment | 1989 |
Website www |
Asia-Pacific Economic Cooperation (APEC /ˈeɪpɛk/ AY-pek [1] ) is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. [2] Following the success of ASEAN's series of post-ministerial conferences launched in the mid-1980s, [3] APEC started in 1989, [4] in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; it aimed to establish new markets for agricultural products and raw materials beyond Europe. [5] Headquartered in Singapore, [6] APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region, [7] and exerts significant global influence. [8] [9] [10] [11]
The heads of government of all APEC members except Taiwan (which is represented by a ministerial-level official as economic leader) [12] attend an annual APEC Economic Leaders' Meeting. The location of the meeting rotates annually among the member economies, and a famous tradition, followed for most (but not all) summits, involves the attending leaders dressing in a national costume of the host country. APEC has three official observers: the Association of Southeast Asian Nations Secretariat, the Pacific Economic Cooperation Council and the Pacific Islands Forum Secretariat. [13] APEC's Host Economy of the Year is considered to be invited in the first place for geographical representation to attend G20 meetings following G20 guidelines. [14] [15]
The initial inspiration for APEC came when the Association of Southeast Asian Nations (ASEAN)'s series of post-ministerial conferences, launched in the mid-1980s, had demonstrated the feasibility and value of regular conferences among ministerial-level representatives of both developed and developing economies. By 1986, the post-ministerial conferences had expanded to embrace 12 members (the then six members of ASEAN and its six dialogue partners). The developments led Australian Prime Minister Bob Hawke to believe in the necessity of region-wide co-operation on economic matters. In January 1989, Bob Hawke called for more effective economic co-operation across the Pacific Rim region. This led to the first meeting of APEC in the Australian capital of Canberra in November, chaired by Australian Foreign Affairs Minister Gareth Evans. Attended by ministers from twelve countries, the meeting concluded with commitments to hold future annual meetings in Singapore and South Korea. Ten months later, representatives of 12 Asia-Pacific economies met in Canberra, Australia, to establish APEC. The APEC Secretariat, based in Singapore, was established to co-ordinate the activities of the organisation. [4] [5]
During the 1994 meeting in Bogor, Indonesia, APEC leaders adopted the Bogor Goals, which aimed for free and open trade and investment in the Asia-Pacific by 2010 for industrialised economies and by 2020 for developing economies. During the November 1995 Ministerial Meeting in Osaka, Japan, a business advisory body named the APEC Business Advisory Council (ABAC) composed of three business executives from each member-country was agreed to be established in 1996. [16] [17]
In April 2001, APEC, in collaboration with five other international organisations (Eurostat, International Energy Agency, Organización Latinoamericana de Energía (OLADE) , Organization of the Petroleum Exporting Countries and the United Nations Statistics Division) launched the Joint Oil Data Exercise, which in 2005 became the Joint Organisations Data Initiative (JODI).
The location of the annual meeting rotates among the members.
Year | # | Dates | Country | City | Host Leader |
---|---|---|---|---|---|
1989 | 1st | 6–7 November | Australia | Canberra | Prime Minister Bob Hawke |
1990 | 2nd | 29–31 July | Singapore | Singapore | Prime Minister Lee Kuan Yew |
1991 | 3rd | 12–14 November | South Korea | Seoul | President Roh Tae-woo |
1992 | 4th | 10–11 September | Thailand | Bangkok | Prime Minister Anand Panyarachun |
Year | # | Dates | Country | City | Host Leader |
---|---|---|---|---|---|
1993 | 1st | 19–20 November | United States | Blake Island | President Bill Clinton |
1994 | 2nd | 15–16 November | Indonesia | Bogor | President Suharto |
1995 | 3rd | 18–19 November | Japan | Osaka | Prime Minister Tomiichi Murayama |
1996 | 4th | 24–25 November | Philippines | Subic | President Fidel Ramos |
1997 | 5th | 24–25 November | Canada | Vancouver | Prime Minister Jean Chrétien |
1998 | 6th | 17–18 November | Malaysia | Kuala Lumpur | Prime Minister Mahathir Mohamad |
1999 | 7th | 12–13 September | New Zealand | Auckland | Prime Minister Jenny Shipley |
2000 | 8th | 15–16 November | Brunei | Bandar Seri Begawan | Sultan Hassanal Bolkiah |
2001 | 9th | 20–21 October | China | Shanghai | President Jiang Zemin |
2002 | 10th | 26–27 October | Mexico | Los Cabos | President Vicente Fox |
2003 | 11th | 20–21 October | Thailand | Bangkok | Prime Minister Thaksin Shinawatra |
2004 | 12th | 20–21 November | Chile | Santiago | President Ricardo Lagos |
2005 | 13th | 18–19 November | South Korea | Busan | President Roh Moo-hyun |
2006 | 14th | 18–19 November | Vietnam | Hanoi | President Nguyễn Minh Triết |
2007 | 15th | 8–9 September | Australia | Sydney | Prime Minister John Howard |
2008 | 16th | 22–23 November | Peru | Lima | President Alan Garcia Perez |
2009 | 17th | 14–15 November | Singapore | Singapore | Prime Minister Lee Hsien Loong |
2010 | 18th | 13–14 November | Japan | Yokohama | Prime Minister Naoto Kan |
2011 | 19th | 12–13 November | United States | Honolulu | President Barack Obama |
2012 | 20th | 9–10 September | Russia | Vladivostok | President Vladimir Putin |
2013 | 21st | 5–7 October | Indonesia | Bali | President Susilo Bambang Yudhoyono |
2014 | 22nd | 10–11 November | China | Beijing | President Xi Jinping |
2015 | 23rd | 18–19 November | Philippines | Pasay | President Benigno Aquino III |
2016 | 24th | 19–20 November | Peru | Lima | President Pedro Pablo Kuczynski |
2017 | 25th | 10–11 November | Vietnam | Da Nang | President Trần Đại Quang |
2018 | 26th | 17–18 November | Papua New Guinea | Port Moresby | Prime Minister Peter O'Neill |
2019 | 16–17 November (cancelled) | Chile | Santiago | President Sebastián Piñera | |
2020 | 28th | 20 November | Malaysia | Kuala Lumpur (hosted virtually) [18] | Prime Minister Muhyiddin Yassin |
2021 | – | 16 July | New Zealand | Auckland (hosted virtually) | Prime Minister Jacinda Ardern |
29th | 12 November [19] | ||||
2022 | 30th | 18–19 November | Thailand | Bangkok | Prime Minister Prayut Chan-o-cha [20] |
2023 | 31st | 15–17 November [21] | United States | San Francisco | President Joe Biden [22] |
2024 | 32nd | 15–16 November | Peru | Lima | President Dina Boluarte [23] |
2025 | 33rd | TBA | South Korea | Gyeongju | President Yoon Suk-yeol |
2026 | 34th | TBA | China [24] | TBA | President Xi Jinping |
2027 | 35th | TBA | Vietnam [25] | TBA | TBA |
2028 | 36th | TBA | TBA | TBA | TBA |
2029 | 37th | TBA | TBA | TBA | TBA |
2030 | 38th | TBA | Singapore [26] | Singapore | Prime Minister Lawrence Wong |
Currently, APEC has 21 members. The criterion for membership, however, is that each member must be an independent economic entity, rather than a sovereign state. As a result, APEC uses the term member economies rather than member countries to refer to its members. One result of this criterion is that membership of the forum includes Taiwan (officially the Republic of China, participating under the name "Chinese Taipei") alongside People's Republic of China (see Cross-Strait relations), as well as Hong Kong, which entered APEC as a British colony but it is now a Special Administrative Region of the People's Republic of China. APEC also includes three official observers: ASEAN, the Pacific Islands Forum and the Pacific Economic Cooperation Council. [2]
Member economy | Name as used in APEC | Date of accession | GDP (Nominal) in 2024 (Millions of US$) [27] |
---|---|---|---|
Australia | Australia | November 1989 | 1,802,006 |
Brunei | Brunei Darussalam | November 1989 | 15,510 |
Canada | Canada | November 1989 | 2,214,796 |
Chile | Chile | November 1994 | 328,720 |
China | People's Republic of China | November 1991 | 18,273,357 |
Hong Kong | Hong Kong, China [b] | November 1991 | 401,751 |
Indonesia | Indonesia | November 1989 | 1,402,590 |
Japan | Japan | November 1989 | 4,070,094 |
Malaysia | Malaysia | November 1989 | 439,748 |
Mexico | Mexico | November 1993 | 1,848,125 |
New Zealand | New Zealand | November 1989 | 252,236 |
Papua New Guinea | Papua New Guinea | November 1993 | 31,716 |
Peru | Peru | November 1998 | 283,309 |
Philippines | The Philippines | November 1989 | 470,062 |
Russia | Russia | November 1998 | 2,184,316 |
Singapore | Singapore | November 1989 | 530,708 |
South Korea | Republic of Korea | November 1989 | 1,869,916 |
Taiwan | Chinese Taipei [a] | November 1991 | 775,017 |
Thailand | Thailand | November 1989 | 528,919 |
United States | The United States | November 1989 | 29,167,779 |
Vietnam | Viet Nam | November 1998 | 468,485 |
India has requested membership in APEC, and received initial support from the United States, South Korea, Australia, [28] and Papua New Guinea. [29] Officials have decided not to allow India to join for various reasons, including the fact that India does not border the Pacific Ocean, which all current members do. [30] However, India was invited to be an observer for the first time in November 2011. [31]
Bangladesh, [32] Pakistan, [32] Sri Lanka, [32] Macau, [32] Mongolia, [32] Laos, [32] Cambodia, [33] Costa Rica, [34] Colombia, [34] [35] Panama, [34] and Ecuador, [36] are among a dozen other economies that have applied for membership in APEC. Colombia applied for APEC's membership as early as in 1995, but its bid was halted as the organisation stopped accepting new members from 1993 to 1996, [37] and the moratorium was further prolonged to 2007 due to the 1997 Asian financial crisis.
As a regional organization, APEC has always played a leading role in the area of reform initiatives in the area of business facilitation. The APEC Trade Facilitation Action Plan (TFAPI) has contributed to a reduction of 6% in the cost of business transactions across the region between 2002 and 2006. According to APEC's projections, the cost of conducting business transactions will be reduced by another 5% between 2007 and 2010. To this end, a new Trade Facilitation Action Plan has been endorsed. According to a 2008 research brief published by the World Bank as part of its Trade Costs and Facilitation Project, increasing transparency in the region's trading system is critical if APEC is to meet its Bogor Goal targets. [38] The APEC Business Travel Card, a travel document for visa-free business travel within the region is one of the concrete measures to facilitate business. In May 2010 Russia joined the scheme, thus completing the circle. [39]
APEC first formally started discussing the concept of a Free Trade Area of the Asia-Pacific (FTAAP) at its summit in 2006 in Hanoi. However, the proposal for such an area has been around since at least 1966 and Japanese economist Kiyoshi Kojima 's proposal for a Pacific Free Trade agreement proposal. While it gained little traction, the idea led to the formation of Pacific Trade and Development Conference and then the Pacific Economic Cooperation Council in 1980 and then APEC in 1989.
In the wake of the 2006 summit, economist C. Fred Bergsten advocated a Free Trade Agreement of Asia-Pacific, including the United States amongst the proposed parties to any agreement at that time. [40] His ideas convinced the APEC Business Advisory Council to support this concept. Relatedly, ASEAN and existing free trade agreement (FTA) partners negotiated the Regional Comprehensive Economic Partnership (RCEP), not officially including Russia. [41] The Trans-Pacific Partnership (TPP) without China or Russia involved became the US-promoted trade negotiation in the region. At the APEC summit in Beijing in 2014, the three plans were all in discussion. [42] President Obama hosted a TPP meeting at the US Embassy in Beijing in advance of the APEC gathering. [43]
The proposal for a FTAAP arose due to the lack of progress in the Doha round of World Trade Organization negotiations, and as a way to overcome the "noodle bowl" effect created by overlapping and conflicting elements of the copious free trade agreements – there were approximately 60 free trade agreements in 2007, with an additional 117 in the process of negotiation in Southeast Asia and the Asia-Pacific region. [44] In 2012, ASEAN+6 countries alone had 339 free trade agreements – many of which were bilateral. [e]
The FTAAP is more ambitious in scope than the Doha round, which limits itself to reducing trade restrictions. The FTAAP would create a free trade zone that would considerably expand commerce and economic growth in the region. [44] [46] The economic expansion and growth in trade could exceed the expectations of other regional free trade areas such as the ASEAN Plus Three (ASEAN + China, South Korea and Japan). [47] Some criticisms include that the diversion of trade within APEC members would create trade imbalances, market conflicts and complications with nations of other regions. [46] The development of the FTAAP is expected to take many years, involving essential studies, evaluations and negotiations between member economies. [44] It is also affected by the absence of political will and popular agitations and lobbying against free trade in domestic politics. [44] [48]
At the 2014 APEC summit in Beijing, APEC leaders agreed to launch "a collective strategic study" on the FTAAP and instruct officials to undertake the study, consult stakeholders and report the result by the end of 2016. [49] APEC Executive Director Alan Bollard revealed in the Elite Talk show that FTAAP will be APEC's big goal out into the future. [50]
The Trans-Pacific Partnership included 12 of the 21 APEC members and had provisions for the accession of other APEC members, five of which expressed interest in membership.
In 1993, APEC Leaders decided to establish a network of APEC Study Centres (APCs) among universities and research institutions in member economies. The purpose is to foster cooperation among tertiary and research institutes of member economies, thus having better academic collaboration on key regional economic challenges. To encourage independence from the APEC conference, the APCs are funded independently and choose their own research topics. [51]
As of December 2018, there are 70 APCs among the member economies. An annual conference is usually held in the host economy for that year. [51]
The APEC Business Advisory Council (ABAC) was created by the APEC Economic Leaders in November 1995 with the aim of providing advice to the APEC Economic Leaders on ways to achieve the Bogor Goals and other specific business sector priorities, and to provide the business perspective on specific areas of co-operation. [52] [53]
Each economy nominates up to three members from the private sector to ABAC. These business leaders represent a wide range of industry sectors. ABAC provides an annual report to APEC Economic Leaders containing recommendations to improve the business and investment environment in the Asia-Pacific region, and outlining business views about priority regional issues. ABAC is also the only non-governmental organisation that is on the official agenda of the APEC Economic Leader's Meeting. [54]
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Since its formation in 1989, APEC has held annual meetings with representatives from all member economies. The first four annual meetings were attended by ministerial-level officials. Beginning in 1993, the annual meetings are named APEC Economic Leaders' Meetings and are attended by the heads of government from all member economies except Taiwan, which is represented by a ministerial-level official. [21]
In 1997, the APEC meeting was held in Vancouver. Controversy arose after officers of the Royal Canadian Mounted Police used pepper spray against protesters. The protesters objected to the presence of autocratic leaders such as Indonesian president Suharto. [55] [56] [57] [58] [59] [60]
At the 2001 Leaders' Meeting in Shanghai, APEC leaders pushed for a new round of trade negotiations and support for a program of trade capacity-building assistance, leading to the launch of the Doha Development Agenda a few weeks later. The meeting also endorsed the Shanghai Accord proposed by the United States, emphasising the implementation of open markets, structural reform, and capacity building. As part of the accord, the meeting committed to develop and implement APEC transparency standards, reduce trade transaction costs in the Asia-Pacific region by five percent over five years, and pursue trade liberalisation policies relating to information technology goods and services.
In 2003, Jemaah Islamiah leader Riduan Isamuddin had planned to attack the APEC Leaders Meeting to be held in Bangkok in October. He was captured in the city of Ayutthaya, Thailand by Thai police on 11 August 2003, before he could finish planning the attack. [61]
Chile became the first South American nation to host the Leaders' Meeting in 2004. The agenda of that year was focused on terrorism and commerce, small and medium enterprise development, and contemplation of free agreements and regional trade agreements.
The 2005 Leaders' Meeting was held in Busan, South Korea. The meeting focused on the Doha round of World Trade Organization (WTO) negotiations, leading up to the WTO Ministerial Conference of 2005 held in Hong Kong in December. Weeks earlier, trade negotiations in Paris were held between several WTO members, including the United States and the European Union, centred on reducing agricultural trade barriers. APEC leaders at the summit urged the European Union to agree to reduce farm subsidies. In a continuation of the climate information sharing initiative established by the APEC Climate Network working group, it was decided by the leaders to install the APEC Climate Center in Busan. Peaceful protests against APEC were staged in Busan, but the meeting schedule was not affected.
At the Leaders' Meeting held on 19 November 2006 in Hanoi, APEC leaders called for a new start to global free-trade negotiations while condemning terrorism and other threats to security. APEC also criticised North Korea for conducting a nuclear test and a missile test launch that year, urging the country to take "concrete and effective" steps toward nuclear disarmament. Concerns about nuclear proliferation in the region was discussed in addition to economic topics. The United States and Russia signed an agreement as part of Russia's bid to join the World Trade Organization.
The APEC Australia 2007 Leaders' Meeting was held in Sydney from 2–9 September 2007. The political leaders agreed to an "aspirational goal" of a 25% reduction of energy intensity correlative with economic development. [62] Extreme security measures including airborne sharpshooters and extensive steel-and-concrete barricades were deployed against anticipated protesters and potential terrorists. However, protest activities were peaceful and the security envelope was penetrated with ease by a spoof diplomatic motorcade manned by members of the Australian television program The Chaser , one of whom was dressed to resemble the Al-Qaeda leader Osama bin Laden.
The APEC Chile 2019, originally to be held 16–17 November 2019 in Chile, was cancelled due to ongoing protests by sections of its population over inequality, the cost of living and police repression. [63]
The 2023 APEC meeting was notable for a lack of consensuses of group members on their stance over the Russia–Ukraine and Israel–Hamas conflicts as well as consensus for WTO reforms. The meeting between Biden and Xi was also seen as significant in terms of reducing tensions between the US and China. [64]
At the end of the APEC Economic Leaders' Meeting, the leaders gather for the official APEC Leaders' Family Photo. A tradition has the leaders dressing to reflect the culture of the host member. The tradition dates to the first such meeting in 1993 when then-U.S. President Bill Clinton insisted on informal attire and gave the leaders leather bomber jackets. At the 2010 meeting, Japan had the leaders dress in smart casual rather than the traditional kimono. [65] Similarly, when Honolulu was selected in 2009 as the site for the 2011 APEC meeting, U.S. President Barack Obama joked that he looked forward to seeing the leaders dressed in "flowered shirts and grass skirts". After viewing previous photos, and concerned that having the leaders dress in aloha shirts might give the wrong impression during a period of economic austerity, Obama instead decided it might be time to end the tradition. Leaders were given a specially designed aloha shirt as a gift but were not expected to wear it for the photo. [66] Leaders in Bali, Indonesia at the 2013 conference wore a batik outfit; in China 2014 Tang suit jackets; in the Philippines 2015 barong tagalogs; in Peru 2016 vicuña wool shawls; in 2017 Vietnamese silk shirts. [67]
APEC has been criticised for promoting free trade agreements that would impose restrictions on national and local laws, which regulate and ensure labour rights, environmental protection and safe and affordable access to medicine. [68] According to the organisation, it is "the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region" established to "further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community". [69] The effectiveness and fairness of its role has been questioned, especially from the viewpoints of European countries that cannot take part in APEC [70] and Pacific Island nations that cannot participate but stand to be affected by its decisions.
The Association of Southeast Asian Nations, commonly abbreviated as ASEAN, is a political and economic union of 10 states in Southeast Asia. Together, its member states represent a population of more than 600 million people and land area of over 4.5 million km2 (1.7 million sq mi). The bloc generated a purchasing power parity (PPP) gross domestic product (GDP) of around US$10.2 trillion in 2022, constituting approximately 6.5% of global GDP (PPP). ASEAN member states include some of the fastest growing economies in the world, and the institution plays an integral role in East Asian regionalism.
The ASEAN Summit is a biannual meeting held by the members of the Association of Southeast Asian Nations (ASEAN) in relation to economic, political, security, and socio-cultural development of Southeast Asian countries. In addition, it serves as a prominent regional (Asia) and international (worldwide) conference, with world leaders attending its related summits and meetings to discuss various problems and global issues, strengthening co-operation, and making decisions. The summit has been praised by world leaders for its success and ability to produce results on a global level.
The East Asia Summit (EAS) is a regional forum held annually by leaders of, initially, 16 countries in the East Asian, Southeast Asian, South Asian and Oceanian regions, based on the ASEAN Plus Six mechanism. Membership expanded to 18 countries including Russia and the United States at the Sixth EAS in 2011. Since its establishment, ASEAN has held the central role and leadership in the forum. EAS meetings are held after the annual ASEAN leaders' meetings, and plays an important role in the regional architecture of Asia-Pacific. The first summit was held in Kuala Lumpur, Malaysia on 14 December 2005.
The East Asia Economic Caucus (EAEC) or East Asia Economic Group (EAEG) was a regional free trade zone (FTA) proposed in 1997 by Malaysian Prime Minister Mahathir Mohamad and encompasses most nations of East and Southeast Asia (ESEA). However, Japan at the time refused participation due to the exclusion of the United States, which at the time had tariffs on each other, has an economy too deeply interlinked through trade, and was still reeling from the effects of the Japanese asset price bubble. They also added that they were already members of the Asia-Pacific Economic Cooperation (APEC) and many other notable regional organizations in ESEA. South Korea was also extremely dissatisfied with the idea of placing Japan at the center of the proposed organization due to historical connotations.
The East Asian Community (EAC) is a proposed trade bloc for the East and Southeast Asian (ESEA) countries that may arise out of either ASEAN Plus Three or the East Asia Summit (EAS).
APEC Peru 2008 was a series of political meetings held around Peru between the 21 member economies of the Asia-Pacific Economic Cooperation during 2008. Although business leaders of the region also met before the summit officially began. Leaders from all the member countries met during November 22–23, 2008, in the capital city of Lima.
The Second East Asia Summit was held in Mandaue, Metro Cebu, Philippines on January 15, 2007. The East Asia Summit (EAS) is a pan-Asia forum held annually by the leaders of 16 countries in the East Asian region. EAS meetings are held after annual ASEAN leaders' meetings.
The Economic Research Institute for ASEAN and East Asia or ERIA is an international organization established in Jakarta, Indonesia in 2008 by a formal agreement among Leaders of 16 countries in the East Asian region to conduct research activities and make policy recommendations for further economic integration in the East Asia. ERIA works very closely with both the ASEAN Secretariat and 16 Research Institutes to undertake and disseminate policy research under the three pillars, namely “Deepening Economic Integration”, ”Narrowing Development Gaps”, and “Sustainable Development” and provide analytical policy recommendations to Leaders and Ministers at their regional meetings. ERIA provides intellectual contributions to East Asian Community building and serves as a Sherpa international organization. ERIA Ranks 9th among the world's "Top International Economics Think Tanks" according to the 2020 Global Go To Think Tanks Index Report conducted by the University of Pennsylvania.
The Act East policy is an effort by the Government of India to cultivate extensive economic and strategic relations with the nations of Southeast Asia to bolster its standing as a regional power and a counterweight to the strategic influence of the People's Republic of China.
The ASEAN–European Union relations are the bilateral foreign relations between the two organisations; the European Union (EU), and the Association of Southeast Asian Nations (ASEAN). EU and ASEAN have been interacting with each other on the economic, trade, and political levels for more than four decades. The partnership between the EU and ASEAN dates back to 1972, when the EU established ties with ASEAN. The EU became an ASEAN Dialogue Partner in 1977.
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The Berkeley APEC Study Center (BASC) is a research center at the University of California, Berkeley. Created in 1996 in response to an initiative by U.S. President Bill Clinton, the center undertakes research, disseminates information and facilitates discussion on issue related to APEC involving political, economic and business trends in the Asia-Pacific region.
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APEC Philippines 2015 was the year-long hosting of the Asia-Pacific Economic Cooperation (APEC) meetings which concluded with the APEC Economic Leaders' Meeting held on 18–19 November 2015 in Pasay, Metro Manila. It was the second time the Philippines hosted the summit, the first being in 1996.
The negotiations for the Trans-Pacific Partnership Agreement were held between 12 countries between 2008 and 2015. The negotiations were aimed at obtaining an agreement between the Trans-Pacific Strategic Economic Partnership Agreement parties Brunei, Chile, Singapore and New Zealand, as well as the Australia and the United States.
APEC Philippines 1996 was a series of Asia-Pacific Economic Cooperation meetings focused on economic cooperation, held at the Subic Bay Freeport Zone in Subic, Zambales on 24–25 November 1996. It was the eighth APEC meeting in history and the first held in the Philippines.
APEC Thailand 2003 was a series of political meetings held around Thailand between the 21 member economies of the Asia-Pacific Economic Cooperation during 2003. Various meetings were held across Thailand to discuss present economic conditions and future global policies. Leaders from all the member countries met from 20-21 October 2003 in Bangkok. President George W. Bush will attend leaders' meetings and will visit Indonesia, Japan, the Philippines, Singapore and Australia. The presentation defines the major issues that may arise during the APEC meeting and President Bush's visit to East Asia.
APEC China 2001 was a series of economic and political meetings between the 21 member states of the Asia-Pacific Economic Cooperation forum held in the People's Republic of China during 2001. Various meetings were held across the country, with leaders from all the member countries meeting 20–21 October 2001 in Shanghai.
APEC Malaysia 2020 was the year-long hosting of Asia-Pacific Economic Cooperation (APEC) meetings in Malaysia from December 2019 until November 2020. Due to the COVID-19 pandemic, most of the meetings were held virtually, including the culminating Economic Leaders' Meeting.
ASEAN's series of post-ministerial consultations,launched in the mid-1980s, had demonstrated the feasibility and value of regular consultations among ministerial-level representatives of both developed and developing economies.
The idea of APEC was firstly publicly broached by former prime minister of Australia Bob Hawke during a speech in Seoul, Korea, on 31 January 1989. Ten months later, 12 Asia-Pacific economies met in Canberra to establish APEC.
The APEC Secretariat is based in Singapore. The Secretariat is staffed by 20 diplomats seconded from APEC member economies and by 20 local staff.
APEC (Asia-Pacific Economic Cooperation) is the oldest such forum and is generally recognized as the highest-level multilateral process in Asia-Pacific.
The Asia-Pacific Economic Cooperation (APEC) forum represents a potentially large-scale trade area that, when functioning in a concerted manner, could in the future work to shift the axis of global manufacturing and trade away from the North Atlantic–European region toward the Pacific. [...] But the future of the bloc, which represents more than 50% of the world's GDP, may be in suspense.
APEC represents the most dynamic economic region in the world, having generated nearly 70 per cent of global economic growth in its first 10 years [...].