Asia-Pacific Economic Cooperation (APEC) (2024)

FAQs

What is APEC and its purpose? ›

APEC was formed to encourage a growing and prosperous regional economy through: trade and investment liberalisation and facilitation – at the border, across the border and behind the border. reduced costs of cross-border trade to assist businesses. economic and technical cooperation.

APEC economies include the United States; Australia; Brunei; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapore; Chinese Taipei; Thailand; and Vietnam.

The Asia-Pacific Economic Cooperation, or APEC, is the leading forum in the Asia-Pacific to facilitate trade and investment, economic growth, and regional cooperation.

APEC's 21 member economies are 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 Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; ...

APEC has enjoyed high economic growth and improved social outcomes, as evidenced by declining poverty incidence, but APEC needs to put more work in tethering economic growth with environmental sustainability. However, the assessment also shows some unfinished businesses.

APEC walks a tightrope amid downside risks. While the region is expected to grow by 3.3 percent for the whole year of 2023, the pandemic legacy, stubborn inflation, higher debt levels, climate change, geopolitical tensions, trade protectionism and geoeconomic fragmentation are casting shadows over APEC's prospects.

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.

APEC began in 1989, when Australia hosted the first annual meeting of Foreign and Trade Ministers from 12 Asia-Pacific economies to discuss ways to increase cooperation in this fast-expanding region of the world.

APEC's 21 member economies are: 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 ...

APEC members work together to improve the business operating environment and reduce red tape between these economies. Some of the ways members achieve this include faster customs procedures at borders, more favorable business climates behind the border, and aligning regulations and standards across the region.

What are some fun facts about APEC? ›

The following are a few facts about APEC and Hanoi: MEMBERS AND MISSION -- APEC's 21 member economies account for more than a third of the world's population (2.6 billion people), about 60 percent of world GDP, and 47 percent of world trade volume. It also has accounted for 70 percent of global economic growth.

Mission and Main Goals

To achieve these goals, APEC member economies developed a framework in Osaka, Japan in 1995, which sets out trade and investment liberalization, business facilitation, and economic and technical cooperation as the three key areas of cooperation, or otherwise known as the “Three Pillars” of APEC.

Russia is one of the 21 APEC member economies, though its February 2022 invasion of Ukraine sparked opposition from the majority of members. Russian Deputy Prime Minster Andrei Belousov attended last year's APEC summit in Bangkok.

China insists that APEC is an economic forum and focusing on promoting regional economic cooperation. China adheres to the "APEC approach" as the mode and principle of cooperation.

What is the APAC region? APAC (standing for Asia-Pacific) encompasses East Asia, South Asia, Southeast Asia, and Oceania.

members of APEC? In 1989, the founding members of APEC outlined three objectives: • To develop and strengthen the multilateral trading system; • To increase the interdependence and prosperity of member economies; and • To promote sustainable economic growth.