The Final Review of APEC’s Progress towards the Bogor Goals | APEC (2024)

FAQs

What are the Bogor goals of APEC? ›

Key to achieving APEC's vision are what are referred to as the “Bogor Goals,” APEC's foundational goals of free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies, and by 2020 for developing economies. These goals were adopted by Leaders at their 1994 meeting in Bogor, Indonesia.

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; and aligning regulations and standards across the region.

The Asia-Pacific Economic Cooperation (APEC) forum, established in 1989, has become the pre-eminent economic forum in the Asia-Pacific region. Its primary purpose is to promote sustainable economic growth and prosperity in the Asia-Pacific region.

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.

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.

APEC's problems stem from three principal weaknesses: a lack of consensus among members over its objectives and how these might best be realized; the absence of a body that has the capacity to be a dynamo for the grouping; and a failure to engage with civil society.

The role of APEC in advancing gender equity is more crucial than ever. As the economies of the Asia-Pacific continue to evolve, the integration of gender equality measures into all aspects of economic policy and decision-making will be key to achieving sustainable and inclusive growth.

Despite the impact of the Asian financial crisis, APEC economies have grown rapidly, generated millions of new jobs, achieved significant reductions in extreme poverty, improved basic indicators of health, expanded investment in human capital and improved access to information technology.

APEC's success lies not just in lofty goals but in tangible achievements. In the past years, it has facilitated the reduction of tariffs, harmonization of regulations, and promotion of structural reforms, fostering an environment conducive to economic cooperation.

What are the criticisms of APEC? ›

In addition to the US problem, there is concern that APEC is no longer the Cooperation it was when it was first formed. It lacks the cohesion and formal structure that is required of such a diverse group which in turn hampers its ability to continue to fulfill its original mandates of fostering trade and investment.

The APEC Strategy for Strengthening Quality Growth builds on the 2010 APEC Growth Strategy by strengthening and sustaining quality growth as expressed by the Key Accountability Areas (KAAs) of institution building, social cohesion, and environmental impact.

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.

Our vision is an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.

U.S. APEC Engagement

Through APEC, the United States seeks to advance a free, fair, and open economic policy agenda that benefits U.S. workers, businesses, and families.

APEC energy goals

EWG has set two collective goals: to improve energy intensity by at least 45 percent by 2035 compared to 2005 levels; to double the share of modern renewables in the energy mix by 2030, relative to the numbers from 2010.

APEC is driven under the core value of consensus, equality and mutual interest of all members.

The resulting organization, APEC, brought together developed and developing economies and promoted the idea of a regional Pacific Rim identity in an effort to increase Pacific-wide cooperation. Since 1989, APEC has expanded from its original 12 members to include 21 member economies.