Asia Pacific Economic Cooperation
 | |
| Type: | Economic Forum |
| Founded: | 1989 |
| Headquarters: | Singapore |
| Country: | Singapore |
| Website: | www.apec.org |
| Key People | |
| Ambassador Muhamad Noor Yacob, Executive Director | |
APEC (Asia Pacific Economic Forum) is a forum which supports economic growth and prosperity in the Asia Pacific Region by promoting free trade and economic cooperation among its 12 member economies. Ambassador Muhamad Noor Yacob is the current Executive Director of APEC and its Secretariat is located in Singapore.[1]
History
APEC was established in 1989 by 12 Asia Pacific economies during a meeting in Canberra, Australia. The 12 founding members of APEC include: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States. In 1991, China, Hongkong and Chinese Taipei joined the organization followed by Mexico and Papua New Guinea in 1993, Chile in 1994 while Peru, Russia and Vietnam finally joined APEC in 1998. APEC meetings started as informal senior official and Ministerial level dialogue. Former U.S. President Bill Clinton established the annual APEC Economic Leaders Meeting in 1993. In 1997, a ten years moratorium was implemented on APEC membership. In 2007, the moratorium was extended until 2010.[2]
Main Goal
The primary objective of APEC was identified during the Bogor Meeting in Indonesia in 1994 known as the Bogor Goals which include: free and open trade investment in the Asia Pacific Region by 2010 for industrialized countries while the developing countries target year will be on 2020. [3]
Scope of Work
The APEC member economies are focused on achieving their declared goals by working on its three pillars or the key areas of their cooperation which include:[4]
- Trade and Investment Liberalisation
- Business Facilitation
- Economic and Technical Cooperation