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 on 1989. Its inception was initiated by former Australian Prime Minister Bob Hawke during his speech in South Korea on January 1989. Subsequently, 12 Asia Pacific economies gathered in a meeting in Canberra, Australia during the latter part of 1989 and founded APEC. 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 Taipei joined the organization followed by Mexico and Papua New Guinea in 1993, Chile in 1994 and in 1998 Peru, Russia and Vietnam also joined APEC.[2]
The meetings of APEC was conducted as an informal senior official and Ministerial level dialogue since 1989 until 1992.Former U.S, President Bill Clinton established the annual APEC Economic Leaders Meeting in 1993. Between 1989 and 1992, APEC met as an informal senior official and Ministerial level dialogue. In 1993, former United States President, Mr Bill Clinton, established the practice of an annual APEC Economic Leaders' Meeting. APEC implemented a moratorium on its membership until 2010.[3]