Asia-Pacific Economic Cooperation (APEC) Description

APEC is the premier Asia-Pacific economic forum established with primary goal to support sustainable economic growth and prosperity in the Asia-Pacific region. APEC Summit is consist of 21 member economy that are united in their drive to build a dynamic and harmonious Asia-Pacific community by championing free and open trade and investment, promoting and accelerating regional economic integration, encouraging economic and technical cooperation, enhancing human security, and facilitating a favorable and sustainable business environment. Their initiatives turn policy goals into concrete results and agreements into tangible benefits.

APEC was established by 12 Asia-Pacific economies in 1989. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States. China, Hong Kong, China and Chinese Taipei joined in 1991. Mexico and Papua New Guinea followed in 1993. Chile acceded in 1994. And in 1998, Peru, Russia and Viet Nam joined, taking the full membership to 21.

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.

A moratorium on new membership stands until the end of 2010, at which point APEC member economies will consider whether or not to lift the moratorium. APEC’s 21 member economies today account for 55% of global GDP and comprise a market of 2.7 billion consumers.