What is Asia-Pacific Economic Cooperation (APEC)?

Asia-Pacific Economic Cooperation (APEC) is an inter-governmental forum comprising 21 member economies located in the Pacific Rim. Its primary objective is to promote free trade throughout the Asia-Pacific region. APEC serves as a significant multilateral bloc and an influential forum in the region.

When was APEC established and what was the motivation behind its creation?

APEC was established in 1989. The motivation stemmed from the growing interdependence of Asia-Pacific economies and the emergence of regional trade blocs elsewhere in the world. It aimed to create new markets for agricultural products and raw materials beyond Europe, building on the success of ASEAN's post-ministerial conferences.

Where is APEC headquartered?

APEC is headquartered in Singapore. The Secretariat, based there, is responsible for coordinating the organization's activities.

What is the significance of APEC's membership criterion?

APEC's criterion for membership is that each member must be an independent economic entity, rather than a sovereign state. This unique criterion allows for the inclusion of economies like Taiwan (participating as Chinese Taipei) and Hong Kong alongside People's Republic of China, reflecting economic rather than solely political status.

Who attends the annual APEC Economic Leaders' Meeting?

The heads of government from all APEC member economies attend the annual APEC Economic Leaders' Meeting. The exception is Taiwan, which is represented by a ministerial-level official designated as its economic leader.

What is a notable tradition at the APEC Economic Leaders' Meeting?

A well-known tradition at the APEC Economic Leaders' Meeting is that the attending leaders often dress in a national costume of the host country for a group photograph. This practice, however, is not followed at every summit.

Who are the official observers of APEC?

APEC has three official observers: the Association of Southeast Asian Nations (ASEAN) Secretariat, the Pacific Economic Cooperation Council (PECC), and the Pacific Islands Forum Secretariat.

What was the inspiration for the formation of APEC?

The inspiration for APEC came from the success of the Association of Southeast Asian Nations (ASEAN)'s post-ministerial conferences, which demonstrated the value of regular meetings among developed and developing economies. This led Australian Prime Minister Bob Hawke to advocate for region-wide economic cooperation.

Who chaired the first APEC meeting, and where was it held?

The first APEC meeting was held in Canberra, Australia, in November 1989. It was chaired by Australian Foreign Affairs Minister Gareth Evans.

What were the Bogor Goals adopted by APEC leaders?

The Bogor Goals, adopted in 1994 in Bogor, Indonesia, aimed to achieve free and open trade and investment in the Asia-Pacific region. The target dates were by 2010 for industrialized economies and by 2020 for developing economies.

When was the APEC Business Advisory Council (ABAC) established, and what is its purpose?

The APEC Business Advisory Council (ABAC) was agreed to be established in 1996, following a decision at the November 1995 Ministerial Meeting in Osaka, Japan. Its purpose is to provide advice to APEC Economic Leaders on achieving the Bogor Goals and other business sector priorities, offering the business perspective on cooperation areas.

What was the Joint Organizations Data Initiative (JODI)?

The Joint Organizations Data Initiative (JODI) was launched in April 2001 as a collaboration between APEC and five other international organizations, including Eurostat, the International Energy Agency, OLADE, OPEC, and the UN Statistics Division. It evolved from the Joint Oil Data Exercise and focuses on data sharing.

How is the location of the annual APEC Economic Leaders' Meeting determined?

The location of the annual APEC Economic Leaders' Meeting rotates annually among the member economies.

Which country hosted the first APEC Economic Leaders' Meeting, and who was the host leader?

The United States hosted the first APEC Economic Leaders' Meeting in 1993 on Blake Island. The host leader was President Bill Clinton.

What was the significance of the 2014 APEC Summit in Beijing regarding FTAAP?

At the 2014 APEC summit in Beijing, leaders agreed to launch a collective strategic study on the Free Trade Area of the Asia-Pacific (FTAAP) and instructed officials to conduct this study, consult stakeholders, and report the results by the end of 2016.

What is the APEC Business Travel Card?

The APEC Business Travel Card is a travel document that facilitates visa-free business travel within the APEC region. It is one of the concrete measures implemented by APEC to facilitate business activities among its member economies.

What was the controversy at the 1997 APEC meeting in Vancouver?

The 1997 APEC meeting in Vancouver was marked by controversy when Royal Canadian Mounted Police officers used pepper spray against protesters. These protesters were demonstrating against the presence of autocratic leaders, such as Indonesian President Suharto.

What were the key outcomes of the 2001 APEC Leaders' Meeting in Shanghai?

The 2001 APEC Leaders' Meeting in Shanghai saw leaders push for a new round of trade negotiations and support for trade capacity-building assistance, contributing to the launch of the Doha Development Agenda. The meeting also endorsed the Shanghai Accord, emphasizing open markets, structural reform, and capacity building, including commitments to reduce trade transaction costs by five percent over five years.

What was the focus of the 2005 APEC Leaders' Meeting in Busan, South Korea?

The 2005 APEC Leaders' Meeting in Busan focused on the Doha round of World Trade Organization negotiations, urging the European Union to reduce agricultural subsidies. It also led to the decision to establish the APEC Climate Center in Busan.

What global issues were discussed at the 2006 APEC meeting in Hanoi, Vietnam?

At the 2006 Hanoi meeting, APEC leaders called for a new start to global free-trade negotiations while condemning terrorism. They also criticized North Korea's nuclear and missile tests and discussed nuclear proliferation concerns in the region.

What was the 'aspirational goal' agreed upon at the APEC Australia 2007 meeting?

At the APEC Australia 2007 meeting in Sydney, leaders agreed to an 'aspirational goal' of a 25% reduction in energy intensity in correlation with economic development, addressing climate change and energy efficiency.

Why was the 2019 APEC meeting in Chile cancelled?

The 2019 APEC meeting, scheduled to be held in Chile, was cancelled due to ongoing widespread protests by the population concerning inequality, the cost of living, and police actions.

What was notable about the 2023 APEC meeting in San Francisco regarding geopolitical conflicts?

The 2023 APEC meeting in San Francisco was notable for a lack of consensus among member economies on their stances regarding the Russia-Ukraine and Gaza conflicts, as well as on WTO reforms. However, the meeting between Presidents Biden and Xi was seen as significant for potentially reducing tensions between the two superpowers.

How has the tradition of leaders' attire for the APEC group photo evolved?

The tradition of leaders dressing in national costumes for the APEC group photo began in 1993 with informal attire and leather bomber jackets. In 2010, Japan opted for smart casual wear instead of kimonos, and in 2011, leaders received Aloha shirts as gifts but did not wear them for the photo due to economic austerity concerns. Subsequent meetings have seen leaders wear various traditional outfits like batik, Tang suits, and barong tagalogs.

Which country has expressed interest in joining APEC and received initial support from several members?

India has expressed interest in joining APEC and has received initial support from the United States, South Korea, Australia, and Papua New Guinea. However, APEC officials have decided against India's membership for reasons including its lack of a Pacific Ocean border.

What is the purpose of the APEC Study Centre Consortium?

The APEC Study Centre Consortium was established in 1993 to foster cooperation among universities and research institutions in member economies. Its goal is to enhance academic collaboration on key regional economic challenges, with the centres operating independently and choosing their own research topics.

What is the 'noodle bowl' effect that the proposed FTAAP aims to address?

The 'noodle bowl' effect describes the situation created by numerous overlapping and often conflicting free trade agreements (FTAs) between countries in a region, leading to complexity and inefficiency.

What are the stated goals of APEC according to the organization itself?

According to APEC, it is the 'premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region.' Its stated establishment purpose is to 'further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.'

What criticism has been directed at APEC regarding its free trade agreements?

APEC has faced criticism for promoting free trade agreements that could potentially restrict national and local laws related to labor rights, environmental protection, and access to affordable medicine.

Which countries are listed as current members of APEC?

The current member economies of APEC are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States, and Vietnam.

What is the APEC name used for Taiwan's participation?

Due to political sensitivities related to cross-Strait relations, Taiwan participates in APEC under the name 'Chinese Taipei'.

When did China and Russia join APEC?

China joined APEC in November 1991, while Russia joined in November 1998.

Which member economy has the highest nominal GDP in 2024 according to the provided data?

According to the provided data, the United States has the highest nominal GDP in 2024, estimated at $29,167,779 million USD.

Which member economy has the lowest nominal GDP in 2024 according to the provided data?

According to the provided data, Papua New Guinea has the lowest nominal GDP in 2024, estimated at $31,716 million USD.

Who is the current Prime Minister of Australia and the Treasurer?

The current Prime Minister of Australia is Anthony Albanese, and the Treasurer is Jim Chalmers.

Who is the current President of Indonesia and the Minister of Finance?

The current President of Indonesia is Prabowo Subianto, and the Minister of Finance is Purbaya Yudhi Sadewa.

Who is the current Prime Minister of Japan and the Minister of Finance?

The current Prime Minister of Japan is Shigeru Ishiba, and the Minister of Finance is Katsunobu Katō.

Who is the current President of the United States and the Secretary of the Treasury?

The current President of the United States is Donald Trump, and the Secretary of the Treasury is Scott Bessent.

Who is the current President of Vietnam and the Minister of Finance?

The current President of Vietnam is Lương Cường, and the Minister of Finance is Hồ Đức Phước.

What was the purpose of the APEC Study Centres established in 1993?

The APEC Study Centres were established to foster cooperation among universities and research institutions in member economies. Its goal is to enhance academic collaboration on key regional economic challenges, with the centres operating independently and choosing their own research topics.

What is the 'noodle bowl' effect in the context of trade agreements?

The 'noodle bowl' effect describes the situation created by numerous overlapping and often conflicting free trade agreements (FTAs) between countries in a region, leading to complexity and inefficiency.

What is the significance of the APEC Leaders' Family Photo tradition?

The APEC Leaders' Family Photo tradition involves leaders dressing in attire reflecting the host country's culture, symbolizing unity and regional identity. This practice, which started informally in 1993, has seen variations over the years, with leaders sometimes opting for less formal or specially designed clothing.

What was the outcome of the 2007 APEC meeting in Sydney regarding climate targets?

At the APEC Australia 2007 meeting in Sydney, leaders agreed to an 'aspirational goal' of a 25% reduction in energy intensity in correlation with economic development, addressing climate change and energy efficiency.

What specific economic integration initiatives are associated with APEC?

APEC is associated with initiatives like the Bogor Goals for free trade and investment, the APEC Business Travel Card for easier business travel, and the proposed Free Trade Area of the Asia-Pacific (FTAAP) to create a unified free trade zone.

What is the role of the APEC Secretariat?

The APEC Secretariat, based in Singapore, is responsible for coordinating the activities of the organization and supporting its various working groups and committees.

What is the primary function of the APEC Business Advisory Council (ABAC)?

ABAC's primary function is to provide recommendations to APEC Economic Leaders from the business sector's perspective, focusing on improving the business and investment environment and addressing priority regional issues.

What was the impact of the APEC Trade Facilitation Action Plan (TFAPI)?

The APEC Trade Facilitation Action Plan (TFAPI) contributed to a reduction in the cost of business transactions across the region by 6% between 2002 and 2006, with further reductions projected.

What is the significance of APEC's influence on global trade?

APEC represents a significant portion of the world's GDP and trade, and its policies and agreements can influence the global economic landscape, promoting regional economic integration and cooperation.

Which countries are part of the 'ASEAN+6' group mentioned in relation to trade agreements?

The 'ASEAN+6' group typically refers to the ten ASEAN member states plus China, Japan, South Korea, Australia, New Zealand, and India. This grouping is relevant in discussions about regional trade agreements like RCEP.

What was the outcome of the 2023 APEC summit regarding the US-China relationship?

The meeting between US President Biden and Chinese President Xi at the 2023 APEC summit in San Francisco was seen as significant for potentially reducing tensions between the two superpowers.

Asia-pacific Economic Cooperation Wiki: APEC: Bridging Continents, Fostering Prosperity

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APEC Overview

Economic Forum

The Asia-Pacific Economic Cooperation (APEC) is a vital inter-governmental forum comprising 21 member economies situated around the Pacific Rim. Its primary objective is to foster and promote free trade and economic cooperation across the Asia-Pacific region.^[2] Established in 1989, APEC emerged in response to the increasing economic interdependence within the region and the rise of regional trade blocs globally, aiming to open new markets beyond Europe.^[4]

Global Influence

Headquartered in Singapore,^[6] APEC is recognized as one of the most significant multilateral organizations and one of the oldest forums facilitating dialogue and cooperation in the Asia-Pacific and Americas region.^[7] Its decisions and initiatives carry substantial global influence, shaping regional economic policy and integration.^[8]

Collaborative Structure

APEC operates on the principle of consensus and voluntary commitments, encouraging member economies to align their policies with APEC goals. The forum facilitates dialogue among leaders, ministers, and officials, fostering a collaborative environment for addressing shared economic challenges and opportunities.^[9]

Historical Context

Genesis and Foundation

APEC's origins trace back to the mid-1980s, inspired by the success of ASEAN's post-ministerial conferences. In January 1989, Australian Prime Minister Bob Hawke proposed enhanced region-wide economic cooperation, leading to the inaugural APEC meeting in Canberra in November 1989, attended by ministers from twelve economies.^[4] The APEC Secretariat was subsequently established in Singapore to coordinate the organization's activities.^[5]

The Bogor Goals

A significant milestone was the adoption of the Bogor Goals during the 1994 Bogor, Indonesia summit. These ambitious goals aimed to achieve free and open trade and investment in the Asia-Pacific region by 2010 for industrialized economies and by 2020 for developing economies.^[16]

Evolving Initiatives

APEC has continuously adapted its agenda to address emerging economic challenges. Key initiatives include the establishment of the APEC Business Advisory Council (ABAC) in 1996 to provide business sector input,^[17] and the launch of the Joint Oil Data Exercise in 2001, which evolved into the Joint Organisations Data Initiative (JODI).^[42]

Member Economies

Diverse Representation

APEC comprises 21 member economies, selected based on their significant economic presence and contribution to the region. The term "member economies" is used to acknowledge that membership includes entities like Hong Kong and Chinese Taipei (Taiwan), which operate as distinct economic units.^[2]

Economic Profile

APEC members represent approximately 60% of the world's GDP and 70% of its workforce, underscoring the forum's economic significance. The table below provides a snapshot of member economies' nominal GDP for 2024.

APEC Member Economies by GDP (Nominal, 2024 Estimates)
Member Economy	Name Used in APEC	Date of Accession	GDP (Millions of US$)
Australia	Australia	November 1989	1,802,006
Brunei	Brunei Darussalam	November 1989	15,510
Canada	Canada	November 1989	2,214,796
Chile	Chile	November 1994	328,720
China	People's Republic of China	November 1991	18,273,357
Hong Kong	Hong Kong, China^[d]	November 1991	401,751
Indonesia	Indonesia	November 1989	1,402,590
Japan	Japan	November 1989	4,070,094
Malaysia	Malaysia	November 1989	439,748
Mexico	Mexico	November 1993	1,848,125
New Zealand	New Zealand	November 1989	252,236
Papua New Guinea	Papua New Guinea	November 1993	31,716
Peru	Peru	November 1998	283,309
Philippines	The Philippines	November 1989	470,062
Russia	Russia	November 1998	2,184,316
Singapore	Singapore	November 1989	530,708
South Korea	Republic of Korea	November 1989	1,869,916
Taiwan	Chinese Taipei^[a]	November 1991	775,017
Thailand	Thailand	November 1989	528,919
United States	The United States	November 1989	29,167,779
Vietnam	Viet Nam	November 1998	468,485

Leadership

Key Figures

APEC Economic Leaders' Meetings bring together the heads of government from member economies. The location of these annual summits rotates, with leaders often participating in traditional photo opportunities reflecting the host nation's culture.

Current APEC Leaders (Executive Branch)
Member	Leader Position	Leader Name	Finance Portfolio Minister
Australia	Prime Minister	Anthony Albanese	Jim Chalmers
Brunei	Sultan / Prime Minister	Hassanal Bolkiah	Amin Liew Abdullah
Canada	Prime Minister	Mark Carney	Fran\u00e7ois-Philippe Champagne
Chile	President	Gabriel Boric	Mario Marcel
China	CCP General Secretary / President^[b]	Xi Jinping	Lan Fo'an
Hong Kong	Chief Executive	John Lee	Paul Chan
Indonesia	President	Prabowo Subianto	Purbaya Yudhi Sadewa
Japan	Prime Minister	Shigeru Ishiba	Katsunobu Kat\u014d
Malaysia	Prime Minister	Anwar Ibrahim	Anwar Ibrahim
Mexico	President	Claudia Sheinbaum	Edgar Amador Zamora
New Zealand	Prime Minister	Christopher Luxon	Nicola Willis
Papua New Guinea	Prime Minister	James Marape	Yangakun Miki Kaeok
Peru	President	Dina Boluarte	Ra\u00fal P\u00e9rez-Reyes
Philippines	President	Bongbong Marcos	Ralph Recto
Russia	President	Vladimir Putin	Anton Siluanov
Singapore	Prime Minister	Lawrence Wong	Lawrence Wong
Taiwan	President / Leader Envoy^[a]	Lai Ching-te (represented by Lin Hsin-i)	Chuang Tsui-yun
Thailand	Prime Minister^[30]^[31]	Anutin Charnvirakul	Pichai Chunhavajira (Caretaker)
United States	President	Donald Trump	Scott Bessent
Vietnam	President^[c]	L\u01b0\u01a1ng C\u01b0\u1eddng	H\u1ed3 \u0110\u1ee9c Ph\u1edbc

Leaders' Portraits

The annual APEC Economic Leaders' Meeting typically concludes with a group photograph, often featuring leaders in attire reflecting the host country's culture, a tradition that adds a unique visual element to the summit.

Australia
Anthony Albanese,
Prime Minister

Brunei
Hassanal Bolkiah,
Sultan

Canada
Mark Carney,
Prime Minister

Chile
Gabriel Boric,
President

China
Xi Jinping,
President

Hong Kong
John Lee,
Chief Executive

Indonesia
Prabowo Subianto,
President

Japan
Shigeru Ishiba,
Prime Minister

Malaysia
Anwar Ibrahim,
Prime Minister

Mexico
Claudia Sheinbaum,
President

New Zealand
Christopher Luxon,
Prime Minister

Papua New Guinea
James Marape,
Prime Minister

Peru
Dina Boluarte,
President

Philippines
Bongbong Marcos,
President

Russia
Vladimir Putin,
President

Singapore
Lawrence Wong,
Prime Minister

Taiwan
Lai Ching-te, President
(represented by Lin Hsin-i)^[a]

Thailand
Anutin Charnvirakul^[30]^[31],
Prime Minister

United States
Donald Trump,
President

$Vietnam L\u01b0\u01a1ng C\u01b0\u1eddng, President$

Vietnam
L\u01b0\u01a1ng C\u01b0\u1eddng,
President

Facilitating Commerce

Trade Facilitation

APEC actively promotes business facilitation through initiatives like the Trade Facilitation Action Plan (TFAPI), which aims to reduce transaction costs across the region. These efforts are crucial for achieving APEC's broader trade liberalization goals.^[42]

Business Travel Card

The APEC Business Travel Card (ABTC) is a tangible benefit, offering visa-free travel for business purposes within participating economies. This streamlines cross-border movement for business professionals, enhancing regional connectivity.^[43]

ABAC's Role

The APEC Business Advisory Council (ABAC) provides crucial recommendations to APEC leaders, representing the private sector's perspective on improving the business environment and addressing key regional economic priorities.^[56]

Future Directions

FTAAP Vision

The concept of a Free Trade Area of the Asia-Pacific (FTAAP) remains a long-term aspiration, aiming to create a comprehensive free trade zone encompassing all APEC members. This initiative seeks to overcome the complexities of overlapping regional trade agreements and stimulate significant economic growth.^[48]

Membership Expansion

Several economies, including India, Bangladesh, Pakistan, and Colombia, have expressed interest in joining APEC. While membership expansion criteria are carefully considered, the forum continues to engage with potential new members through observer status and dialogue.^[32]

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References

Chia Siow Yue. "The Emerging Regional Economic Integration Architecture in East Asia". Asian Economic Papers (MIT Press). Vol. 12, No. 1 (2013): p. 1â37

A full list of references for this article are available at the Asia-Pacific Economic Cooperation Wikipedia page

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This content has been generated by an AI model based on information sourced from Wikipedia. While efforts have been made to ensure accuracy and relevance, it is intended for informational and educational purposes only. The information presented may not be exhaustive or entirely up-to-date.

This is not official APEC material, nor does it constitute professional economic or political advice. Users should consult official APEC resources and qualified experts for definitive information and guidance. The creators of this page are not liable for any inaccuracies, omissions, or actions taken based on the information provided.

APEC Nexus

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Facilitating Commerce 💼

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APEC Overview

Economic Forum

Global Influence

Collaborative Structure

Historical Context

Genesis and Foundation

The Bogor Goals

Evolving Initiatives

Member Economies

Diverse Representation

Economic Profile

Leadership

Key Figures

Leaders' Portraits

Facilitating Commerce

Trade Facilitation

Business Travel Card

ABAC's Role

Future Directions

FTAAP Vision

Membership Expansion

Prepare for Assessment

Flashcards

Test Your Knowledge

Interactive Quiz

Teacher's Corner

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Test Your Knowledge!

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