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Friday, September 7, 2012

Asia-Pacific Economic Cooperation(APEC)


Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim(refers to places around the edge of the Pacific Ocean) countries (formally Member Economies) that seeks to promote free trade and economic cooperation throughout the Asia-Pacific Region.

APEC was established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs  in other parts of the world.

APEC Members account for approximately  -
40% of the world's population
54% of the world's GDP and
44% of World Trade.

APEC currently has 21 members -

1)Australia(1989)
2)Brunei(1989)
3)Canada(1989)
4)Chile(1994)
5)People's Republic of China(1991)
6)Hong Kong(1991)
7)Indonesia(1989)
8)Japan(1989)
9)South Korea(1989)
10)Mexico(1993)
11)Malaysia(1989)
12)New Zealand(1989)
13)Papua New Guinea(1993)
14)Peru(1998)
15)Philippines(1989)
16)Russia(1998)
17)Singapore(1989)
18)Chinese Taipei - Taiwan(1991)
19)Thailand(1989)
20)USA(1989) and
21)Vietnam(1998)


An annual APEC Economic Leaders' Meeting is attended by the Heads of Govt. of all APEC members and the location of the meeting rotates annually among the members.

The 1st APEC Economic Leaders' Meeting occurred in 1993 when US President Bill Clinton  after discussions with Australian Prime Minister Paul Keating, invited the  Heads of Govt from member economies to a summit on Blake Island(an island in Kitsap County in Washington State,USA)


During the meeting in 1994 in Bogor,Indonesia, APEC leaders adopted the Bogor Goals that aim for free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and by 2020 for developing economies.
To meet the Bogor Goals, APEC carries out work in 3 main areas -
1. Trade and Investment Liberalisation
2. Business Facilitation
3. Economic and Technical Cooperation

Annual Meetings of the Asia-Pacific Economic Cooperation(APEC)

S No
Host Country
Location
Date
1
Australia
Canberra
Nov 6–7, 1989
2
Singapore
Singapore
July 29–31, 1990
3
South Korea
Seoul
Nov12–14, 1991
4
Thailand
Bangkok
Sep 10–11, 1992
5
USA
Seattle
Nov 19–20, 1993
6
Indonesia
Bogor
Nov 15, 1994
7
Japan
Osaka
Nov 19, 1995
8
Philippines
Manila and Subic
Nov 25, 1996
9
Canada
Vancouver
Nov 24–25, 1997
10
Malaysia
Kuala Lumpur
Nov 17–18, 1998
11
New Zealand
Auckland
Sep 12–13, 1999
12
Brunei
Bandar Seri Begawan
Nov 15–16, 2000
13
People’s Republic of China
Shanghai
Oct 20–21, 2001
14
Mexico
Los Cabos
Oct 26–27, 2002
15
Thailand
Bangkok
Oct20–21, 2003
16
Chile
Santiago
Nov 20–21, 2004
17
South Korea
Busan
Nov 18–19, 2005
18
Vietnam
Hanoi
Nov 18–19, 2006
19
Australia
Sydney
Sep 8–9, 2007
20
Peru
Lima
Nov 22–23, 2008
21
Singapore
Singapore
Nov 14–15, 2009
22
Japan
Yokohama
Nov 13–14, 2010
23
USA
Honolulu
Nov 12–13, 2011
24
Russia
Vladivostok
Sep  2–9, 2012
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