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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