Last page update: September 2021 Show
What is Asia-Pacific Economic Cooperation? The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration. APEC has 21 members. The word 'economies' is used to describe APEC members because the APEC cooperative process is predominantly concerned with trade and economic issues, with members engaging with one another as economic entities.
What Does APEC Do? APEC ensures that goods, services, investment and people move easily across borders. Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region. For example, APEC's initiatives to synchronize regulatory systems is a key step to integrating the Asia-Pacific economy. A product can be more easily exported with just one set of common standards across all economies.  Sustainable and Inclusive Asia-Pacific APEC works to help all residents of the Asia-Pacific participate in the growing economy. For example, APEC projects provide digital skills training for rural communities and help indigenous women export their products abroad. Recognizing the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources. The forum adapts to allow members to deal with important new challenges to the region's economic well-being. This includes ensuring disaster resilience, planning for pandemics, and addressing terrorism. APEC's 21 member economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam. APEC Process APEC: Cooperation and Consensus APEC operates as a cooperative, multilateral economic and trade forum. Member economies participate on the basis of open dialogue and respect for views of all participants. In APEC, all economies have an equal say and decision-making is reached by consensus. There are no binding commitments or treaty obligations. Commitments are undertaken on a voluntary basis and capacity building projects help members implement APEC initiatives. APEC's structure is based on both a "bottom-up" and "top-down" approach. Four core committees and their respective working groups provide strategic policy recommendations to APEC Leaders and Ministers who annually set the vision for overarching goals and initiatives. The working groups are then tasked with implementing these initiatives through a variety of APEC-funded projects. Members also take individual and collective actions to carry out APEC initiatives in their individual economies with the assistance of APEC capacity building projects. APEC Capacity Building Projects Capacity building projects play an important role in helping translate APEC's goals into reality. By enhancing members' capacity through skills training and technological know-how, APEC-funded projects strengthen members' readiness to adopt new initiatives from electronic customs processing to regulatory reform. APEC projects also target specific policy areas from enhancing small and medium enterprise competitiveness to facilitating the adoption of renewable energy technologies in the region. The APEC Project Management Unit oversees APEC-funded projects in collaboration with working groups. Funding for projects is made possible by contributions from APEC members. The APEC Policy Support Unit provides policy research, analysis and evaluation to assist in the implementation of APEC's agenda. The APEC process is supported by a permanent secretariat based in Singapore.
Asia-Pacific Economic Cooperation (APEC) is a forum of 21 Asia-Pacific economies. APEC's member economies are home to more than 2.9 billion people and make up over 60 per cent of global GDP. APEC partners make up more than 75 per cent of Australia's total trade in goods and services. Closer regional economic integration contributes to Australian economic growth and prosperity. About APECAustralia was a founding member of APEC in 1989. APEC was formed to encourage a growing and prosperous regional economy through:
APEC's work is guided by the APEC Putrajaya Vision 2040, which is for an open, dynamic, resilient and peaceful Asia-Pacific community by 2040. This will be achieved by pursuing three economic drivers:
APEC membersAPEC's 21 member economies are: APEC's role in tradeAPEC has been a success story on regional economic integration, acting as an incubator for new trade policy approaches. APEC works to combat protectionist pressures. These activities are increasingly important as we work towards economic recovery from COVID-19. We do so by:
Recent ActivitiesAustralia in APECAs a founding member, Australia is involved in more than 30 APEC sub-forums and most recently hosted APEC in 2007. Through APEC, Australia works to drive economic growth within the region by promoting the advancement of regional economic integration and making progress on achieving free and open trade and investment in the Asia-Pacific. Australia supports economic cooperation and spends $4.58 million annually in capacity-building activities to benefit APEC developing economies by:
Australia's 2022 APEC PrioritiesAustralia's 2022 APEC priorities include:
Handbook on Obligations in International Investment TreatiesThe Australian-funded APEC Handbook is designed to help non-specialist government officials understand investment treaty obligations and the way they are applied to the day-to-day business of government. It is the first international resource of its kind and provides a valuable tool to help APEC economies manage their international obligations and take steps to avoid investment treaty disputes. APEC Study Centre Consortium (ASCC)The APEC Study Centre Consortium (ASCC) is a group of more than 50 institutions undertaking research and academic discussions to support APEC goals for regional economic integration. Australia has two APEC Study Centres: Hosting APECEach year a different member economy hosts the major APEC meetings. This year's and future hosting economies are:
APEC and businessThe APEC Business Advisory Council (ABAC) was formed in 1995. Each of the 21 member economies has up to three business representatives appointed by APEC Leaders. The annual APEC CEO Summit and regular events give APEC Business Advisory Council (ABAC) members opportunities to provide recommendations to APEC Leaders on key regional issues. Further details on ABAC Australia and its business representatives can be found on the ABAC Australia website. ABAC 2021 reportsKey publicationsAPEC Business Travel Card (ABTC)The Asia Pacific Economic Cooperation (APEC) Business Travel Card (ABTC) facilitates short-term business travel within the APEC region by streamlining the entry process into APEC economies. Successful applicants from fully participating economies are issued with a virtual five-year card that serves as the entry authority to other fully participating economies that have granted pre-clearance for short-term business travel of up to 60 or 90 days. The card also enables holders to fast-track immigration processing at each economy’s major international airports. For more information about the eligibility criteria for Australian applicants, and to determine if you are eligible for an ABTC please refer to Business Travel Card for Australian citizens. The APEC Business Travel Card is managed by the Department of Home Affairs, for further inquiries please contact . Resources |
Which organization was developed to promote economic and cultural cooperation among asian countries?
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