What is APEC?

The Asia-Pacific Economic Cooperation (APEC) was established in 1989 in response to the growing interdependence among Asia-Pacific economies. Begun as a Ministerial-level dialogue group on trade and economic issues, APEC has since become the primary regional vehicle for promoting open trade and practical economic cooperation. Its goal is to advance Asia-Pacific economic dynamism and sense of community. Currently, APEC's 21 member economies had a combined Gross Domestic Product of over US$18 trillion in 1999 and 43.85 percent of global trade.

The APEC Chair rotates annually among its members, and each chair is responsible for hosting the annual ministerial meeting of foreign and economic ministers. China holds APEC's 2001 chair and Mexico will be hosting it in 2002, Thailand in 2003, Chile in 2004 and South Korea in 2005.

APEC Objectives

The objectives of APEC as agreed at the Seoul Ministerial Meeting in 1991 are :

1. to sustain the growth and development of the region for the common good of its peoples and, in this way, to contribute to the growth and development of the world economy;
2. to enhance the positive gains, both for the region and the world economy, resulting from increasing economic interdependence, including by encouraging the flow of goods, services, capital and technology;
3. to develop and strengthen the open multilateral trading system in the interest of Asia-Pacific and all other economies;
4. to reduce barriers to trade in goods and services and investment among participants in a manner consistent with WTO principles, where applicable, and without detriment to other economies.