Asia-Pacific Economic Cooperation (APEC)
What is APEC?
March 31, 2021
What is APEC?
- A framework for economic cooperation among 21 economies in Asia Pacific region.
(Ministerial Meeting started in 1989, Leaders Meeting started in 1993. APEC Secretariat in Singapore)
- For sustainable growth and prosperity of Asia Pacific region, APEC deals with deepening regional economic integration (REI) through liberalization and facilitation of trade and investment as well as economic and technical cooperation.
- APEC operates on the basis of voluntary, non-binding and consensus-based cooperation.
- APEC has a strong linkage with the business sector. The APEC Business Advisory Council (ABAC) presents APEC Leaders with advices and recommendations on business sector priorities.
Japan’ s Role in APEC
- Asia Pacific region is an integral part of a free and open Indo-Pacific and the world’s growth center. APEC members account for about 40% of the world’s population, about 50% of the world’s trade and about 60% of the world’s total GDP.
- The APEC's most important issue of the year 2021 is to formulate the implementation plan for APEC Putrajaya Vision 2040 (note1), which was endorsed at the APEC Leaders’ Meeting in 2020 and indicated the direction of APEC after the Bogor Goals (1994-2020) (note2).
- As an economy which has developed with the benefit of free trade, Japan plays an leading role in APEC in promotion of free and open trade and investment, improvement of WTO’s function and deepening REI through possible pathways of FTAAP including TPP11 and RCEP, as well as discussion of implementation plan for APEC Putrajaya Vision 2040. Besides, Japan prioritizes quality infrastructure in accordance with international standards, digital economy, and women’s economic empowerment.
- note1: Putrajaya Vision 2040: APEC’s new vision that aims to achieve “an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations”, by pursuing the three economic drivers: (1) trade and investment, (2) innovation and digitalization, and (3) strong, balanced, secure, sustainable and inclusive growth. In addition, it is confirmed that APEC economies will embrace continuous improvement of APEC as an institution through good governance.
- note2: Bogor Goals: The goal decided at the APEC Leaders’ Meeting in 1994, that declared that the industrialized economies would achieve the goal of free and open trade and investment no later than the year 2010 and developing economies no later than the year 2020.
- (21 member economies)
- Japan; Australia; Brunei; Canada; Chile; China; Hong Kong, China; Indonesia; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Russia; Philippines; Singapore; Chinese Taipei; Thailand; United States; Viet Nam