Asia-Pacific Economic Cooperation
Established in 1989, the Asia-Pacific Economic Cooperation, or APEC, is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.
APEC Member Economies
APEC is composed of 21 member economies - 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 Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; and Viet Nam.
Together, these 21 economies account for approximately 40.5% of the world’s population, approximately 54.2% of world GDP and about 43.7% of world trade. Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, creating efficient domestic economies and dramatically increasing exports.
Organization and Working Groups
APEC's working level activities and projects are guided by APEC Senior Officials from the 21 APEC Member Economies. These activities and projects are carried out by four high level committees:
- Committee on Trade and Investment
- Senior Officials' Meeting Committee on Economic and Technical Cooperation
- Economic Committee
- Budget and Management Committee
In addition, Sub-Committees, Experts' Groups, Working Groups and Task Forces all support the activities and projects led by these four high level committees.
The goal of human resources development in APEC is to promote the well-being of all people in the region through economic growth and development. The Human Resources Development Working Group (HRDWG) conducts work programs to develop human resources on issues ranging from education to labor to capacity building.