Predecessors of APEC in the Asia-Pacific
PAFTA (Pacific Free Trade Area): proposed in 1964 by economist Kiyoshi Kojima as an Asia-Pacific counterpart to the EEC, but never realized.
PBEC (Pacific Basin Economic Council): founded in 1967, holding an annual meeting of business representatives from the region.
PECC (Pacific Economic Cooperation Council): founded in 1980 on the initiative of Japan and Australia, with a secretariat and working groups established in 1983.
The founding of APEC
The initiative came from Australian Prime Minister Bob Hawke. The goal was an informal ministerial-level meeting to promote economic cooperation in the region in response to growing interdependence. The first ministerial meeting was held in Canberra in November 1989.
APEC represents around 2.2 billion people, accounts for roughly 50% of world trade, and generates about half of global GDP, with members spanning very different cultures and levels of industrial development.
APEC currently has 21 members: Australia, Brunei, Indonesia, Japan, Canada, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the United States, Papua New Guinea, China, Hong Kong, Taiwan, Mexico, Chile, Russia, Vietnam, and Peru.
APEC's goals and principles
- Strengthening Asia-Pacific cooperation
- APEC as a forum rather than a formal organization, with annual informal meetings
- Openness and flexibility ("open regionalism")
- Decisions made by consensus
- A focus limited to economic issues
