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History
The idea of APEC was firstly publicly broached by former Prime Minister of Australia, Mr Bob Hawke, during a speech in Seoul, Korea in January 1989. Later that year, 12 Asia-Pacific economies met in Canberra, Australia to establish APEC. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States.
China, Hong Kong, China and Chinese Taipei joined in 1991. Mexico and Papua New Guinea followed in 1993. Chile acceded in 1994. And in 1998, Peru, Russia and Viet Nam joined, taking the full membership to 21.
Between 1989 and 1992, APEC met as an informal senior official and Ministerial level dialogue. In 1993, former United States President, Mr Bill Clinton, established the practice of an annual APEC Economic Leaders' Meeting.
A moratorium on new membership stands until the end of 2010, at which point APEC member economies will consider whether or not to lift the moratorium.
Key APEC Milestones
2010 - Yokohama, Japan
APEC Leaders issued the Yokohama Vision to provide a roadmap for members to realize an economically-integrated, robust and secure APEC community. This includes the formulation of a comprehensive, long-term growth strategy . APEC completes an assessment of the progress towards the Bogor Goals and finds significant gains in the areas of liberalizing trade in goods, services and investment, as well as trade facilitation. APEC formulates the APEC Strategy for Investment and endorses the APEC New Strategy for Structural Reform. APEC holds its first-ever APEC Ministerial Meeting on Food Security.
2009 - Singapore
APEC resolves to pursue balanced, inclusive and sustainable growth, while Leaders agree to extend their standstill commitment on protectionism until 2010. The first-ever joint meetings of APEC senior trade and finance officials are held to address the economic crisis. APEC launches the Supply-Chain Connectivity Framework and the Ease of Doing Business Action Plan to make doing business in the region 25 percent cheaper, faster and easier by 2015. Member economies also commence work on an APEC Services Action Plan and an Environmental Goods and Services Work Program.
2008 - Lima, Peru
APEC focused on the social dimensions of trade and on reducing the gap between developing and developed members, in accordance with the 2008 theme, "A New Commitment to Asia-Pacific Development". Leaders also addressed the global financial crisis in the Lima APEC Leaders' Statement on the Global Economy. They committed to take all necessary economic and financial measures to restore stability and growth, to reject protectionism and to intensify efforts to advance WTO Doha Development Agenda negotiations.
2007 - Sydney, Australia
For the first time, APEC Member Economies issue a Declaration on Climate Change, Energy Security and Clean Development outlining future action in support of a new international climate change arrangement and announcing a forward program of practical, cooperative actions and initiatives. Leaders also adopted a major report on closer Regional Economic Integration, including structural reform initiatives, and welcomed the new APEC Trade Facilitation Action Plan which will reduce trade transaction costs by a further five per cent by 2010.
2006 - Ha Noi, Viet Nam
APEC Economic Leaders endorsed the Ha Noi Action Plan which identifies specific actions and milestones to implement the Bogor Goals and support capacity-building measures to help APEC economies. They also issued a statement on the WTO Doha Development Agenda calling for ambitious and balanced outcomes. To prioritize its agenda, APEC takes a strategic approach to reform working groups and strengthen the Secretariat.
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