APEC

Asia Pacific Economic Cooperation (APEC) is the premier forum for facilitating economic growth, cooperation, and trade and investment in the Asia-Pacific region.  It was established in 1989 and currently consists of 21 members.  Singapore is one of the 12 founding members of APEC - together with Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Thailand and the United States.  Singapore recognises the importance of APEC as an essential platform for promoting economic linkages which promote regional peace and security between member economies in the Asia-Pacific region.  As of November 2011, APEC economies currently account for 54 per cent of world economic output and 44 per cent of global trade.  As a hub for trade and commerce in the region, Singapore supports the common goals of free and open trade and investment which APEC has undertaken since the Bogor Declaration of 1994.  To this end, Singapore endorses efforts at regional economic integration and developing connectivity within APEC.  Singapore also supports the non-trade agenda of APEC in areas such as technical cooperation, human resource development, counter-terrorism, and emergency preparedness.  Singapore last held the APEC Chairmanship in 2009.

APEC 2012

The APEC Economic Leaders' Meeting (AELM) was held from 8 to 9 September 2012 in Vladivostok, Russia.  Under the Russian APEC Chairmanship, APEC economies focused on furthering Trade and Investment Liberalisation and Regional Economic Integration (REI); strengthening food security; intensifying cooperation in Innovative Growth, and establishing Reliable Supply Chains.

Among the key deliverables for 2012 were the endorsement of an APEC List of 54 Environmental Goods for which applied tariffs will be reduced to 5% or less by end-2015,.  Most of the other APEC 2012 initiatives were concluded throughout the nine sectorial meetings - such as the Meeting of Ministers Responsible for Trade, Food Security Ministerial Meeting and the Special Transportation Ministerial Meeting - which were held prior to the AELM.  These initiatives included the promotion of sustainable agricultural production and food safety to safeguard food security, and the establishment of a Policy Partnership on Science, Technology and Innovation to encourage businesses, academics and government officials to collaborate on research and technology.

Indonesia’s APEC Chairmanship in 2013

Indonesia will assume the Chairmanship of APEC in 2013.  Its overarching theme for APEC 2013 will be “Resilient Asia Pacific: The Engine of Global Growth”.  The next AELM will be held in Bali in end 2013.

Click here to visit the official APEC website.

•  The official APEC 2012 website