Asia-Pacific Economic Cooperation (APEC) was established in 1989 to leverage the growing interdependence of economies in this region. It comprises 21 members. Singapore is one of the 12 founding member economies of APEC, and last held the APEC Chairmanship in 2009.
Singapore recognises that APEC is an important platform for promoting greater trade and investment liberalisation and facilitation, and deepening regional economic integration, which in turn strengthen development and growth in and between member economies in the Asia-Pacific region. According to a report published by the APEC Policy Support Unit, APEC economies accounted for 62 percent of global nominal GDP and 47 percent of global trade in 2022. Vis-à-vis Singapore, over 75 percent of our global trade in goods and services are from APEC economies.
APEC’s work for the next 20 years will be guided by the APEC Putrajaya Vision 2040, which was adopted by APEC Leaders in 2020. It envisions an open, dynamic, resilient, and peaceful Asia-Pacific by 2040, for the prosperity of all people and future generations. This will be achieved through three economic drivers, namely (a) trade and investment; (b) innovation and digitalisation; and (c) strong, balanced, secure, sustainable, and inclusive growth. In 2021, APEC Leaders endorsed the Aotearoa Plan of Action, which will serve as a blueprint towards the implementation of the Putrajaya Vision 2040. The Bangkok Goals on Bio-Circular-Green (BCG) Economy, endorsed by APEC Leaders in 2022, outlines key action areas in supporting APEC’s growth trajectory towards a strong, balanced, secure, sustainable and inclusive future.
The US held the Chairmanship of APEC in 2023 under the theme of “Creating a Resilient and Sustainable Future for all”. It hosted the 30th APEC Economic Leaders’ Meeting (AELM) on 15 – 17 November 2023 in San Francisco, California. Under its Chairmanship, the 2023 APEC Leaders’ Golden Gate Declaration was adopted and where it seeks to build on the work of previous APEC hosts and moves our region towards new ways of bringing resiliency, sustainability, interconnection, and innovation.
Peru will host APEC in 2024. Under the overarching theme of “Empower. Include. Grow.”, its priorities are centred around three pillars: (a) Trade and Investment for Inclusive Growth; (b) Innovation to Promote the Transition to the Formal and Global Economy; and (c) Sustainable Growth for a Resilient Development.
More information on its work can be found on the official APEC website.