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 48 percent of global trade in 2020. Vis-à-vis Singapore, over 75% 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.
Thailand held the Chairmanship of APEC in 2022 with the theme of “Open. Connect. Balance.”. It hosted the 29th APEC Economic Leaders' Meeting (AELM) on 18 to 19 November 2022. A key deliverable was the Leaders' adoption of the Bangkok Goals on the Bio-Circular-Green (BCG) Economy, which outlines key action areas in supporting APEC's growth trajectory towards a strong, balanced, secure, sustainable and inclusive future.
The US will host APEC in 2023. Under the overarching theme of “Creating a Resilient and Sustainable Future for all”, its priorities are to: (a) build a resilient and interconnected region that advances broad-based economic prosperity; (b) enable an innovative environment for a sustainable future; and (c) affirm an equitable and inclusive future for all. It will host the 30th AELM the week of 12 November 2023 in San Francisco, California.
More information on its work can be found on the official APEC website.