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 in the Asia Pacific region, which in turn strengthen development and growth in and between member economies. 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 holds the Chairmanship of APEC for 2022. Under the overarching theme of “Open. Connect. Balance.”, Thailand envisions an APEC that is open to all opportunities, connected in all dimensions, and balanced in all aspects. Its three priorities are namely to (a) facilitate trade and investment; (b) restore connectivity; and (c) promote inclusive and sustainable growth through the Bio-Circular-Green (BCG) economy.
More information on its work can be found on the official APEC website.