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The full form of APEC is Asia-Pacific Economic Cooperation. APEC was founded by Australia in 1989. It is a forum that entails 21 Asia-Pacific economies which are home to around 2.9 billion people and contribute 60% of the global GDP. The 21 countries that are part of this forum are – Vietnam, Australia, the United States of America, Brunei Darussalam, Thailand, Singapore, Canada, Chile, Chinese Taipei, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, People’s Republic of China, Peru, Republic of Korea, The Republic of the Philippines and The Russian Federation.
About APEC
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The main objective behind the creation of APEC was to further push the prosperous and growing economy through the following measures:
- Facilitation and liberalisation of trade and investment at the border, behind the border and across the border.
- Reduction in the costs of cross-border trade to help businesses.
- Cooperation in technical and economical related aspects.
- Exchange of information on trade and investment best practices.
- Simplification of administrative and regulatory processes.
- Enhanced institutional ability to implement and take benefit of the trade and investment reforms.
The workings of APEC are guided by the APEC Putrajaya Vision 2040 which aims at an open, resilient, dynamic and peaceful Asia Pacific region in 2040. In order to pursue this goal, APEC pursues three economic drivers – innovation and digitalisation, trade and investment, and secure, strong, sustainable, balanced and inclusive growth. The decisions at APEC are made through consensus and members can make commitments on a voluntary basis.
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Hosting APEC
Every year APEC meetings are hosted by one of the members. The table below represents this year’s host for APEC meetings and that of the next two years.
| Year | Place |
| 2023 | United States of America |
| 2024 | Peru |
| 2025 | Korea |
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