Directory of Economic, Commodity and Development Organizations - table of contents ASIA-PACIFIC ECONOMIC COOPERATION (APEC)HEADQUARTERSAPEC Secretariat: 35 Heng Mui Keng Terrace Telephone: [65]6775-6012 Singapore 119616 Facsimile: [65]6775-6013 Singapore E-Mail: info@mail.apecsec.org.sg Internet: www.apecsec.org.sg Executive Director: ... Piamsak MILINTACHINDA (Thailand) Deputy Executive Director: ... Mario ARTAZA (Chile) LANGUAGE: EnglishESTABLISHMENT AND FUNCTIONSThe Asia-Pacific Economic Cooperation (APEC) was established in 1989 in response to the growing interdependence among Asia-Pacific economies. Begun as an informal dialogue group, APEC has since become the primary regional vehicle for promoting open trade and practical economic cooperation. Its goal is to advance Asia-Pacific economic dynamism and sense of community. Despite the financial instability of 1997-98, the Asia-Pacific remains one of the fastest growing regions in the world. Today, APEC includes all the major economies of the region and the most dynamic, fastest growing economies in the world. APEC’s 21 member economies had a combined Gross Domestic Product (GDP) of over US$19 trillion and 47 percent of global trade in 2001. The initial years of APEC were focused largely on exchanges of views and project-based initiatives. The concerns were simply to advance the process of economic cooperation in the Asia-Pacific and promote a positive conclusion to the Uruguay Round of GATT negotiations. But as the need for greater economic cooperation steadily grew, APEC has evolved into a forum of greater substance and higher purpose, which is to build the Asia-Pacific community through achieving economic growth and equitable development through trade and economic cooperation. In 1994, APEC translated its vision of an open trading system into the very ambitious goal of free and open trade and investment in the Asia-Pacific by 2010 for developed member economies and 2020 for developing ones. APEC’s goal is being attained through the three pillars of APEC activities, namely: trade and investment liberalization, business facilitation, and economic and technical cooperation. COMPOSITION21 member economies: Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapore; Chinese Taipei; Thailand; United States; Viet Nam. STRUCTUREThe APEC Secretariat located in Singapore provides the central link and core support mechanism for all APEC activities among the various APEC fora. The Chair, which rotates annually among member economies, is responsible for hosting the annual ministerial meeting of foreign and economic ministers. Thailand is the APEC host for 2003. The Executive Director, who is seconded from the member economy chairing APEC, serves for one year. The Deputy Executive Director is appointed by the member economy designated to assume the chair the following year. APEC Senior Officials, who hold their meetings (called Senior Officials Meetings or SOMs) regularly prior to every ministerial meeting, make recommendations to the Ministers and carry out their decisions. With the approval of Ministers, they oversee and coordinate the budgets and work programs of the APEC fora. Other ministerial meetings also being held are meetings for ministers of education, energy, environment and sustainable development, finance, human resources development, regional science and technology cooperation, small and medium enterprises, telecommunications and information industry, trade, and transportation. APEC has three committees, a SOM sub-committee, eleven working groups,and other APEC fora. The Committee on Trade and Investment aims to create an APEC perspective on trade and investment issues and to pursue liberalization and facilitation initiatives. The Economic Committee analyzes economic trends and issues in support of APEC’s trade and investment liberalization and facilitation and economic and technical cooperation agendas. The Budget and Management Committee advises APEC senior officials on budgetary, administrative, and managerial issues. The SOM Committee on Economic and Technical Cooperation assists the SOM in coordinating and managing APEC’s economic and technical cooperation (ECOTECH) agenda. The working groups deal with the following areas: agricultural technical cooperation, energy, fisheries, human resources development, industrial science and technology, marine resources conservation, small and medium enterprises, telecommunications, trade promotion, transportation, and tourism. In 1995, APEC economic leaders established the APEC Business Advisory Council, a permanent council composed of up to three senior business people from each member economy that advises leaders and ministers on the implementation of APEC action plans and on other specific business sector priorities. UPDATED: November 15, 2003 Directory of Economic, Commodity and Development Organizations - table of contents |