5 things you need to know about APEC 2017

The 2017 meeting of the Asia-Pacific Economic Cooperation, or APEC, will be held in Danang this month. With the theme “CREATING NEW DYNAMISM, FOSTERING A SHARED FUTURE”, APEC leaders will discuss how to better integrate economies and trade in the Asia-Pacific region and worldwide. Creating “new dynamism” for economic growth and integration has become an urgent demand for the Asia-Pacific amid sluggish recovery of regional and global trade and economic growth in the aftermath of the global financial crisis. Boosting trade and investment, and promoting economic integration, structural reforms and SMEs innovation are critical factors that enable APEC economies to better harness all opportunities from the fourth industrial revolution and the third wave of globalisation. The theme also accentuates the common and long-term goal of APEC to build a peaceful, stable, integrated and prosperous community in the Asia-Pacific.

 

What is APEC?

APEC is an intergovernmental grouping of countries in the Asia Pacific region that discusses issues using non-binding commitments. Unlike the World Trade Organization or other multilateral trade bodies, APEC does not require treaty obligations of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.

APEC has 21 members from member economies, which account for approximately 40 percent of the world’s population, approximately 55 percent of world GDP and about 44 percent of world trade.

 

Mission Statement

APEC is the Asia Pacific’s premier economic forum. The primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region.

APEC is united in our drive to build a dynamic, sustainable and harmonious Asia-Pacific community by championing free and open trade and investment, promoting and accelerating regional economic integration, encouraging economic and technical cooperation, and facilitating a favorable and sustainable business environment. APEC initiatives turn policy goals into concrete results and agreements into tangible benefits.

 

History

The idea of APEC was firstly publicly broached by former Prime Minister of Australia Bob Hawke during a speech in Seoul, Korea on 31 January 1989. Ten months later, 12 Asia-Pacific economies met in Canberra, Australia to establish APEC. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States.

China, Hong Kong, China and Chinese Taipei joined in 1991. Mexico and Papua New Guinea followed in 1993. Chile acceded in 1994. And in 1998, Peru, Russia and Viet Nam joined, taking the full membership to 21.

Between 1989 and 1992, APEC met as an informal senior official and Ministerial level dialogue. In 1993, former United States President Bill Clinton, established the practice of an annual APEC Economic Leaders' Meeting to provide greater strategic vision and direction to cooperation in the region.

Members include Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Vietnam.

 

APEC Members Date of Joining
Australia 6-7 Nov 1989
Brunei Darussalam 6-7 Nov 1989
Canada 6-7 Nov 1989
Chile 11-12 Nov 1994
People's Republic of China 12-14 Nov 1991
Hong Kong, China 12-14 Nov 1991
Indonesia 6-7 Nov 1989
Japan 6-7 Nov 1989
Republic of Korea 6-7 Nov 1989
Malaysia 6-7 Nov 1989
Mexico 17-19 Nov 1993
New Zealand 6-7 Nov 1989
Papua New Guinea 17-19 Nov 1993
Peru 14-15 Nov 1998
The Philippines 6-7 Nov 1989
Russia 14-15 Nov 1998
Singapore 6-7 Nov 1989
Chinese Taipei 12-14 Nov 1991
Thailand 6-7 Nov 1989
The United States 6-7 Nov 1989
Viet Nam 14-15 Nov 1998

 

Structure of APEC 

 

When and where is APEC this year?

 

The 2014 APEC Economic Leaders’ Week will be hosted by Vietnam, and will take place in Danang from November 6th-11th.

Proceedings:

 

APEC Concluding Senior Officials’ Meeting (CSOM), 6-7 November
Furama Resort Da Nang 
Guided by Ambassador Bui Thanh Son, Viet Nam’s Permanent Deputy Minister of Foreign Affairs and 2017 Chair of APEC Senior Officials, the meeting will finalize technical measures for boosting trade participation and employment in today’s integrated and fast-changing landscape.

 

APEC Ministerial Meeting (AMM), 8th November
Furama Resort Da Nang
The meeting will be hosted by Viet Nam’s Foreign Affairs Minister Pham Binh Minh and Trade and Industry Minister Tran Tuan Anh, and will include both their counterparts from each of the other 20 APEC economies. It will launch new joint actions for building next generation trade that delivers benefits to all corners of society.

 

APEC CEO Summit, 8th-10th November
Ariana Danang Exhibition & Convention Centre 
A dialogue held in conjunction with the APEC Economic Leaders’ Meeting and organized by the private sector featuring a large number of the region’s Leaders and top business executives.

 

APEC Economic Leaders’ Meeting (AELM)11th November
Intercontinental Danang Sun Peninsula Resort 
Chaired by Viet Nam President Tran Dai Quang and including the Leaders of the other 20 APEC economies, the meeting will provide strategic vision and directives for trade development in the region. Leaders will also convene with representatives of the APEC Business Advisory Council to discuss policy priorities and recommendations.


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Arrival Date

November

25

Depart Date

November

26