The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. It aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration. One of the major functions of APEC is to enhance social equity in the region.
APEC member countries consists of around 2.8 billion people and represents approximately 59 per cent of world GDP and 49 per cent of world trade in 2015.
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APEC has 21 members. These are:
The APEC Secretariat is based in Singapore. The APEC Secretariat is headed by an Executive Director, Dr Tan Sri Datuk Rebecca Fatima Sta Maria. Dr Sta Maria is the first woman executive director of the APEC Secretariat.
The functions of APEC include:
Every year one of the 21 APEC Member Economies plays host to APEC meetings and serves as the APEC Chair. The APEC host economy is responsible for chairing the annual Economic Leaders’ Meeting, selected ministerial meetings, senior officials’ meetings, the APEC Business Advisory Council and the APEC Study Centers Consortium.
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Tags: Functions of APEC, functions of Asia-Pacific Economic Cooperation, apec countries, apec meeting, apec member countries
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