Asia-Pacific Economic Cooperation (APEC) is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. It was established in 1989 and consists of 21 member economies. 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 economic cooperation and deepening regional economic integration in the Asia Pacific region, which in turn strengthen regional peace and security between member economies. According to a report published by the APEC Policy Support Unit, APEC economies accounted for an estimated 60 percent of world GDP and 47 percent of global trade in 2017. As a hub for trade and commerce in the region, Singapore supports the common goals of free and open trade and investment which APEC has undertaken since the Bogor Declaration of 1994.
Singapore is also supportive of APEC’s wide-ranging non-trade agenda, covering areas such as human resource development, food security and health.
Chile holds the Chairmanship of APEC for 2019. Under the theme of “Inclusive, Comprehensive and Sustainable Growth with People at the Centre”, Chile has outlined three priorities for its Chairmanship, namely (i) services and the digital economy; (ii) regional connectivity; and (iii) women and the economy. The 27th APEC Economic Leaders’ Meeting (AELM) is scheduled to be held in Santiago, Chile from 16 to 17 November 2018.
Papua New Guinea held the Chairmanship of APEC for 2018. Under the theme of “Harnessing Inclusive Opportunities, Embracing the Digital Future”, Papua New Guinea’s priority areas were (i) improving connectivity and deepening regional economic integration; (ii) promoting inclusive and sustainable growth; and (iii) strengthening economic growth through structural reform. The 26th APEC Economic Leaders’ Meeting (AELM) was held in Port Moresby, Papua New Guinea from 17 to 18 November 2018.
More information on its work can be found on the official APEC website.