HISTORY: What is the APEC and why was it established?

Summary

The Philippines will host the APEC summit this year, with Metro Manila as the venue for the high-profile event, expected to draw 10,000 delegates. APEC, founded in 1989 by 12 Asia-Pacific economies, aims to enhance economic conditions through trade liberalization, cooperation, and investment opportunities. Since its inception, more countries have joined, bringing membership to 21 economies. The 1996 Subic summit in the Philippines was a milestone, adopting the Manila Action Plan for APEC, which focuses on free trade, investments, and addressing regional priorities like climate change and counterterrorism.

Takeaways

• 🌏 The Philippines is hosting this year's APEC summit in Metro Manila, with an expected 10,000 delegates.
• 📅 APEC was first publicly proposed by former Australian Prime Minister Bob Hawke in 1989 during a speech in Seoul, South Korea.
• 🌐 The founding members of APEC include Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, and the USA.
• 🇨🇳 China, Hong Kong, and Taiwan joined APEC in 1991, followed by Mexico, Papua New Guinea in 1993, and Chile in 1994.
• 🌟 The primary purpose of APEC is to enhance the economic conditions of member economies through trade liberalization, cooperation, and investment opportunities in the Asia-Pacific region.
• 🤝 In 1993, APEC leaders met for the first time in Washington and outlined the vision of stability, security, and prosperity for their people.
• 🏛️ The Bogor Goals, established in 1994, aim for free trade and open investment in the Asia-Pacific region.
• 📝 The Osaka Action Agenda, formulated in 1995, provides a framework to achieve the Bogor Goals through trade liberalization, business facilitation, and economic cooperation.
• 🇵🇭 The Philippines hosted the APEC meetings for the first time in 1996, with the world leaders' meeting held in Subic Bay, Zambales.
• 📊 The Manila Action Plan for APEC (MAPA) was adopted during the 1996 summit, outlining how economies will achieve free trade and investment goals, with attention also given to issues like counterterrorism and climate change.

Q & A

What is APEC and why was it established?

APEC, or the Asia-Pacific Economic Cooperation, was established as a forum to enhance economic conditions in the Asia-Pacific region. Its main objectives include trade liberalization, investment promotion, and economic cooperation among member economies.

When and where was the APEC first proposed?

The idea for APEC was first proposed by former Australian Prime Minister Bob Hawke during a speech in Seoul, South Korea, on January 31, 1989.

Who were the founding members of APEC?

The founding members of APEC were Australia, Brunei Darussalam, Canada, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, and the United States of America.

Which countries joined APEC after its establishment?

China, Hong Kong, and Chinese Taipei (Taiwan) joined in 1991, followed by Mexico and Papua New Guinea in 1993, Chile in 1994, and Peru, Russia, and Vietnam in 1998.

What was the significance of the 1993 APEC meeting?

In 1993, APEC economic leaders met for the first time in Blake Island, Washington, and outlined APEC's vision of stability, security, and prosperity for the region. Former U.S. President Bill Clinton proposed the practice of annual APEC Economic Leaders’ Meetings.

What are the Bogor Goals, and when were they created?

The Bogor Goals, established during the 1994 APEC meetings in Bogor, Indonesia, focus on achieving free and open trade and investment in the Asia-Pacific region.

What is the Osaka Action Agenda, and why is it important?

The Osaka Action Agenda, formulated during the 1995 APEC meetings in Osaka, Japan, provides a framework for achieving the Bogor Goals. It outlines specific actions for trade and investment liberalization, business facilitation, and economic cooperation.

What are the three pillars of APEC, and how do they contribute to its overall goal?

The three pillars of APEC are trade and investment liberalization, business facilitation, and economic and technical cooperation. These pillars guide the organization in promoting free trade, improving business environments, and fostering cooperation among member economies.

What was the significance of the 1996 APEC meeting in the Philippines?

The 1996 APEC summit in Subic Bay, Philippines, was a milestone in APEC's development. The Manila Action Plan for APEC (MAPA) was adopted, outlining collective and individual action plans for achieving free trade and investment goals.

What other regional priorities has APEC included in its agenda beyond free trade?

APEC has also addressed other regional priorities such as counterterrorism, climate change, emergency preparedness, and responding to global financial crises.