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

UNTV News and Rescue

12 Nov 201504:30

Summary

TLDRThe 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.

Outlines

00:00

🌏 APEC Summit in the Philippines

This paragraph introduces the Philippines as the host of the APEC (Asia-Pacific Economic Cooperation) summit, highlighting its significance as a high-profile event with 10,000 expected delegates. It mentions the previous venues for the meetings and emphasizes that the 2024 summit will take place in Metro Manila. The focus of this section is on the scale and importance of the event.

📅 The Origins of APEC

The origins of APEC are traced to a speech by Australia's former Prime Minister Bob Hawke in 1989, during which the idea was first presented. It explains the first meeting of 12 Asia-Pacific economies later that year in Canberra, Australia, which marked the formal establishment of APEC. Founding members included Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, the USA, and others. The paragraph provides a timeline of subsequent members joining, concluding with Peru, Russia, and Vietnam in 1998.

💡 The Purpose and Vision of APEC

This section explains the purpose behind APEC's establishment: to enhance economic conditions through trade liberalization, cooperation, and investment opportunities in the Asia-Pacific region. It recounts key historical moments, such as the first APEC Economic Leaders' meeting in 1993, hosted by former U.S. President Bill Clinton on Blake Island. The long-term vision of the organization—focused on stability, security, and prosperity—is highlighted.

🎯 APEC's Goals and Frameworks

The paragraph outlines key milestones for APEC, such as the creation of the 'Bogor Goals' in 1994, which aim for free and open trade and investments in the Asia-Pacific region. It introduces the 'Osaka Action Agenda' from 1995, which provided a roadmap for achieving these goals, focusing on three main pillars: trade and investment liberalization, business facilitation, and economic and technical cooperation.

📜 The 1996 APEC Summit in the Philippines

In 1996, the Philippines hosted its first APEC summit, held in Subic Bay, Zambales. The event was notable for being attended by several world leaders, including U.S. President Bill Clinton and Chinese President Jiang Zemin. The Subic summit marked a major milestone in APEC's history, as the Manila Action Plan for APEC (MAPA) was adopted. This plan included collective and individual actions to achieve the organization's free trade and investment goals.

🌍 APEC's Broader Agenda

This final section highlights that APEC has expanded its focus beyond trade and investments. The organization has also addressed other pressing issues in the region, such as counterterrorism, climate change, emergency preparedness, and responses to global financial crises, showing its adaptability to evolving global challenges.

Mindmap

Keywords

💡APEC

APEC stands for Asia-Pacific Economic Cooperation, an organization established in 1989 to enhance economic growth and cooperation among countries in the Asia-Pacific region. The primary focus of APEC is to promote free trade and open investment opportunities. It plays a crucial role in the script as the central theme, detailing its history, objectives, and significance for member economies.

💡Bogor Goals

The Bogor Goals were established during the 1994 APEC meetings held in Bogor, Indonesia. These goals outline APEC's primary objective of achieving free and open trade and investment in the Asia-Pacific region by 2020 for developed economies and by 2025 for developing ones. The script mentions these goals to highlight APEC’s commitment to economic liberalization and integration.

💡Osaka Action Agenda

The Osaka Action Agenda, formulated during the 1995 APEC meetings in Osaka, Japan, provides a strategic roadmap for achieving the Bogor Goals. It includes a framework of principles and actions to promote trade and investment liberalization, business facilitation, and economic cooperation. This agenda is mentioned in the script to showcase APEC’s structured approach towards economic development.

💡Manila Action Plan for APEC (MAPA)

Adopted during the 1996 APEC summit in Subic Bay, Philippines, the Manila Action Plan for APEC (MAPA) is a compilation of collective and individual action plans of member economies to achieve free trade and investment goals. The script refers to MAPA as a significant milestone in APEC’s evolution, demonstrating its efforts to implement strategic economic policies.

💡Trade and Investment Liberalization

Trade and investment liberalization refers to the reduction or elimination of trade barriers, such as tariffs and quotas, and policies that encourage investment between countries. It is one of APEC’s primary objectives, as mentioned in the script, to foster economic growth and cooperation among its member economies.

💡Economic and Technical Cooperation

Economic and technical cooperation within APEC aims to promote capacity building and knowledge sharing among member economies, particularly in areas such as technology, education, and environmental sustainability. The script references this as one of the three pillars of APEC, emphasizing its role in enhancing regional development and addressing shared challenges.

💡Subic Summit

The Subic Summit refers to the 1996 APEC meetings held in Subic Bay, Philippines. It was a pivotal event where the Manila Action Plan for APEC was adopted, outlining how economies would achieve free trade and investment goals. The script highlights the Subic Summit as a key moment in APEC’s history, marking its commitment to strategic economic policies.

💡APEC Economic Leaders' Meeting

The APEC Economic Leaders' Meeting is an annual summit where heads of state from member economies gather to discuss and set the strategic direction for APEC. Initiated by former U.S. President Bill Clinton in 1993, this meeting provides a platform for high-level dialogue on regional economic cooperation, as noted in the script.

💡APEC's Three Pillars

APEC’s three pillars consist of trade and investment liberalization, business facilitation, and economic and technical cooperation. These pillars serve as the guiding framework for achieving APEC’s goals of regional economic integration and development. The script mentions these pillars to underscore the comprehensive nature of APEC’s strategic approach.

💡Clark, Tagaytay, Laoag, Boracay

These are the host venues for past APEC meetings in the Philippines. The script mentions them to illustrate the historical and logistical context of APEC events in the country. Each location has played a role in facilitating discussions on economic policies and regional cooperation among member economies.

Highlights

The Philippines will host this year's Asia-Pacific Economic Cooperation (APEC) summit in Metro Manila, with about 10,000 delegates expected to attend.

Past APEC meetings were held in venues such as Clark, Tagaytay, Laoag, and Boracay.

APEC was first publicly proposed by Australian Prime Minister Bob Hawke in 1989 during a speech in Seoul, South Korea.

In November 1989, twelve Asia-Pacific economies met in Canberra, Australia to establish APEC.

The founding members of APEC include Australia, Brunei, 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 and Papua New Guinea in 1993, and Chile in 1994.

Peru, Russia, and Vietnam became the latest economies to join APEC in 1998.

APEC’s primary purpose is to enhance economic conditions in the Asia-Pacific region through trade liberalization and cooperation.

In 1993, APEC economic leaders met for the first time on Blake Island, Washington, where they outlined APEC's vision of stability, security, and prosperity.

In 1994, the Bogor Goals were created during the APEC meetings in Indonesia, aiming for free and open trade and investments in the Asia-Pacific region.

The Osaka Action Agenda, formulated in 1995, provides a roadmap for achieving the Bogor Goals.

APEC has three guiding pillars: trade and investment liberalization, business facilitation, and economic and technical cooperation.

The Philippines first hosted the APEC meetings in 1996, with Subic Bay as the venue for the World Leaders' meeting.

During the 1996 Subic summit, the Manila Action Plan for APEC (MAPA) was adopted, outlining how economies would achieve free trade and investment goals.

APEC has expanded its agenda to include pressing regional priorities such as counterterrorism, climate change, and emergency preparedness.