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 the importance of APEC as an essential platform for promoting economic linkages, which in turn strengthen regional peace and security between member economies. According to a 2017 APEC study, APEC economies account for an estimated 59 percent of world GDP and 49 percent of global trade in 2015. 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. To this end, Singapore endorses efforts at regional economic integration and developing connectivity within APEC.
Singapore also supports the non-trade agenda of APEC in areas such as human resource development, emergency preparedness and health.
Papua New Guinea (PNG) holds the Chairmanship of APEC for 2018. Under the theme of “Harnessing Inclusive Opportunities, Embracing the Digital Future”, PNG’s three priority areas are (i) improving connectivity, deepening regional economic integration; (ii) promoting sustainable and inclusive growth; and (iii) strengthening inclusive growth through structural reforms. The next APEC Economic Leaders’ Meeting will be held in Port Moresby, PNG on 18 November 2017.
Vietnam holds the Chairmanship of APEC for 2017. Under the theme of “Creating New Dynamism, Fostering a Shared Future”, Vietnam’s four priority areas are promoting sustainable, innovative and inclusive growth; deepening regional economic integration; strengthening Micro, Small and Medium Enterprises’ (MSMEs) competitiveness and innovation in the digital age; and enhancing food security and sustainable agriculture in response to climate change. The next APEC Economic Leaders’ Meeting (AELM) will be held in Danang, Vietnam from 10 to 11 November 2017.
Last updated: December 2017