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The Asia-Pacific Economic Cooperation (APEC) was established in 1989 in response to the growing interdependence among Asia-Pacific economies. Begun as an informal dialogue group, APEC has since become the primary regional vehicle for promoting open trade and practical economic cooperation. Its goal is to advance Asia-Pacific economic dynamism and sense of community. Despite the financial
instability of 1997-98, the Asia-Pacific remains one of the fastest
growing regions in the world. It is a major contributor to global
prosperity and stability. Today, APEC includes all the major economies
of the region and the most dynamic, fastest growing economies in the
world. Peru, Russia and Vietnam became the latest members of the APEC community at the 10th APEC Ministerial Meeting, held on 14-15 November 1998 in Kuala Lumpur, Malaysia. APEC’s 21 member economies had a combined Gross Domestic Product of over US$16 trillion in 1996 and 45 percent of global trade. Brunei Darussalam is the current APEC Chair for 2000. The next chair will be China in 2001. |
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