Sunday, January 4, 2009

APEC 2008: A New Commitment to Asia Pacific Development

The twentieth annual summit of Asia Pacific Economic Cooperation (APEC) was held in Lima, the capital of Peru on 22-23rd November, 2008. During the two-day series of political-economic meetings a comprehensive discussion was held by the leader and business dignitaries from the 21 APEC member economies. The theme of the discussion was growth, equity and sustainable development which are challenges for APEC. A new commitment to Asia Pacific Development was the theme of the APEC 2008. Focus was also on personal and economic development.

Highlights of APEC 2008

- Despite the global financial crisis, the leaders of the regional economies urged a call against protectionism.
- Free trade was backed.
- Peru reaffirmed its opposition to trade and investment barriers and continued supporting the multilateral trade system, including the World Trade Organisation and supported a conclusion to the Doha trade round.
- The summit supported the G20 declaration to the international economic meltdown.
- Promises were made on food output, graft and terrorism.
- Main focus was on the economic crisis.
- Importance was put on issues like economic integration, food security and climate change.
- Helping the poor to cope with the rising food prices.
- No raise in new trade and investment barriers for the next 12 months.

APEC Profile

Asia Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim Countries or regions or member economies for the discussion of the regional economy, cooperation, trade and investment. The APEC Economic Leaders’ annual summit is conducted by the APEC organisation which is attended by the heads of government of all APEC members. However, the Republic of China is an exception which is represented under the name Chinese Taipei by a ministerial-level official.

In 1989 for more effective economic cooperation across the Pacific Rim region the then Australian Prime Minister Bob Hawke demanded a meeting which led to the first meeting of APEC in the Australian capital Canberra in November, 1989.

APEC Members

1. Australia
2. Brunei
3. Canada
4. Chile
5. China
6. Hong Kong
7. Chinese Taipei
8. Indonesia
9. Japan
10. Malaysia
11. Mexico
12. New Zealand
13. Papua New Guinea
14. Peru
15. Philippines
16. Russia
17. Singapore
18. South Korea
19. Thailand
20. United States
21. Vietnam