SYDNEY - The Asia-Pacific Economic Cooperation (APEC) grouping brings together 21 economies from around the Pacific Rim in a forum focused on economic growth, trade and investment. Here are some key facts about APEC.
- Founded in 1989 to promote trade and strengthen cooperation in the Asia Pacific region.
- APEC economies account for 41 percent of the world's population, almost half of world trade and 56 percent global gross domestic product.
- The forum has worked to reduce tariffs and other trade barriers across the region. It is guided by its 'Bogor Goals' of free and open trade and investment, with industrialised economies set to achieve these by 2010 and developing economies by 2020.
- Operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Decisions are reached by consensus.
- Meets annually, with leaders of the 21 economies gathering for a weekend summit at which they wear the national dress of the host country for a photo opportunity.
- The Sydney meeting will attract 21 world leaders and more than 40 ministers, some 400 international business leaders, more than 6,000 delegates and support personnel and some 1,800 journalists.
- APEC members are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.
09/02/2007 03:04 GMT