Asia-Pacific Economic Cooperation (APEC) operates as a cooperative, multilateral economic and trade forum. It is unique in that it represents the only intergovernmental grouping in the world committed to reducing trade barriers and increasing investments without requiring its members to enter into legally binding obligations. The forum succeeds by promoting dialogue and equal respect for the views of all participants and making decisions based on consensus to achieve its free and open trade and investment goals.
APEC Member Economies take individual and collective actions to open their markets and promote economic growth. More information about these actions is available in the Action Plans section of this website.
Host Economy
Every year one of the 21 APEC Member Economies plays host to APEC meetings and serves as the APEC Chair. The APEC host economy is responsible for chairing the annual Economic Leaders' Meeting, selected Ministerial Meetings, Senior Officials Meetings, the APEC Business Advisory Council and the APEC Study Centres Consortium and also fills the Executive Director position at the APEC Secretariat. The Deputy Executive Director position is filled by a senior diplomat from the economy which will host in the next year.
Funding
APEC is not a donor organisation. Instead, APEC activities are centrally funded by small annual contributions from APEC Member Economies - since 1999 these have totalled US$3.38 million each year. These contributions are used to fund a small Secretariat in Singapore and various projects which support APEC's economic and trade goals. Since 1997 Japan has provided additional funds for projects (between US$2.7 and 4.2 million annually, depending on amount and exchange rates) which support APEC's trade and investment liberalisation and facilitation goals. Projects generally -
- Relate to the priorities of APEC Economic Leaders and APEC Ministers
- Cover the interest of at least several APEC Member Economies
- Build capacity
- Improve economic efficiency, and
- Encourage the participation of the business sector, non-governmental institutions and women.
APEC's Project Database contains information about all APEC projects.
APEC Member Economies also provide considerable resources to assist in the operations of APEC. These include the secondment of professional staff to the Secretariat; the hosting of meetings; and partial (or full) funding of some projects.
