The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
The basic concept behind the formation of this regional economic forum was to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
Functions of APEC
Multilateral Economic Forum: It operates as a cooperative, multilateral economic and trade forum. It is the only international intergovernmental grouping in the world committed to reducing barriers to trade and investment without requiring its members to enter into legally binding obligations. APEC achieves its goals by promoting dialogue and arriving at decisions on a consensus basis, giving equal weight to the views of all members.
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. Until 2009, the host has also filled the Executive Director position at the APEC Secretariat. From 2010, the appointment will be made on a fixed-term basis (3 yrs) and will be open to candidates from all Member Economies.
Funding: It is not a donor organisation but member economies provide voluntary contributions to support projects that advance APEC's trade and investment liberalisation and facilitation goals and to meet capacity-building needs, especially for APEC developing economies. Projects generally -
Administrative structure of APEC
It performs a central project management role, assisting APEC Member Economies and APEC fora with overseeing more than 250 APEC-funded projects. APEC's annual budget is also administered by the APEC Secretariat.
The Secretariat of APEC is staffed by a small team of program directors, seconded from APEC Member Economies. In addition, professional staff fulfil specialist and support functions at the APEC Secretariat.