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The Asia-Pacific Economic Cooperation (APEC) Forum was established in
1989 to promote economic integration around the Pacific rim and to help
sustain economic growth through cooperation among the economies. The
United States was the driving force behind APEC's creation, which was a
means of anchoring the United States more firmly in the region in the
Post-Cold War era. APEC currently has 21 members: Australia, Brunei,
Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia,
Mexico, New Zealand, Papua New Guinea, Peru, The Philippines, Russia,
Singapore, Chinese Taipei, Thailand, the United States and Vietnam.
The dynamic of APEC as a ministerial-level organization changed
dramatically in 1993 when President Clinton invited the Leaders of
member economies to Blake Island, Washington, instituting what has
become the annual Leaders' Meetings. At this first meeting, Leaders
called for continued reduction of trade and investment barriers,
envisioning an Asia-Pacific community that promoted prosperity through
cooperation. This annual gathering of APEC Leaders has become an
important forum for solving regional economic and trade problems and in
advancing APEC's ambitious "Bogor goals" -- calling for free and open
trade for developed countries by 2010 and developing countries by 2020.
The APEC Leaders' Meeting in Brunei on November 15-16, 2000, will build
on the progress of the seven previous meetings:
Auckland, New Zealand -- September 11-13, 1999: APEC Leaders
sought to maintain the momentum for economic reform as many regional
economies emerged from the economic crisis that began in 1997. Leaders
approved an agenda designed to foster a new dynamic for the region,
strengthen and open markets, reform regulatory regimes and enhance
competition and create greater opportunities for business. Specific
goals were to launch a new round of WTO trade negotiations and ensure
preparations for possible Y2K problems.
Kuala Lumpur, Malaysia -- November 17-18, 1998: Leaders agreed to
place the tariff-cutting elements of the priority sectors of the Early
Voluntary Sectoral Liberalization initiative into the WTO process in
order to obtain an early WTO agreement on these sectors by the time of
the Seattle WTO Ministerial in November/December 1999. In addition,
Leaders re-committed to help the Asia-Pacific region emerge from the
financial crisis and return to economic growth. As part of this
strategy, they called for economic reforms and a stronger international
financial architecture.
Vancouver, Canada -- November 24-25, 1997: Leaders endorsed the
Early Voluntary Sectoral Liberalization initiative which seeks to cut
tariffs in key economic sectors. Nine "priority" sectors identified for
immediate action were: chemicals, fish products, forestry products,
energy goods and services, environmental goods and services, gems and
jewelry, medical equipment, the Telecommunications Mutual Recognition
Agreement and toys. Leaders also endorsed a framework of public-private
partnerships in infrastructure development aimed at making more
resources available for infrastructure investment in the region.
Manila, The Philippines -- November 25, 1996: Leaders adopted the
Manila Action Plan for APEC which includes individual and collective
action plans to achieve the "Bogor Goals" of free and open trade and
investment by 2010 and 2020. Leaders endorsed the Information Technology
Agreement which led to the conclusion of the agreement in the WTO.
Leaders agreed that APEC's economic and technical cooperation activities
should focus on six areas: developing human capital, fostering safe and
efficient capital markets, strengthening economic infrastructure,
harnessing technologies of the future, promoting environmentally
sustainable growth and encouraging the growth of small and medium-sized
enterprises.
Osaka, Japan -- November 19, 1995: Leaders adopted the Osaka
Action Agenda, a blueprint for implementing APEC's commitment to free
and open trade and investment, business facilitation and economic and
technical cooperation.
Bogor, Indonesia -- November 15, 1994: Leaders reached a landmark
agreement to achieve the goal of free and open trade and investment in
the region no later than 2010 for industrialized economies and 2020 for
developing economies (the "Bogor Goals".)
Blake Island, United States -- November 20, 1993: APEC Leaders
envisioned an Asia-Pacific that harnessed the energy of its diverse
economies, strengthened cooperation and promoted prosperity. To this
end, Leaders called for continued reduction of trade and investment
barriers to allow goods, services, capital and investment to flow freely
among APEC economies.