APEC is the only inter governmental grouping in the world operating on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.
APEC has 21 members - referred to as "Member Economies" - which account for more than a third of the world's population (2.6 billion people), approximately 60% o fworld GDP (US $19,254 billion) and about 47% of world trade. It also proudly represents the most economically dynamic region in the world having generated nearly 70% of global economic growth in its first 10 years.
APEC's 21 Member Economies are :
|APEC Member Economies||Date of Joining||Australia||6-7 Nov 1989||Brunei Darussalam||6-7 Nov 1989||Canada||6-7 Nov 1989||Chile||11-12 Nov 1994||People's Republic of China||12-14 Nov 1991||Hong Kong, China||12-14 Nov 1991||Indonesia||6-7 Nov 1989||Japan||6-7 Nov 1989||Republic of Korea (South Korea)||6-7 Nov 1989||Malaysia||6-7 Nov 1989||Mexico||17-19 Nov 1993||New Zealand||6-7 Nov 1989||Papua New Guinea||17-19 Nov 1993||Peru||14-15 Nov 1998||Philippines||6-7 Nov 1989||Russia||14-15 Nov 1998||Singapore||6-7 Nov 1989||Chinese Taipei (Taiwan)||12-14 Nov 1991||Thailand||6-7 Nov 1989||United States of America (USA)||6-7 Nov 1989||Viet Nam||14-15 Nov 1998|