In which year was the Asia-Pacific Economic Cooperation (APEC) established?

The Asia-Pacific Economic Cooperation (APEC) was established in 1989 as a regional forum aimed at promoting economic growth, cooperation, trade, and investment across the Asia-Pacific region. APEC was formed in response to the rapidly growing economic interdependence of countries along the Pacific Rim. Its founding members included 12 economies, including Australia, Canada, Japan, South Korea, and the United States, among others, who recognized the need for a platform to facilitate open trade and sustainable economic development.

The primary goals of APEC are to reduce trade barriers, encourage free and fair trade, enhance economic integration, and promote regional prosperity. Over the years, the organization has expanded to include 21 member economies, representing more than half of the world’s GDP and a significant portion of global trade. APEC emphasizes consensus-based decisions, which ensures that all member economies can cooperate effectively despite diverse economic sizes and policies.

APEC also focuses on issues such as investment liberalization, small and medium-sized enterprise development, digital economy initiatives, and regional security through economic stability. Its annual meetings, including the APEC Economic Leaders’ Meeting, bring together heads of states, ministers, and senior officials to set strategic priorities for the region.