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Asia-Pacific Economic Cooperation (APEC)
Area of Cooperation
Regional Economy, Cooperation, Trade and Investment
Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries or regions (styled 'member economies') to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41 percent of the world's population, approximately 56 percent of world GDP and about 49 percent of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.
Headquarters:APEC Secretariet, Singapore
Held annually, the last summit was held September 8th -9th in Sydney, Australia.
Goals, Target, Objectives:APEC was founded in order to promote economic groth and prosperity through free and open trade, as well as investment. In 1994 the Bogor Goals were adopted in order to reduce trade tariffs below 5 percent in the Asia-Pacific region. These goals are to be acheived by 2010 for industrialized economies and 2020 for developing economies.