Why APEC is important for New Zealand

APEC stands for the Asia-Pacific Economic Cooperation process.  It is a forum which promotes closer trade and economic relationships in the Asia-Pacific, making it easier for APEC’s members to trade and invest with each other and thereby raise the living standards of the region. 

APEC seeks to achieve this through a commitment to growth and prosperity based on liberalisation of trade and investment, and enhanced economic integration. 

This commitment is summed up in APEC’s “Bogor Goals”, an undertaking that APEC Leaders made in Bogor, Indonesia in 1994 to achieve free and open trade and investment in the region by 2010 for developed economies, and 2020 for developing economies.

APEC members are referred to as member “economies” because not all members are states and the APEC process is predominantly concerned with trade and economic issues. 

When APEC began in 1989 it had 12 members.  Today membership has grown to 21: Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong China, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Viet Nam.  

APEC spans four continents and is home to just under half of the worlds population. It also accounts for close to 50 percent of the world’s trade and 57 percent of global Gross Domestic Product (GDP).

New Zealand attaches high priority to its membership of APEC.  Fourteen of our top 20 export markets are APEC members, including the three largest economies in the world - the United States, Japan and China.  In addition, 70 percent of New Zealand’s total trade, and 60 percent of our inward foreign direct investment is with APEC member economies.   

Close cooperation with other APEC member economies is vital to New Zealand’s future prosperity. 

APEC has been successful in reducing costs of trading across borders, and provides a channel to improve the business environment. Progress in these areas will continue to make it easier for New Zealanders to do business throughout the APEC region. 

In recent years APEC’s trade and economic agenda has extended to tackling trade facilitation, behind the border structural reform and human security issues including counter terrorism, climate change, infectious diseases and disaster management.

This month the APEC 2008 Ministerial and Leaders meetings will be held in Lima, Peru (19-23 November).

Key facts about APEC:

• APEC began in 1989 with 12 members and has now grown to 21.
• APEC members are Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong China, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Viet Nam.
• APEC members are referred to as member “economies” because not all members are states and the APEC process is predominantly concerned with trade and economic issues.
• APEC spans four continents and is home to just under half of the world’s population. APEC accounts for close to 50 percent of the world’s trade and 57 percent of global GDP.

Further information 

• APEC Peru website [external link]