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Since its inception, APEC has been driven by three core principles:
These principles underpinned the Bogor Goals, agreed by APEC leaders in 1994. The Goals sought to achieve “free and open trade and investment” in the region by 2010 for industrialised economies and 2020 for developing members. In 2005 APEC conducted a review of progress towards the Bogor Goals, and issued the “Busan Roadmap” to chart further progress. "A Mid-Term Stocktake of Progress Towards the Bogor Goals" [external link].
APEC members pursue the Goals through a range of channels, including unilateral measures, APEC collective action plans, global trade talks (in the World Trade Organisation) and free trade agreements. Progress towards the Goals by member economies is monitored through a peer review process. New Zealand has already made significant progress towards the Goals, and undertook its latest peer review in 2007.
It has provided a framework for dialogue and cooperation in a diverse, widely spread region with a relatively short history of working together. APEC has also adjusted and widened its activities in response to new needs, such as health threats and terrorism.
Trade in goods and services between APEC economies more than tripled in dollar terms between 1989 and 2003.
These achievements by APEC economies have helped increase job opportunities, improve living standards and reduce poverty in the region.
Average Applied Tariff
Rates of APEC Economies 1989 – 2004 (percent)
The
average tariff in APEC member economies dropped from
16.9 percent in 1989 to 5.5 percent in 2004.
APEC’s contribution to World GDP 1989 – 2003 (US$ billion)
APEC economies have grown
strongly since APEC was established, accounting for
61 percent of world growth from 1989 to 2003.
Real and per capita GDP
growth 1989 – 2003 (US$ billion)
Growth in APEC economies
was higher than in non-APEC economies in the
period 1989 – 2003. APEC’s lower
income economies have grown particularly strongly,
with real GDP increasing by 77 percent in the
same period.
