What is Apec - explained in 30 seconds
3 minute readPublished: Wednesday, October 29, 2025 at 11:57 pm
Asia-Pacific Economic Cooperation: A Snapshot
The Asia-Pacific Economic Cooperation (APEC) forum, a significant player in global economics, was conceived in 1989 by Australia's then-Prime Minister Bob Hawke. The organization officially launched later that year with 12 member economies. Today, APEC boasts 21 members, collectively representing over half of the world's gross domestic product (GDP) and home to approximately 2.7 billion people, or 40% of the global population.
Key members include economic powerhouses like China, Russia, and the United States, alongside Australia, Canada, Japan, and several other nations spanning the Asia-Pacific region. The organization's initial impact was substantial; the APEC region accounted for 70% of global economic growth during its first decade.
APEC's primary function is to foster free trade and multilateralism. It aims to achieve this by encouraging cooperation and reducing trade and investment barriers among its members. The organization's leaders convene annually for multi-day summits to discuss and address various economic and social issues.
However, APEC's effectiveness has faced challenges. Decisions made during these summits are non-binding, and achieving consensus has become increasingly complex. This is partly due to rising nationalism and protectionist policies, including tariffs implemented by the United States.
In recent years, APEC's agenda has expanded to encompass a broader range of topics. These include adapting to digital advancements, exploring artificial intelligence, promoting sustainable energy, ensuring food security, addressing demographic shifts, and expanding opportunities for women and individuals with disabilities.
BNN's Perspective: APEC remains a vital platform for dialogue and cooperation in a dynamic global landscape. While the organization faces headwinds from protectionist sentiments, its focus on free trade and addressing emerging challenges is crucial for fostering economic stability and growth in the Asia-Pacific region and beyond.
Keywords: APEC, Asia-Pacific Economic Cooperation, free trade, multilateralism, GDP, economic growth, China, United States, Russia, trade barriers, investment, summits, digital change, artificial intelligence, sustainable energy, food security, demographic shifts.