WHAT IS APEC?
The Asia-Pacific Economic Cooperation (APEC) is the premier regional economic forum for promoting growth, technical and economic cooperation, facilitation and liberalization of trade and investment in the Asia-Pacific region. At the behest of Australia and Japan, APEC was established in 1989 to strengthen the Asia-Pacific community. The creation of a Free Trade Area of the Asia-Pacific (FTAAP) is a major long-term goal. In 1994, the member economies adopted the Bogor Goals to achieve free and open trade by 2020. In May 2018, the APEC Vision Group (AVG) was officially formed to shape the forum’s direction post 2020.