The Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting will be held virtually on November 20, the Malaysian Ministry of International Trade and Industry announced on Monday (26.101.2020).
At the meeting, Due to COVID-19 it will be virtual for the first time, the leaders of the APEC economies will participate, the ministry said in a statement.
During the event, the regional program Post-2020 Vision will also be presented, a key policy document that will replace the Bogor Goals, which will reach maturity later this year, he added.
Malaysia, which is leading the drafting of the document, is working with all APEC economies to finalize it in the coming weeks. The document will become the primary reference source for the region in the coming years.
What is APEC?
The Asia Pacific Economic Cooperation Forum (APEC) is the The main forum for facilitating economic growth, technical and economic cooperation, trade and investment facilitation and liberalization in the Asia-Pacific region. Consisting of the following 21 economies:
Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore; Taipei-China, Thailand, United States and Vietnam.
The Forum was established in Canberra, Australia, in November 1989, at the initiative of the then Australian Prime Minister, Robert Hawke, in response to the growing economic interdependence of the Asia Pacific economies.
APEC aims to enhance the sense of community in the Asia Pacific and reduce the differences between the economies of the region through a path of sustainable growth.
Unlike the World Trade Organization and other multilateral forums, APEC is not a treaty or agreement of obligations. Decisions within APEC are made by consensus and Commitments are assumed voluntarily.
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