“Harnessing the potential for commerce”
The 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ summit was convened at Da Nang in Vietnam on 10-11 November. APEC comprises 21 members across the Asia-Pacific nations such as: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, the US, and Vietnam.
The forum came into being some 28 years ago in 1989 to become a meaningful platform for member economies to strengthen dialogue and understanding on a number of crucial economic matters. Today, APEC proves its dynamism and resilience. It is a powerful forum. APEC members contribute nearly 60pc of global Gross Domestic Product (GDP), 51pc of global trade volume, and 53pc of world’s Foreign Direct Investment (FDI). The ideas of the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP) came out of the APEC.