FROM November 12 to 20, the country will host some 10,000 delegates, including 21 heads of economies for the APEC Economic Leaders’ Meeting. Here are some important facts worth remembering about APEC 2015.
• The Asia-Pacific Economic Cooperation (APEC) is a forum that aims to promote trade among its members. Created in 1989, the conference discusses economic and not political issues. APEC members are called member economies while the leaders in attendance are referred to as heads of economies.
• For this year, the Philippines is hosting APEC. A series of over a hundred meetings with senior leaders and delegates from different member economies took place as early as January 2015 in various provinces and cities of the country like Bacolod, Bataan, Boracay, Cebu, Clark, Pampanga, Iloilo, and Tagaytay, to discuss issues related to the APEC, with several agreements expected to be signed at this week’s meetings. This will culminates in the Leaders’ Summit in Manila from November 18 to 19.
• To date, there are 21 member economies of APEC and the Philippines is one of the 12 founding members along with Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, Singapore, Thailand and the United States in 1989. China, Hong Kong, and Chinese Taipei joined in 1991 followed by Mexico and Papua New Guinea in 1993 while Chile joined in 1994, before Peru, Russia and Vietnam that completed the current membership in 1998.
• According to October 2013 figures, APEC’s 2.7 billion population accounted for 40 percent of the global population. Its total trade receipts of $16.8 trillion in 2010 represented 45 percent of global trade. The Philippines’ total external trade for 2013 with APEC—member economies amounted to $96.104 billion or 80.7 percent of the country’s entire trade.