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Trade and Industry Department The Government of the Hong Kong Special Administrative Region
Brand Hong Kong - Asia world city
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Background of Asia-Pacific Economic Cooperation (APEC)
APEC - Advancing Free Trade for Asia-Pacific Prosperity

What is APEC?

APEC is an informal forum set up in 1989 for high level government-to-government dialogue on trade and economic issues. APEC aims to create greater prosperity for the people of the Asia-Pacific region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.

APEC operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the World Trade Organization (WTO) or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions within APEC are reached by consensus and commitments are undertaken on a voluntary basis.

The annual highlight of APEC is the Economic Leaders' Meeting at which Economic Leaders meet informally to exchange views and to give political attention and support at the highest level to the APEC process. An APEC Ministerial Meeting is also held each year right before the Economic Leaders' Meeting to take stock of APEC's work in the past year and decide on the future work programme.

Information on APEC's work and achievements can be found in the APEC website at www.apec.org.

APEC's Membership

APEC comprises 21 member economies. For details, please visit the APEC website at: http://www.apec.org/about-us/about-apec/member-economies.aspx.

APEC Chairmanship

The APEC Chairmanship each year is decided by APEC member economies by consensus. The Economic Leaders', Ministerial and Senior Officials' Meetings in the year are hosted by the Chair. APEC 2024 is chaired by Peru, while APEC 2025 will be chaired by Korea. For information about APEC Peru 2024, please visit https://apecperu.pe/2024.

Private/Business Sector Participation in APEC

The APEC Business Advisory Council (ABAC) was established by the Economic Leaders in November 1995 to provide advice to APEC on business sector priorities, and to respond to requests from various APEC fora for information about business perspective on specific areas. ABAC presents annual reports to APEC Economic Leaders. They contain specific recommendations for improving business conditions and expanding trade and investment facilitation and liberalisation in the region.

ABAC comprises up to three members and three alternate members of the private sector from each APEC member economy, to be appointed by their respective Economic Leaders.

HKC's current Representatives to APEC Business Advisory Council are Ms Marjorie Yang (Chairman of Esquel Group), Ms Mary Huen (Executive Director and Chief Executive Officer of Hong Kong and Cluster Chief Executive Officer for Hong Kong, Taiwan & Macau of Standard Chartered) and Ms Nisa Leung (Managing Partner of Qiming Venture Partners) while HKC's Alternate Representatives to APEC Business Advisory Council are Mr Spencer Fung (Group Executive Chairman of Li & Fung) and Mr Duncan Chiu (Chairman of Lai Yuen Company Limited).

The ABAC Chair rotates annually in consonance with the APEC Chair. The host member economy for the year is to designate one of its ABAC Members to serve as ABAC Chair. There are two ABAC Co-Chairs, one from the immediate past ABAC Chair, and another from the immediate future ABAC Chair.