The Asia-Pacific Economic Cooperation (APEC) forum was established in 1989 in recognition of the growing inter-dependence of Asia-Pacific economies. In that year, 12 Asia-Pacific nations met in Canberra, Australia, to establish APEC. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Republic of the Philippines, Singapore, Thailand, and the United States.

Today, APEC has 21 member economies, following the addition of the People’s Republic of China, Hong Kong China, Chinese Taipei, Mexico, Papua New Guinea, Chile, Peru, the Russian Federation, and Vietnam.

At the annual APEC Economic Leaders’ Meeting, the leaders take up policies that will be jointly implemented in pursuit of the three main pillars of activity of APEC – trade and investment liberalization, business facilitation, and economic and technical cooperation.

Since APEC’s inception in 1989, APEC’s total trade has grown 395 percent, significantly outpacing that of the rest of the world. APEC has become the premier forum for trade and investment liberalization in the Asia-Pacific and has set targets dates for “free and open trade” – not later than the year 2010 for industrialized economies and 2020 for developing economies, as stipulated in what is now known as the Bogor Goals. A significant number of bilateral free trade agreements (FTAs) have also been concluded between APEC member economies in the annual leaders’ meeting.

Aside from the three pillars of activity, APEC has also acted on pressing regional priorities, including human security, emergency preparedness, climate change, energy security and clean development, and the global financial crisis.

This year, Singapore plays host to the APEC 2009 Economic Leaders’ Meeting, coinciding with the 20th Anniversary of APEC, with the theme “Sustaining Growth, Connecting the Region.” The meeting is expected to explore ways for the economies to continue to strengthen the global multi-lateral trading system by resisting protectionism and supporting the successful conclusion of the Doha Round of trade talks. They will review the progress attained in facilitating trade, easing burdens on doing business within and between member economies, and increasing the connectivity and efficiency of supply chains.

We wish President Gloria Macapagal Arroyo and her Delegation bon voyage and a productive trip to the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting in Singapore. We wish her success in all her endeavors.