APEC is an intergovernmental grouping operating on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. It was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.
APEC’s 21 Member Economies are Australia, Brunei Darussalam, Canada, Chile, People’s Republic of China, Hong Kong, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, The Republic of the Philippines, The Russian Federation, Singapore, Chinese Taipei, Thailand, The United States of America and Viet Nam.
Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, creating efficient domestic economies and dramatically increasing exports. Key to achieving APEC’s vision are what are referred to as the ‘Bogor Goals’ of free and open trade and investment in the Asia-Pacific by 2010 for industrialised economies and 2020 for developing economies. These goals were adopted by Leaders at their 1994 meeting in Bogor, Indonesia. APEC’s energy issues are the responsibilities of the Energy Working Group (EWG), one of its 11 working groups. The development and maintenance of the APEC Energy Database is assigned to EWG’s Expert Group on Energy Data and Analysis (EGEDA) who has appointed the Energy Data and Modelling Centre (EDMC) of the Institute of Energy Economics, Japan (IEEJ) as the Coordinating Agency. One of the objectives of EGEDA is to collect monthly oil data of the APEC economies in support of the Joint Organisations Data Initiative.
Asia Pacific Economic Cooperation (APEC)
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