The 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting is scheduled to take place from Wednesday to Friday in San Francisco, U.S.
The 21 APEC member economies are home to 2.96 billion people, which accounts for 37 percent of the world's population, and they represent 62 percent of the global GDP, encompassing 47 percent of international trade.
APEC has evolved into a dynamic engine of economic growth and stands as one of the most vital regional forums in the Asia-Pacific. By reducing trade barriers and harmonizing regulatory differences, it ensures the smooth movement of goods, services, investments and people across borders.
Established in 1989, APEC had 12 founding members: Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the U.S.
In 1991, China, China's Hong Kong SAR and Chinese Taipei joined. Mexico and Papua New Guinea followed in 1993, and Chile acceded in 1994. In 1998, Peru, Russia and Vietnam became members, bringing the total membership to 21.