You are using an older browser version. Please use a supported version for the best MSN experience.

What you need to know about APEC

AAP logoAAP 16/11/2016

WHAT DOES APEC STAND FOR?

Asia-Pacific Economic Co-operation

WHAT IS IT?

The highest-level, most influential economic forum in the Asia-Pacific involving 21 members. It started in 1989 and happens every year.

WHERE IS IT HELD?

It rotates among member countries.

WHICH COUNTRIES ARE INVOLVED?

Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, USA, Vietnam.

WHAT HAPPENS AT APEC?

The main event is the economic leaders' meeting, involving heads of state from each member country - except Taiwan, which is represented by a ministerial-level official. At the end, they endorse a so-called leaders' declaration - a non-binding agreement that effectively summarises the year's work. There are other meetings before that, including a get-together of foreign and trade ministers to finalise the declaration, and parallel business events such as the CEO Summit.

WHAT'S ON THE AGENDA?

Four priority areas are usually laid out before the meeting. This year, the topics are human capital development, upgrading small and medium-size enterprises, regional food market and regional economic integration.

THE HIGHLIGHT?

Seeing attending leaders dress up in the national costume of the host country for what's become known as the "silly shirt" photo. It was ponchos in Peru in 2007, Driza-Bones in Sydney a year later and barong tagalogs in the Philippines last year.

WHAT'S THE BIG DEAL ABOUT THIS YEAR?

It will be the last APEC meeting for Barack Obama as US president, and the first for Vietnamese president Tran Dai Quang, Philippines president Rodrigo Duterte and Peruvian president Pedro Pablo Kuczynski.

THE ELEPHANT IN THE ROOM

US-president elect Donald Trump.

image beaconimage beaconimage beacon