Asia Pacfic Economic Cooperation (APEC) and the 2008 Meetings in Lima, Peru
on March 31, 2009
Congress and the Executive Branch have historically identified the Asia Pacific Economic Cooperation (APEC) as an important organization to help promote the U.S. goal of liberalizing international trade and investment in Asia, and possibly the rest of the world. APEC’s commitment to the goal of trade and investment liberalization is embodied in its Bogor Goals, in which APEC members pledged to free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and 2020 for developing economies. In November 2008, APEC held its annual Leaders’ Meeting in Lima, Peru. Although the official theme for the meeting was “A New Commitment to Asia-Pacific Development,” global economic events overshadowed the event, focusing discussion on resisting protectionist pressures and expediting economic recovery. The next three years may be a critical period for APEC.