Since its inception, APEC has been driven by three core principles:
These principles underpinned the Bogor Goals, agreed by APEC leaders in 1994. The Goals sought to achieve "free and open trade and investment" in the region by 2010 for developing economies and 2020 for developing members. In 2005 APEC conducted a review of progress towards the Bogor Goals, and issued the "Busan Roadmap" to chart further progress.In 2010 an assessment of the five industrialised economies and eight APEC developing economies that volunteered to be part of this exercise was carried out. While no economy was assessed as having reached the Bogor Goals, the assessment found that significant progress had been made toward the Bogor Goals. However, more work remained to be done to achieve free and open trade and investment in the region. As such, all of APEC’s economies will be collectively assessed again in 2020, with a midterm stocktake in 2016.
Read the Progressing towards the Bogor Goals Perspectives [external link].
APEC members pursue the Goals through a range of channels, including unilateral measures, APEC collective action plans, global trade talks (in the World Trade Organisation) and free trade agreements. Progress towards the Goals by member economies is monitored through a peer review process.
It has provided a framework for dialogue and cooperation in a diverse, widely spread region with a relatively short history of working together. APEC has also adjusted and widened its activities in response to new needs, such as health threats and terrorism.
These achievements by APEC economies have helped increase job opportunities, improve living standards and reduce poverty in the region.