PNoy to attend 23rd APEC Leaders’ Meeting in Honolulu on Nov. 12-13

November 3, 2011 9:45 pm 

MANILA, Nov. 3 — President Benigno S. Aquino III will join 20 other leaders of the Asia Pacific Economic Cooperation (APEC) member economies when he flies to Honolulu this weekend to attend the 23rd APEC Leaders’ Meeting.

The Department of Foreign Affairs (DFA) will hold on Friday a briefing on the President’s attendance at the Honolulu-hosted summit to expound on the initiatives the Chief Executive will push during his meeting with leaders from Australia, Canada, Chile, China, Hong Kong, Japan, Mexico, New Zealand, Papua New Guinea, Peru, Russia, South Korea, Taiwan, the US, and ASEAN member countries such as Brunei, Indonesia, Malaysia, Singapore, Thailand and Vietnam.

The APEC is the premier forum for Asia-Pacific economies to cooperate on regional trade and investment issues.

Its annual Leaders and Ministerial meetings are attended by heads of state, cabinet ministers, business leaders and the heads of the World Bank and World Trade Organization, among others.

The Hawaii meetings, scheduled for November 12-20, 2011 at the Hawaii Convention Center, are expected to draw more than 10,000 people to Honolulu.

The APEC’s annual Leader’s Meeting is hosted each year by a different member economy; 2011 is the United States’ turn to host since the first meeting convened on Blake Island, Washington in 1993.

APEC is the only inter governmental grouping in the world operating on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Unlike the WTO or other multilateral trade bodies, APEC has no treaty obligations required of its participants. Decisions made within APEC are reached by consensus and commitments are undertaken on a voluntary basis.

APEC has 21 members – referred to as "Member Economies" – which account for more than a third of the world's population (2.6 billion people), approximately 60% of world GDP (US ,254 billion) and about 47% of world trade. It also proudly represents the most economically dynamic region in the world having generated nearly 70% of global economic growth in its first 10 years. (PNA)

RMA/LAM/FPV/

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