The 2017 Asia Pacific Economic Cooperation Forum
The Asia Pacific Economic Cooperation (APEC) Forum is a trans-Pacific dialogue and cooperation organization created in 1989. Given the economic and political dynamism of the Pacific region, APEC has continued to gain in importance as a global forum and has expanded its membership. The twenty-one members of APEC, as of today, are Australia, Brunei, Canada, Chile, China, Taiwan, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Peru, Philippines, Papua New Guinea, Russia, Singapore, Thailand, the United States, and Vietnam.
Currently, the most important annual meeting of the organization is the APEC Economic Leaders’ Meeting, which has been held since 1993 and whose location rotates every year. This year, the 2017 APEC Economic Leaders’ Meeting is being held in Vietnam and the most important sessions will take place on November 11 and 12. As part of his grand Asia tour, US President Donald Trump will be attending the APEC Meeting and is expected to have much-anticipated meetings with some of his counterparts that will also be in attendance, such as Russian president Vladimir Putin, Canadian Prime Minister Justin Trudeau, and Australian Prime Minister Malcom Turnbull, amongst others.
The 2017 Asia Pacific Economic Cooperation Forum
The official headquarters of the APEC are located in Singapore, even though the organization’s presidency and meetings are held on a rotating basis. Singapore is a parliamentary republic located on an island at the southernmost tip of the Malayan peninsula in Southeast Asia, between Malaysia and Indonesia. Furthermore, in addition to hosting the headquarters for APEC, Singapore is also one of the ten members of the Association of South East Asian Nations (ASEAN). Singapore was originally established as a British trading outpost during the early 20th century due to its strategic location along the Strait of Malacca, which connects the Indian and Pacific oceans. Upon independence from the United Kingdom in 1963, Singapore briefly joined in the Federation of Malaysia along with other formerly British colonies. However, Singapore became an independent city-state in 1965. Today, Singapore has a total territory of 719 square kilometers, which is almost four times the size of Washington DC. Likewise, the country has a tropical climate and a low-lying terrain as well as 193 kilometers of coastline.
Singapore has a total population of approximately 5.9 million citizens, almost 75% of which are of Chinese origin and ethnicity. Similarly, all of the population in Singapore lives in an urban setting because the city-state is a highly urbanized megalopolis. Furthermore, the country’s population is predominantly young, with a median age of less than 35 years. The annual gross domestic product (GDP) of the country is of almost US$500 billion (PPP) and it has experienced positive economic growth upwards of 1.0% in recent years. The national economy is divided into less than 1% agriculture, 26% manufacturing, and 74% services. Likewise, it is estimated that the agriculture industry employs 1% of the national labor force, while manufacturing employs 16% and services employ another 83%. Meanwhile, the agriculture industry utilizes 1% of the national territory, while another 3% is forested.
(Read more about Agriculture and Macroeconomics in Malaysia)