Foreign and trade ministers or representatives from the 21 Asia-Pacific Economic Cooperation (APEC) member economies began their two-day gathering in Singapore on Wednesday to make final preparations for the APEC Economic Leaders' Meeting (AELM) slated for Nov. 14-15.
As a major part of APEC's decision-making mechanism, the ministerial meeting has been commissioned with preparations for the APEC leaders' meeting. It is also tasked with the implementation of the resolutions adopted by the AELM and overseeing discussions of important economic issues in the region.
The first APEC ministerial meeting was held on the initiative of then-Australian Prime Minister Robert Hawke, in Canberra, Australia, in
November 1989. The session set the course for the APEC as an open regional economic cooperation mechanism devoted to global trade liberalization, the promotion of trade, investment and technical cooperation in the Asia-Pacific region. The meeting marked the official launch of the APEC.
Before 1993, the AMM had been the highest level decision maker of the APEC. In the 1993 Seattle meetings, as the APEC drew more attention, the first APEC Economic Leaders' Meeting was held to bring together heads of state to set the strategic policy direction for the APEC.
Over the years, the AMM has proved to be a forward-looking mechanism, touching upon all major agenda that may have an impact on the world's
future. In 2008, at their meeting in Lima, Peru, the ministers discussed a wide range of topics, from the global financial crisis, international trade talks and regional economic integration to corporate social responsibility, energy security and food safety.
This year's meeting is expected to discuss a range of economic and strategic issues, including the global economy, accelerating regional
economic integration, strengthening the multilateral trading system, and fostering an inclusive and sustainable growth in the post-crisis world.