New to APEC? Skip to the general FAQs below.
U.S. Chairmanship of APEC in 2023
Q. What does it mean for the U.S. to chair APEC in 2023?
A. In 2023, the U.S. Government will determine the themes, priorities, and deliverables for the year, as well as decide which ministerial meetings to hold. Also, the U.S. representatives to the APEC Business Advisory Council (ABAC), the official mechanism for private sector input to APEC, will set the business agenda for 2023.
When the United States hosted in 2011, APEC Members:
- launched the APEC Travel Facilitation Initiative;
- committed to implement the APEC Cross Border Privacy Rules (CBPR) System;
- participated in the first High Level Meeting on Health and the Economy;
- implemented the APEC New Strategy for Structural Reform;
- established the APEC Women’s Economic Empowerment Agenda with the San Francisco Declaration; and
- agreed to cut tariffs on environmental goods to facilitate trade.
Q. How does chairing APEC benefit the U.S.?
A. Chairing APEC is an important way for the United States to demonstrate its commitment to economic engagement in the Indo-Pacific and take a leading role in shaping the economic agenda and establishing the rules of commerce in the fastest growing region in the world.
Q. Is there a role for U.S. businesses?
A. U.S. companies of all sizes have the opportunity to work with the U.S. government to provide input on APEC 2023 priorities that allow them to compete in Indo-Pacific markets on a level playing field. Further, U.S. businesses will have opportunities to engage directly with government representatives from APEC economies throughout the year for discussions on issues including, trade and investment, sustainability, inclusive growth, the digital economy, and other issues central to APEC’s work.
Q. How about small companies?
A. Micro, Small and medium-sized enterprises, or MSMEs as they are known in APEC, are important drivers of growth and innovation in the Indo-Pacific. APEC promotes policies that facilitate access to global markets, which allows SMEs to reach new customers and create jobs that power the economy. The U.S. Department of Commerce estimates that 98% of the 300,000 U.S. companies that export are SMEs and that these companies account for one-third of merchandise exports.[1] Through its various mechanisms for private sector engagement, entrepreneurs and small business owners have the opportunity to engage directly with APEC government officials to share their ideas on making the Indo-Pacific a better place to do business.
Q. Why is chairing APEC beneficial to U.S. workers?
A. As the world’s largest exporter of goods and services, which totaled more than $2.35 trillion in 2017,[2] U.S. companies and workers depend on global markets to drive growth. The U.S. Department of Commerce estimates that exports of manufactured goods directly support more than 6 million manufacturing jobs, which is about half of all manufacturing employment in the U.S. Through APEC, the U.S. government advocates for trade and investment policies that level the playing field for U.S. workers.
Q. What role will NCAPEC play in support of the U.S. Chairmanship of APEC in 2023?
A. The National Center for APEC is the only U.S. business organization exclusively focused on APEC, which it has done since the first time the U.S. chaired APEC in 1993. During a U.S. chairmanship of APEC, NCAPEC will support the U.S. Chair of the APEC Business Advisory Council and will play a leading role in organizing private sector events on the margins of APEC government meetings. In 2011, NCAPEC formed a private sector host committee which organized the 2011 APEC CEO Summit along with numerous other dialogues and events that facilitated engagement with APEC government officials.
Q. When does the U.S. Chairmanship of APEC begin?
A. The U.S. Chairmanship of APEC began December 2022 and runs until November 2023.
Q. How is the decision made to select the next APEC Chair?
A. An economy offers to chair APEC during a specific year and the decision must be approved by consensus of all 21 APEC member economies.
Q. When did the U.S. offer to chair APEC?
A. On August 24, 2021, Vice President Kamala Harris announced the U.S. offer to host APEC in 2023 while in Singapore. Watch V.P. Harris’ announcement here. Peru has offered to host in 2024, with Korea expected to chair in 2025.
General APEC Questions
Q. What is APEC?
A. APEC stands for Asia Pacific Economic Cooperation (APEC) and is the premier Asia-Pacific economic forum. Its primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region.
The 21 APEC economies are united in their drive to build a dynamic and harmonious Asia-Pacific community by championing free and open trade and investment, promoting, and accelerating regional economic integration, encouraging economic and technical cooperation, enhancing human security, and facilitating a favorable and sustainable business environment. APEC initiatives turn policy goals into concrete results and agreements into tangible benefits.[3]
Q. Who is “in” APEC?
A. APEC is made up of 21 member economies representing geographic locations around the Pacific Ocean. Member economies include Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Japan; Korea; Indonesia; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapore; Chinese Taipei; Thailand; United States of America; Vietnam
Q. How does APEC work?
A. APEC is a non-binding, consensus-based economic forum. This configuration allows APEC to be flexible, which is a trait that other similar regional organizations do not share. APEC is often used to pilot roadmaps and pathfinders before full adoption. APEC is managed by a Secretariat based in Singapore.
Q. Why are APEC members called economies and do you use flags or maps?
A. APEC agreed that members would be called economies instead of countries or nations. APEC does not permit the use of flags, maps, or other national symbols.
Q. What does it mean to be the “host economy” or have the “chairmanship” of APEC?
A. Each year one of the 21 member economies takes a turn being the chair of APEC or the “host economy.” This means that the economy chairing APEC for the year sets the themes, priorities, agendas, meeting locations, which ministerial meetings will be held, and all the other details of a chaired year. The ABAC representatives of the economy chairing APEC likewise set the themes, priorities and all details for the APEC Business Advisory Council (ABAC), and one of these representatives chairs the ABAC for the year.
The United States previously hosted APEC in 1993 and 2011.
Q. How has the COVID-19 pandemic affected APEC?
A. In 2020, Malaysia was the host economy and had to pivot to a virtual program as the COVID-19 pandemic broke out. In 2021, New Zealand as the host economy, decided on an entirely virtual APEC year. In 2022, Thailand is returning to in-person meetings beginning with the Informal Senior Officials’ Meeting (ISOM) in Phuket, Thailand in December.
Q. Which economy is the previous chair of APEC?
A. Thailand was the chair of APEC in 2022. The host year officially begins with the Informal Senior Officials’ Meeting (ISOM) in early December and runs through the APEC Economic Leaders’ Meeting the following November.
Q. What does it cost to chair APEC?
A. Each host economy decides the details of how they will host. When the U.S. last hosted APEC in 2011, it cost roughly the same as a single Osprey vertical-lift cargo aircraft.[4]
[2] Benefits of Trade | United States Trade Representative (ustr.gov)
[4] Biden Should Seize APEC and ASEAN Opportunities | Center for Strategic and International Studies (csis.org)