APEC Canada 1997 was a series of

Asia-Pacific Economic Cooperation Asia-Pacific Economic Cooperation (APEC ) is an inter-governmental forum for 21 member economy , economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. Following the success of Association of Southeast Asia ...

meetings focused on economic cooperation, held in

Vancouver, British Columbia Vancouver is a major city in Western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the cit ...

, Canada on 24–25 November 1997. It was the fifth

APEC Asia-Pacific Economic Cooperation (APEC ) is an inter-governmental forum for 21 member economy , economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. Following the success of Association of Southeast Asia ...

meeting in history, and the second held in the Americas. Though discussions also involved the admission of

Peru Peru, officially the Republic of Peru, is a country in western South America. It is bordered in the north by Ecuador and Colombia, in the east by Brazil, in the southeast by Bolivia, in the south by Chile, and in the south and west by the Pac ...

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

, and

Vietnam Vietnam, officially the Socialist Republic of Vietnam (SRV), is a country at the eastern edge of mainland Southeast Asia, with an area of about and a population of over 100 million, making it the world's List of countries and depende ...

into the organization (as of 2010, these countries remained APEC's newest members), the meeting focused on development in Asia-Pacific countries, and its implications for the world's economy. The role of the IMF was also discussed, as was the need to strengthen global cooperation with respect to economic activity (EVSL initiative - tariffs), customs procedures, and emergencies. 47% of world trade is done by APEC members. The first day of the meeting was November 24, 1997.

History

The organization first met as a forum in 1989, in an informal meeting meant to facilitate dialogue between member nations (originally 12 including 3 G8 countries). It was intended to liberalize international trade. APEC's three pillars were delineated at the 1995 meeting in Japan.

Expansion

Three new members Russia, Peru and Vietnam, were admitted under a ten-year integration initiative (a decision agreed in 1997 but not converted into formal admission for the new members until 1998). The most recent additions prior to this had been those of Mexico, Papua New Guinea, and Chile in 1991. 1997 was also the year Russia entered the G7, creating the G8.

Purpose and goals

The group

ratified Ratification is a principal's legal confirmation of an act of its agent. In international law, ratification is the process by which a state declares its consent to be bound to a treaty. In the case of bilateral treaties, ratification is usuall ...

tariff A tariff or import tax is a duty (tax), duty imposed by a national Government, government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods ...

reduction initiative called early voluntary sectoral liberalization (EVSL), which aimed to lower tariffs across 15 economic sectors; the process regarded nine of these as priority areas. Goals were set regarding financial stability and how it could be achieved through a stronger and more relevant

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...

. Customs procedures were also discussed, with the goal of improving clearances by 2000.

Criticism

An APEC report, compiled by inquiry commissioner

Ted Hughes Edward James Hughes (17 August 1930 – 28 October 1998) was an English poet, translator, and children's writer. Critics frequently rank him as one of the best poets of his generation and one of the twentieth century's greatest writers. He wa ...

and including testimonies from over 150 witnesses, concluded that the

Royal Canadian Mounted Police The Royal Canadian Mounted Police (RCMP; , GRC) is the Law enforcement in Canada, national police service of Canada. The RCMP is an agency of the Government of Canada; it also provides police services under contract to 11 Provinces and terri ...

used excessive force on protesters during the meeting.

Attendees

References

{{Asia-Pacific Economic Cooperation 1990s in Vancouver

1997 Events January * January 1 – The Emergency Alert System is introduced in the United States. * January 11 – Turkey threatens Cyprus on account of a deal to buy Russian S-300 missiles, prompting the Cypriot Missile Crisis. * January 1 ...