Panama To Apply For Membership Of APEC

by Mary Swire, Tax-News.com, Hong Kong

16 November 2005

Panama will make an application to join the Asia Pacific Economic Cooperation Forum (APEC) at the organization's CEO Summit which starts in South Korea tomorrow, Panamanian Foreign Minister Samuel Lewis has indicated.

Mr Lewis made the announcement in the South Korean capital, Seoul, as he prepared to attend the APEC summit which is being held in the southern Korean port city of Busan.

Whilst in the country, Mr Lewis met with various domestic politicians, business people, and shipping company representatives. He also received an honorary doctorate from South Korea's INJE University.

Established in 1989, APEC's major goal is to enhance economic growth and prosperity for the region and to strengthen relationships within the Asia-Pacific community. Since its inception, APEC has worked to reduce tariffs and other trade barriers across the Asia-Pacific region in a bid to increase exports and make domestic economies operate more efficiently.

APEC has 21 members which account for more than a third of the world's population (2.6 billion people), approximately 60% of world GDP and about 47% of world trade.

The membership includes: Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; and VietNam.

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