[2] Following the success of ASEAN's series of post-ministerial conferences launched in the mid-1980s,[3] APEC started in 1989,[4] in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; it aimed to establish new markets for agricultural products and raw materials beyond Europe.

[5] Headquartered in Singapore,[6] APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region,[7] and exerts significant global influence.

The location of the meeting rotates annually among the member economies, and a famous tradition, followed for most (but not all) summits, involves the attending leaders dressing in a national costume of the host country.

The developments led Australian Prime Minister Bob Hawke to believe in the necessity of region-wide co-operation on economic matters.

[16][17] In April 2001, APEC, in collaboration with five other international organisations (Eurostat, International Energy Agency, Organización Latinoamericana de Energía (OLADE) [es], Organization of the Petroleum Exporting Countries and the United Nations Statistics Division) launched the Joint Oil Data Exercise, which in 2005 became the Joint Organisations Data Initiative (JODI).

[2] India has requested membership in APEC, and received initial support from the United States, South Korea, Australia,[30] and Papua New Guinea.

[33] Bangladesh,[34] Pakistan,[34] Sri Lanka,[34] Macau,[34] Mongolia,[34] Laos,[34] Cambodia,[35] Costa Rica,[36] Colombia,[36][37] Panama,[36] and Ecuador,[38] are among a dozen other economies that have applied for membership in APEC.

Colombia applied for APEC's membership as early as in 1995, but its bid was halted as the organisation stopped accepting new members from 1993 to 1996,[39] and the moratorium was further prolonged to 2007 due to the 1997 Asian financial crisis.

The APEC Trade Facilitation Action Plan (TFAPI) has contributed to a reduction of 6% in the cost of business transactions across the region between 2002 and 2006.

[41] APEC first formally started discussing the concept of a Free Trade Area of the Asia-Pacific (FTAAP) at its summit in 2006 in Hanoi.

Relatedly, ASEAN and existing free trade agreement (FTA) partners negotiated the Regional Comprehensive Economic Partnership (RCEP), not officially including Russia.

The purpose is to foster cooperation among tertiary and research institutes of member economies, thus having better academic collaboration on key regional economic challenges.

The meeting also endorsed the Shanghai Accord proposed by the United States, emphasising the implementation of open markets, structural reform, and capacity building.

[64] Extreme security measures including airborne sharpshooters and extensive steel-and-concrete barricades were deployed against anticipated protesters and potential terrorists.

However, protest activities were peaceful and the security envelope was penetrated with ease by a spoof diplomatic motorcade manned by members of the Australian television program The Chaser, one of whom was dressed to resemble the Al-Qaeda leader Osama bin Laden.

The tradition dates to the first such meeting in 1993 when then-U.S. President Bill Clinton insisted on informal attire and gave the leaders leather bomber jackets.

[67] Similarly, when Honolulu was selected in 2009 as the site for the 2011 APEC meeting, U.S. President Barack Obama joked that he looked forward to seeing the leaders dressed in "flowered shirts and grass skirts".

After viewing previous photos, and concerned that having the leaders dress in aloha shirts might give the wrong impression during a period of economic austerity, Obama instead decided it might be time to end the tradition.

[68] Leaders in Bali, Indonesia at the 2013 conference wore a batik outfit; in China 2014 Tang suit jackets; in the Philippines 2015 barong tagalogs; in Peru 2016 vicuña wool shawls; in 2017 Vietnamese silk shirts.

[69] APEC has been criticised for promoting free trade agreements that would impose restrictions on national and local laws, which regulate and ensure labour rights, environmental protection and safe and affordable access to medicine.

[71] The effectiveness and fairness of its role has been questioned, especially from the viewpoints of European countries that cannot take part in APEC[72] and Pacific Island nations that cannot participate but stand to be affected by its decisions.