On the last day of October 2025, leaders from the 21 nations of the Asia-Pacific Economic Cooperation (APEC) forum will meet in the city of Gyeongju in the Republic of Korea (South Korea) for the organisation’s 33rd summit. Since its founding in 1989 in Canberra, Australia, APEC has promoted building a zone of ‘free and open trade’ – a concept outlined by the Bogor Goals, which came out of the summit in Indonesia in 1994.

APEC is a creature of its times. First, it emerged as an instrument of Japan’s Pacific Economic Cooperation Council with the goal of building regional supply chains after the Plaza Accord (1985) appreciated the yen against the dollar.

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