Full text: Statement on the 25th anniversary of APEC

Leaders from the Asia-Pacific Economic Cooperation (APEC) economies concluded their annual meeting in Beijing on Tuesday, adopting the "Statement on the 25th Anniversary of APEC: Shaping the Future through Asia-Pacific Partnership".

Following is the full text of the statement.

STATEMENT ON THE 25TH ANNIVERSARY OF APEC

Shaping the Future through Asia-Pacific Partnership

Beijing, China

11 November, 2014

1. We, the Leaders of the Asia-Pacific Economic Cooperation (APEC), having met by Yanqi Lake, Beijing, China for the 22nd APEC Economic Leaders' Meeting, jointly issue this statement today to commemorate the 25th anniversary of APEC.

2. We recall the establishment of APEC in 1989, which opened up a new historic chapter for economic cooperation in the Asia-Pacific. Over the course of the past 25 years, in pursuit of economic growth, better wellbeing of people, and common prosperity of the region, APEC has propelled progress through "two wheels" - trade and investment liberalization and facilitation and economic and technical cooperation. Having contributed to global efforts in meeting the grave challenges of the Asian Financial Crisis and the International Financial Crisis, APEC member economies have been the main engine of global growth.

3. We are pleased to note that APEC has become the premier, and most extensive and influential regional economic cooperation forum in the Asia-Pacific, unified in a common drive to build a dynamic and prosperous Asia-Pacific community.

Progress and Achievements

4. We acknowledge the historical achievements and the remarkable results APEC has delivered since its establishment in 1989. In the course of the past 25 years, the average applied tariffs of APEC economies have fallen by more than 10 percentage points, contributing to a seven-fold increase in both intra-APEC merchandise trade and APEC's total trade, as well as higher economic growth compared to the rest of the world.