APEC Canada 1997


APEC Canada 1997 was a series of Asia-Pacific Economic Cooperation meetings focused on economic cooperation, held in Vancouver, British Columbia, Canada on 24–25 November 1997. It was the fifth APEC meeting in history and the second held in the Americas. Though discussions also involved the admission of Peru, Russia and Vietnam into the organization, 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, 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. 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. 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 a tariff reduction initiative called early voluntary sectoral liberalization, 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. Customs procedures were also discussed, with the goal of improving clearances by 2000.

Criticism

An APEC report, compiled by inquiry commissioner Ted Hughes and including testimonies from over 150 witnesses, concluded that the Royal Canadian Mounted Police used excessive force on protesters during the meeting.