The Representatives of Australia, Brunei Darussalam. Canada, the People's Republic of China, Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Chinese Taipei, Thailand and the United States of America, meeting in Bangkok on 10-11 September 1992 at Ministerial level,
the basic principles adopted by Ministers in Canberra on 6-7 November 1989, in Singapore on 30-31 July 1990 and in Seoul on 12-14 November 1991;
DETERMINED TO PURSUE
the objectives of APEC as stated in the Seoul APEC Declaration to
- sustain the growth and development Or the region for the common good of its peoples and, in this way, to contribute to the growth and development of the world economy;
- enhance the positive gains, both for the region and the world economy, resulting from increasing economic interdependence, including by encouraging the flow of goods, services, capital and technology;
- develop and strengthen the open multilateral trading system;
- reduce barriers to trade in goods and services and investment among participants in a manner consistent with GATT principles, where applicable, and without detriment to other economies: and
the rapidly growing activities of APEC since its inception have increased the need for an effective support mechanism to facilitate and coordinate APEC activities in order to strengthen APEC's role and enhance its efficiency in promoting regional economic cooperation, hence the need to establish an APEC Secretariat and an APEC Fund;
DO HEREBY DECLARE
1. ESTABLISHMENT OF THE APEC SECRETARIAT
- An APEC Secretariat is established as a support mechanism to facilitate and coordinate APEC activities, provide logistical and technical services as well as administer APEC financial affairs under the direction of the APEC Senior Officials' Meeting (APEC SOM).
- The APEC Secretariat will be empowered to act on behalf of APEC Members under the direction of Ministers as communicated through the APEC SOM.
2. STRUCTURE OF THE APEC SECRETARIAT
The APEC Secretariat will report directly to the APEC SOM. It will be composed of three elements: an Executive Director, Professional Staff and Support Staff.
3. LINKAGES BETWEEN THE APEC SECRETARIAT AND APEC MEMBERS
For better coordination, direct and regular communications will be established between the APEC Secretariat and APEC Members, Shepherds of Work Projects and Heads and other APEC committees and groups.
4. LOCATION/LEGAL CAPACITY
The APEC Secretariat will have its seat in Singapore and will be constituted as a legal entity enjoying such legal capacity as is necessary for the exercise of its functions.
B. BUDGETARY ARRANGEMENTS
5. ESTABLISHMENT OF THE APEC FUND
- The APEC Secretariat will, under the direction of the APEC SOM establish and administer a fund to cover APEC administrative and operational costs.
- Ministers will consider and approve the budget at each annual APEC Ministerial Meeting.
6. SOURCES AND ALLOCATIONS OF APEC FUND
To cover APEC administrative and operational costs, APEC Members will make contributions to the APEC Fund on a proportional basis in accordance with a scale determined by Ministers. Additional contributions from the public or private sectors of any APEC Member(s) and other sources may also be made directly to APEC activities on a voluntary basis.
7. FINANCIAL MONITORING AND AUDITING
- The APEC SOM will oversee financial administration, monitor contributions and expenditures, and make recommendations on financial operations.
- An auditor approved by the APEC SOM will audit on an annual basis the APEC Secretariat accounts.
- The annual accounts together with the report of the auditor will be submitted to each annual APEC Ministerial Meeting through the APEC SOM.