Taiwan has donated a record-breaking US$1.5 million to the Asia-Pacific Economic Cooperation (APEC). APEC is a forum that promotes free trade across the Asia-Pacific region. Taiwan is one of APEC’s 21 member economies.
APEC’s Secretariat acknowledged the donation in a memorandum of understanding signed with a Taiwanese foreign ministry official on Wednesday, and in a press release Wednesday evening. The US$1.5 million Taiwan has donated to APEC over the course of this year is double the amount it gave the organization last year.
The donation is intended to help further APEC’s economic and technical cooperation plans. US$1 million of the money will go to the APEC Human Security Sub-Fund. Taiwan pushed for this fund’s establishment in the wake of the 2003 SARS outbreak in recognition of the importance of health to regional economies. The remainder will go towards achieving APEC’s plans for digital innovation and tackling marine garbage, as well as to going to fund the research of APEC’s policy support group.