Asia-Pacific Economic Cooperation (APEC)
- November 21, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Asia-Pacific Economic Cooperation (APEC)
Subject :International Relations
Context:
US Vice President Kamala Harris spoke briefly with Chinese leader Xi Jinping while heading into a closed-door meeting at the Asia-Pacific Economic Cooperation forum’s summit in Bangkok.
Concept:
Asia-Pacific Economic Cooperation (APEC)
- APEC is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.
- APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies.
- APEC’s member economies are home to more than 2.9 billion people and make up over 60 per cent of global GDP.
- APEC partners make up more than 75 per cent of Australia’s total trade in goods and services.
- APEC was formed to encourage a growing and prosperous regional economy through:
- trade and investment liberalisation and facilitation – at the border, across the border and behind the border
- reduced costs of cross-border trade to assist businesses
- economic and technical cooperation
- exchanges of best practice information on trade and investment
- simplified regulatory and administrative processes
- improved institutional capacity to implement and take advantage of the benefits of trade and investment reform.
- APEC’s work is guided by the APEC Putrajaya Vision 2040, which is for an open, dynamic, resilient and peaceful Asia-Pacific community by 2040. This will be achieved by pursuing three economic drivers:
- trade and investment
- innovation and digitalisation
- strong, balanced, secure, sustainable and inclusive growth.
- APEC decisions are reached by consensus, and commitments are made on a voluntary basis.
- APEC has three official observers-the Association of Southeast Asian Nations Secretariat, the Pacific Economic Cooperation Council and the Pacific Islands Forum Secretariat.
- Hosting APEC-Each year a different member economy hosts the major APEC meetings. This year’s and future hosting economies are:
- 2022 – Thailand
- 2023 – United States of America
- APEC members-
- Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, Vietnam and the United States.
- India is not a Member.