APEC Summit

Subject : IR

Section: International groupings

Context: Biden and Xi to meet on the APEC summit sideline in November.

Some facts about APEC:

APEC is an inter-governmental forum of 21 member economies in the Asia-Pacific region.
It was established in 1989 in response to the growing interdependence of the region’s economies.
APEC’s mission is to “promote trade and economic cooperation among its member economies in order to create greater prosperity for the people of the Asia-Pacific region.”
APEC accounts for approximately 60% of global GDP and 47% of global trade.
Its members include Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States, and Vietnam.
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
The 2022 APEC summit was hosted by Thailand in Bangkok.
The venue for 2023 APEC summit is San Francisco (U.S.A)