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Mahesh

16/11/23 08:37 AM IST

Asia-Pacific Economic Cooperation

In News
  • The Asia-Pacific Economic Cooperation (APEC) grouping is meeting in San Francisco in the United States for the Leaders’ Week and will conclude with the Economic Leaders’ Retreat.
APEC
  • APEC is a regional economic forum that was established in 1989.
  • Its stated aim was to “leverage the growing interdependence of the Asia-Pacific and create greater prosperity for the people of the region through regional economic integration”.
  • The 21 members of APEC are termed “economies” (rather than countries or member states) because trade and economic issues are the focus of the grouping.
  • In a reflection of the idea, Taiwan and Hong Kong attend APEC meetings as distinct entities, even though China says they are parts of China and not independent entities.
  • The APEC economies are Australia, Brunei, New Zealand, Papua New Guinea, Hong Kong (as part of China), the Philippines, Indonesia, Malaysia, Vietnam, Singapore, Thailand, Chinese Taipei (Taiwan), China, Japan, South Korea, Russia, Canada, the United States, Mexico, Peru, and Chile – as located geographically around the Pacific Ocean.
Role of APEC
  • The grouping has always championed free trade, the lowering of trade tariffs, and economic liberalisation.
  • According to the US State Department, “During its first five years of operation, APEC established its core objectives.
  • In the 1991 Seoul Declaration, APEC member economies proclaimed the creation of a liberalized free trade area around the Pacific Rim as the principle objective of the organization.”
  • APEC economies’ 2.9 billion citizens make up roughly 60 percent of global GDP. As of 2018, they represented 48 percent of global trade.
  • India has expressed interest in joining APEC, and made a formal request in 1991 – the year in which the Union government ushered in economic reforms for liberalisation and globalisation.
Source- Indian Express

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