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APEC virtual meet held

  • IASbaba
  • November 23, 2020
  • 0
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APEC virtual meet held

Part of: GS Prelims and GS-II – International Relations

In news

  • Recently, a virtual meeting of the 21-member Asia-Pacific Economic Cooperation (APEC) forum was held.
  • The meeting was hosted by Malaysia. 

Key takeaways

  • With growth in the Asia-Pacific region expected to decline by 2.7% this year, APEC’s focus was on accelerating economic recovery and developing an affordable vaccine.
  • Focus Areas: Trade and investment, Digital Economy and Technology, Structural Reform, Economic and Technical Cooperation and Thematic and institutional matters.
  • APEC leaders adopted the Putrajaya Vision 2040, a new 20-year growth vision to replace the Bogor Goals where leaders agreed in 1994 to free and open trade and investment.
  • They also recognised the importance of a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment to drive economic recovery at such a challenging time (Covid-19).
  • They also discussed the Free Trade Area of the Asia-Pacific (FTAAP) agenda and the APEC Internet and Digital Economy Roadmap (AIDER).

Important value additions 

Asia-Pacific Economic Cooperation (APEC)

  • Established: 1989
  • Members: 21
  • India is not a Member.
  • 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.
  • Its 21 member economies are home to around 2.8 billion people and represented approximately 59% of world GDP and 49% of world trade in 2015.
  • India had requested membership in APEC, and received initial support from the United States, Japan, Australia and Papua New Guinea. 
  • Officials have decided not to allow India to join as India does not border the Pacific Ocean, which all current members do.
  • India was invited to be an observer for the first time in November 2011.

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