APEC virtual meet held
Part of: GS Prelims and GS-II – International Relations
- Recently, a virtual meeting of the 21-member Asia-Pacific Economic Cooperation (APEC) forum was held.
- The meeting was hosted by Malaysia.
- 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.