APEC summit, 2021

APEC summit, 2021

Part of: Prelims and GS-II – International Relations

Context The Asia-Pacific Economic Cooperation (APEC) was hosted by New Zealand recently.

Key highlights of the summit

• The leaders concluded the 2021 APEC Economic Leaders’ Meeting by adopting a declaration under the theme of ‘Join, Work, Grow, Together’. 
• Commitments: 
  • Accelerating economic recovery and achieving sustainable and inclusive growth
  • Tackling climate change
  • Empowering groups with untapped economic potential
  • Addressing the digital divide.
• Leaders also endorsed the Aotearoa Plan of Action. It is blueprint to implement the APEC Putrajaya Vision 2040, which was adopted at the 2020 APEC Economic Leaders’ Meeting.
  • Aotearoa Plan of Action aims for an “open, dynamic, resilient and peaceful Asia-Pacific community by 2040
• APEC summit-2022 will be held in Thailand.

About APEC

• It is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.
• It was started in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world.
• It aimed to establish new markets for agricultural products and raw materials beyond Europe.
• Headquarter: Singapore.
• The group represents approximately 60% of world GDP and 48% of world trade in 2018.
• Official observers: the Association of Southeast Asian Nations Secretariat (ASEAN), the Pacific Economic Cooperation Council (PECC) and the Pacific Islands Forum Secretariat (PIF). 
• Its full members are: Australia; Brunei Darussalam; Canada; Chile; China; Colombia; Ecuador; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Peru; Philippines; Singapore; Pacific Islands Forum; Chinese Taipei; Thailand; USA; and Vietnam.
• India is not a Member.
  • 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.