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.
