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.
