Asia-Pacific Economic Cooperation (APEC)

• San Francisco, recently, hosted the Asia Pacific Economic Cooperation (APEC) Economic Leaders summit.
• Its theme was “Creating a Resilient and Sustainable Future for All”.

ABOUT APEC

• APEC is a regional economic forum that was established in 1989.
• Its stated aim was to “leverage the growing interdependence of the Asia-Pacific and create greater prosperity for the people of the region through regional economic integration”.
• The 21 members of APEC are termed “economies” (rather than countries or member states) because trade and economic issues are the focus of the grouping.
• The 1991 Seoul Declaration marked the establishment of a liberalized free trade area around the Pacific Rim as APEC’s primary objective.
• It operates on basis of non-binding commitments with decisions reached by consensus.
• The APEC economies are Australia, Brunei, New Zealand, Papua New Guinea, Hong Kong (as part of China), the Philippines, Indonesia, Malaysia, Vietnam, Singapore, Thailand, Chinese Taipei (Taiwan), China, Japan, South Korea, Russia, Canada, the United States, Mexico, Peru, and Chile – as located geographically around the Pacific Ocean.
  • India is not a member although it made a formal request in 1991.
• APEC economies, comprising 38% of global population, account for approximately 60 percent of global GDP and half of global trade.