APEC (Syllabus: GS Paper 2 – IR)

News-CRUX-10     16th November 2023        
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Context: The Asia-Pacific Economic Cooperation (APEC) grouping is recently convening in San Francisco in the United States for the Leaders' Summit to address key regional economic and trade issues.

Asia-Pacific Economic Cooperation (APEC)

  • About: APEC is a regional economic forum that was established in 1989. 
  • Aim: 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”.
  • Member Countries: 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.
  • Member countries Trade: Approximately half of global trade and around 57% of the world's Gross Domestic Product (GDP).

Objective

  • Free and open trade and investment
  • Accelerate regional economic integration
  • Encourage economic and technical cooperation
  • Enhance human security
  • Facilitate a favourable and sustainable business environment.
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