Asia-Pacific Economic Cooperation
Source: PIB
GS II: Important International institutions, agencies and fora- their structure, mandate
Overview
- News in Brief
- About Asia-Pacific Economic Cooperation
Why in the News?
Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal will visit San Francisco, United States of America, from 13th to 16th November 2023 to attend the various official engagements of Indo-Pacific Economic Framework (IPEF) and the Asia-Pacific Economic Cooperation (APEC).
News in Brief
- The Minister representing India at the APEC Economic Leaders Engagements from November 15-16, 2023. As a Guest Economy, India has been invited to the 30th APEC Economic Leaders’ Meeting 2023.
- The Commerce and Industry Minister will have bilateral meetings with US Commerce Secretary and representatives from various sectors and industries. Aim to lift and connect the
- Dynamic startup ecosystems
- Address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies.
- These meetings will focus on addressing
- Trade barriers
- Promoting investments
- Fostering greater cooperation in areas such as technology and innovation.
About Asia-Pacific Economic Cooperation
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to facilitate economic growth, cooperation, trade, and investment in the Asia-Pacific region. APEC is not a traditional trade bloc with a formal treaty, but rather a forum for member economies to discuss and coordinate economic policies.
Key features of APEC include
- Member Economies
- APEC consists of 21 member economies from the Asia-Pacific region.
- India is not a member of the Asia-Pacific Economic Cooperation(APEC)
Member Nations are
- Australia
- Brunei Darussalam
- Canada
- Chile
- China
- Hong Kong, China (a separate customs territory and member of APEC)
- Indonesia
- Japan
- Malaysia
- Mexico
- New Zealand
- Papua New Guinea
- Peru
- Philippines
- Russia
- Singapore
- South Korea
- Taiwan (considered a separate customs territory, but not officially recognized as a sovereign state in APEC)
- Thailand
- United States
- Vietnam
- Economic Cooperation
- APEC aims to promote free and open trade and investment by reducing barriers and promoting economic cooperation among its member economies.
- Non-Binding Commitments
- APEC operates on a principle of non-binding commitments.
- While member economies discuss and share information on economic policies, there are no legally binding agreements like those found in traditional trade blocs.
- Trade Liberalization
- APEC members commit to achieving free and open trade and investment by specific target years.
- These targets are known as the Bogor Goals named after the location where they were adopted in Indonesia in 1994.
- Leaders’ Meetings
- APEC holds an annual meeting of leaders from member economies, providing an opportunity for high-level discussions on economic issues.
- These meetings are often attended by heads of state or government.
- Working Groups
- APEC has various working groups that focus on specific areas such as trade and investment, economic policy, human security, and more.
- These groups facilitate discussions and initiatives in their respective areas.
- Capacity Building
- APEC engages in capacity-building efforts to help member economies, particularly smaller and developing ones, enhance their ability to participate in the global economy.
- Consensus Decision-Making
- APEC operates based on consensus decision-making, meaning that decisions are made when all member economies agree.
APEC plays a significant role in shaping regional economic policies and fostering collaboration among its diverse member economies.
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