Asia-Pacific Economic Cooperation

Source: PIB
GS II: Important International institutions, agencies and fora- their structure, mandate

Overview

1. News in Brief
2. 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)

• 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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