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APEC (Asia-Pacific Economic Cooperation) Summit

16th November, 2023

APEC (Asia-Pacific Economic Cooperation) Summit

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Context

  • S. Treasury Secretary Janet Yellen shakes hands with Chinese Vice Premier He Lifeng during a bilateral meeting ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit.

Asia-Pacific Economic Cooperation

  • The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
  • Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.
  • Aim: APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative, and secure growth and by accelerating regional economic integration.
  • Following the success of ASEAN's series of post-ministerial conferences launched in the mid-1980s, APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world.
  • It aimed to establish new markets for agricultural products and raw materials beyond Europe.
  • Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region and exerts significant global influence.
  • APEC's 21 member economies are:
    • Australia
    • Brunei Darussalam
    • Canada
    • Chile
    • Chinese Taipei
    • Hong Kong, China
    • Indonesia
    • Japan
    • Malaysia
    • Mexico
    • New Zealand
    • Papua New Guinea
    • People's Republic of China
    • Peru
    • Republic of Korea
    • The Republic of the Philippines
    • The Russian Federation
    • Singapore
    • Thailand
    • United States of America
    • Vietnam
  • APEC was formed to encourage a growing and prosperous regional economy through:
    • trade and investment liberalization and facilitation – at the border, across the border and behind the border
    • reduced costs of cross-border trade to assist businesses
    • economic and technical cooperation
    • exchanges of best practice information on trade and investment
    • simplified regulatory and administrative processes
    • improved institutional capacity to implement and take advantage of the benefits of trade and investment reform.

PRACTICE QUESTION

Q. Consider the following statements:

1.Asia-Pacific Economic Cooperation is an inter-governmental forum for 45 member economies in the Pacific Rim.

2.Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region.

How many of the above-mentioned statements are correct?

A) Only 1

B) Only 2

C) All

D) None

Answer: D) None