Asia-Pacific Economic Cooperation (APEC)

 

About

·       The Asia-Pacific Economic Cooperation (APEC) is an inter-governmental forum in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. 

·       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.

·       Headquartered of APEC is in Singapore.

Aim

·       It 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.

Objective

·       To promote free and open trade and investment

·       To promote and accelerate regional economic integration

·       To encourage economic and technical cooperation,

·       To enhance human security,

·       To facilitate a favorable and sustainable business environment.

Member

·       Currently APEC is a group of 21 members

Ø  Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, Vietnam and the United States

·       APEC has three official observers

Ø  The Association of Southeast Asian Nations Secretariat

Ø  The Pacific Economic Cooperation Council 

Ø  The Pacific Islands Forum Secretariat.

Meeting

·       The location of the meeting rotates annually among the member economies.

Ø  1st meeting was held in the year 1989 in Australia.

Ø  2nd meeting was held in the year 1990 in Singapore.

Ø  3rd meeting was held in the year 1991 in South Korea.

Ø  32nd meeting was held in the year of 2020 in Malaysia.

Ø  33rd meeting was held in the year of 2021 in New Zealand.

Ø  34th meeting will hold in the year of 2022 in Thailand.

India and APEC

·       India was invited to be an observer for the 1st time in 2011.

·       India had requested membership in APEC, and received initial support from the United States, Japan, Australia and Papua New Guinea. Officials have decided not to allow India to join as India does not border the Pacific Ocean.

Why India should join APEC?

·       India will be more integrated with the global economy since APEC economies constitute an important trading bloc in the world.

·       It will help India to bargain and negotiate a better deal with the countries of the Asia-Pacific region.

·       APEC represents a synergy of processes and guidelines. APEC membership will facilitate India’s economic reform spree with the inculcation of best practices.

·       India’s growth trajectory aligns with APEC’s agenda of enhancing regional integration through trade and investment liberalization and facilitation across the Asia-Pacific.

·       India sees the region as Indo-pacific and the vision of Indo-pacific has convergence in the visions of important member countries like Japan, the USA, and Australia. Membership will boost strategic engagement in the region.

Bogor Goals

·       The Bogor Declaration, issued during the 1994 APEC Economic Leaders' Meeting in Bogor, Indonesia establishing an ultimate direction of the APEC progress.

·       APEC sets the Bogor Goals of, "free and open trade and investment in the Asia-Pacific by 2010 for developed economies and 2020 for developing economies."

·       The main ideas of Bogor Declarations are:

Ø  Strengthening the open multilateral trading system

Ø  Enhancing trade and investment liberalization in the Asia-Pacific

Ø  Intensifying Asia-Pacific development cooperation.

 

 

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