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APEC Summit 2023

Santhosh Kumar 17/11/2023
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APEC Summit 2023 mind map Context US President Joe Biden Chinese President Xi Jinping First summit in a year 2023 summit Agreements Restore military communications Between US and China India's role Not a member of APEC Attending the summit Issues Discussed Production of fentanyl Taiwan AI talks Climate change cooperation Talks outcome Constructive Differences in Taiwan Xi's urging US to stop arming Taiwan Background Started 1989 informal Headquarters Singapore Established 1993 with 12 members Currently 21 member economies Observer India since November 2011 Membership application Has applied for membership Member Countries Founding members Australia Brunei Canada Indonesia Japan Korea Malaysia New Zealand Philippines Singapore Thailand United States Joined later China Hong Kong Chinese Taipei Mexico Papua New Guinea Chile Peru Russia Vietnam Objectives Free and open trade Regional economic integration Economic and technical cooperation Human security Good business environment Significance Represents nearly 50% of world trade About 57% of world GDP Goals Primary Support sustainable economic growth Prosperity Functions APEC projects Digital skills training Support for indigenous women Initiatives for energy efficiency Adapts to new challenges Disaster resilience Economic planning Counter-terrorism Achievements Real GDP increase From USD 19 trillion in 1989 To USD 42 trillion in 2015 Tariffs reduction From 17% in 1989 To 5.2% in 2012 Improved Ease of Doing Business By 14.8% between 2009-2015 Consensus Operates as a cooperative Multilateral economic and trade forum Decision-making by consensus No binding commitments Challenges Trade War Shrinking Economy Due to Covid Rising Unemployment Creation of Sub-Regional Agreements India and APEC Aspiration to become a member Denied in 2007 Reasons for lack of integration Global system integration Concerns about India's policies Concerns about India's politics Why APEC needs India? For economic growth Trade potential Labour force Integrating with global economy Boosting global technological platforms More resilient global supply chains Advantages for India Negotiating trade Economic growth Economic forecasts Way Forward Inclusion of India Crucial for free and open trade Beneficial for Indo-Pacific region

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Categories: Indo-Pacific (Countries in Indian & Pacific Ocean Region), International Organisations/Groupings/Agreements/Conventions
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