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Asia-Pacific Economic Cooperation (APEC)

Santhosh Kumar 15/11/2023
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Asia-Pacific Economic Cooperation (APEC) mind map USA hosts APEC meeting in November 2023 concludes with Economic Leaders' Retreat APEC fundamentals regional economic forum leverages Asia-Pacific interdependence established in 1989 aim greater prosperity for region promotes balanced growth inclusive growth sustainable growth innovative growth secure growth accelerates regional economic integration secretariat based in Singapore membership 21 members termed as economies focus on trade and economic issues India's involvement not a member formal request to join in 1991 APEC distinct entities Taiwan attends as separate economy Hong Kong attends as separate economy APEC's global significance economies’ citizens 2.9 billion people roughly 60% of global GDP 48% of global trade as of 2018 APEC process equal say for all economies consensus-based decision-making no binding commitments bottom-up and top-down approach APEC activities ensures easier movement goods services investment people initiatives include sustainable resource management promoting energy efficiency ensuring disaster resilience planning for pandemics addressing terrorism IPEF Indo-Pacific Economic Framework for Prosperity USA led alternative against China’s economic statecraft comprises 14 members includes Fiji and India rest are APEC members

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