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Asia-Pacific Economic Cooperation (APEC)

Santhosh Kumar 15/11/2023

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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Categories: International Organisations/Groupings/Agreements/Conventions

Tags: 15.11.2023, Newsbits

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