In news– The Asia-Pacific Economic Cooperation (APEC) was hosted by New Zealand recently.
Key highlights of the summit
- The leaders concluded the 2021 APEC Economic Leaders’ Meeting by adopting a declaration under the theme of ‘Join, Work, Grow, Together’.
- It lays out commitments in accelerating economic recovery and achieving sustainable and inclusive growth, including further actions in tackling climate change, empowering groups with untapped economic potential and addressing the digital divide.
- Leaders also endorsed the Aotearoa Plan of Action, a blueprint to implement the APEC Putrajaya Vision 2040, which was adopted at the 2020 APEC Economic Leaders’ Meeting.
- Aotearoa Plan of Action aims for an “open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.
- In implementing the Putrajaya Vision 2040, economies will build on APEC’s founding documents, including the 1994 Bogor Goals and the 1995 Osaka Action Agenda.
- It was stated that the APEC summit-2022 will be held in Thailand.
- It is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.
- It was 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.
- It is headquartered in Singapore.
- Its 21 member economies are home to about 2.9 billion people and represent approximately 60 per cent of world GDP and 48 per cent of world trade in 2018.
- The APEC Business Advisory Council (ABAC) is an independent group of business leaders that advises APEC leaders on priority issues for business in the region.
- APEC has three official observers: the Association of Southeast Asian Nations Secretariat (ASEAN), the Pacific Economic Cooperation Council (PECC) and the Pacific Islands Forum Secretariat (PIF).
- Its full members are: Australia; Brunei Darussalam; Canada; Chile; China; Colombia; Ecuador; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Peru; Philippines; Singapore; Pacific Islands Forum; Chinese Taipei; Thailand; United States of America; and Vietnam.