Asia-Pacific Economic Cooperation (APEC)

USA hosts Asia-Pacific Economic Cooperation (APEC) grouping meeting in November 2023 which will conclude with the Economic Leaders’ Retreat ceremony.

It is a regional economic forum to leverage the growing interdependence of the Asia-Pacific.
Established in – 1989

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.

Secretariat – It is based in Singapore.

Membership – 21 members which are termed as “economies” because trade and economic issues are the focus of the grouping.

India is not a member but India made a formal request in 1991 to join APEC.

The Taiwan and Hong Kong attend APEC meetings as distinct entities of economies.

APEC economies’ 2.9 billion citizens make up roughly 60% of global GDP and as of 2018, they represented 48% of global trade.

APEC Process – All economies have an equal say, consensus based decision-making, no binding commitments and works on both bottom-up and top-down approach.
Activities – It ensures easier movement of goods, services, investment and people across borders.
Initiatives includes sustainable management of resources, promoting energy efficiency, ensuring disaster resilience, planning for pandemics, and addressing terrorism.

Indo-Pacific Economic Framework for Prosperity (IPEF)is USA led alternative to China’s economic statecraft in the region comprising of 14 members. Apart from Fiji and India, the rest are all APEC members.

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