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Source: The post is based on the article “Asia-Pacific Economic Cooperation (APEC):To beat China, India must engage with APEC” published in “Indian Express” on 24th November 2023
Why in the News?
The 30th Asia Pacific Economic Cooperation (APEC) 2023 summit was held in San Francisco, USA. The US hosted APEC after a gap of 12 years.
The summit concluded with the Golden Gate Declaration.
What is Asia Pacific Economic Cooperation (APEC)?
| Specifications | Details |
| Established in | 1989 |
| Type | Regional economic forum |
| Aim | To leverage the growing interdependence of the Asia-Pacific and create greater prosperity for the people of the region through regional economic integration. |
| Main Objective | Seoul Declaration (1991): As per this, APEC member economies objective is to create a liberalized free trade area around the Pacific Rim. |
| Members | 21 members (Australia, Brunei, New Zealand, Papua New Guinea, Hong Kong (as part of China), the Philippines, Indonesia, Malaysia, Vietnam, Singapore, Thailand, Chinese Taipei (Taiwan), China, Japan, South Korea, Russia, Canada, the United States, Mexico, Peru and Chile) |
| Consensus based decisions | All APEC members have an equal say and decision-making is reached by consensus. There are no binding commitments or treaty obligations. |
| India | India is not a member of the group (India had expressed interest in joining APEC in 1991 but the group decided to stop accepting new members in 1997). However, India enjoys an observer status since 2011. |
| Significance | APEC members represent 62% of the world’s GDP, 40% of the world’s population and 50% of global trade. |
| Headquarters | Singapore |
UPSC Syllabus: International Organisations
