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Source: The post is based on the article “Asia-Pacific Economic Cooperation (APEC): Xi-Biden to attend APEC grouping” published in “Indian Express” on 14th November 2023
Why in the News?
The Asia-Pacific Economic Cooperation (APEC) grouping is meeting in San Francisco in the United States.
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 proclaimed the creation of a liberalized free trade area around the Pacific Rim as the principle objective. |
| Members | 21 (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) |
| India | India is not a member of the group (India has expressed interest in joining APEC and made a formal request in 1991) |
| Significance | APEC economies make up roughly 60% of global GDP. As of 2018, they represented 48 percent of global trade. |
| Secretariat | Singapore |
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