Asia-Pacific Economic Cooperation (APEC)

Why in News?

• Leaders from 21 Pacific-Rim economies including Japan, the United States and China pledged recently to beef up the availability of COVID-19 vaccines to tackle the coronavirus pandemic in a special APEC meeting.

About APEC

• Asia-Pacific Economic Cooperation (APEC) is an inter-governmental forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.
• APEC is headquartered in Singapore.
• APEC was established 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; and to establish new markets for agricultural products and raw materials beyond Europe.

What Does APEC Do?

• APEC ensures that goods, services, investment and people move easily across borders.
• Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region.

How APEC arrives at decision making?

• In APEC, all economies have an equal say and decision-making is reached by consensus. There are no binding commitments or treaty obligations.

Who are the members of APEC?

• APEC's 21 member economies are Australia; Brunei Darussalam; Canada; Chile; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America and Viet Nam.

• India is NOT a member of APEC.

PRELIMS QUESTION

Consider the following statements regarding APEC:
1.India is NOT a member of APEC.
2.APEC is headquartered in Singapore.
Which among the above statements is/are correct?
(a)1 only 
(b)2 only 
(c)Both 1 and 2
(d)Neither 1 nor 2

Answer to prelims question