Asia-Pacific Economic Cooperation (APEC)
2021 JUL 24
Preliminary >
International Relations > Regional groupings > International groupings
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