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Asia-Pacific Economic Cooperation (APEC)

Topics Covered: Important International institutions, agencies and fora, their structure, mandate.

Asia-Pacific Economic Cooperation (APEC):


Context:

The latest Asia-Pacific Economic Cooperation (APEC) forum was held online this year because of the pandemic.

APEC:

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

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.

Functions:

  1. APEC works to help all residents of the Asia-Pacific participate in the growing economy. APEC projects provide digital skills training for rural communities and help indigenous women export their products abroad.
  2. Recognizing the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.
  3. The forum adapts to allow members to deal with important new challenges to the region’s economic well-being. This includes ensuring disaster resilience, planning for pandemics, and addressing terrorism.

Members:

APEC’s 21 member economies are Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; 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; Viet Nam.

InstaLinks:

Prelims Link:

  1. Geographical locations of APEC members.
  2. Regional groups to which India is not a member.

Sources: the Hindu.