GS Paper 2:
Topics Covered: Important International institutions, agencies and fora, their structure, mandate.
Context:
New Zealand is hosting this year’s Asia-Pacific Economic Cooperation (APEC) forum.
- Continued outbreaks of the coronavirus and related travel restrictions have confined the meeting to the virtual realm for a second straight year.
- As usual, the 21 APEC members will be seeking areas where members can cooperate on easing barriers to trade and economic growth instead of trying to settle longstanding feuds.
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:
- 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.
- Recognizing the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.
- 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.
Significance:
In all, APEC members account for nearly 3 billion people and about 60% of the world’s GDP. They span the Pacific rim, from Chile to Russia to Thailand to Australia.
InstaLinks:
Prelims Link:
- Geographical locations of APEC members.
- Regional groups to which India is not a member.
Sources: the Hindu.
