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Asia-Pacific Economic Cooperation

13 Nov 2021 Asia-Pacific Economic Cooperation

Posted at 15:25h in Daily current-affairs by
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  • This year New Zealand is hosting Asia-Pacific Economic Cooperation (APEC) forum.
  • Due to the continuing outbreak of Coronavirus and associated travel restrictions, this conference is being held in virtual format for the second year in a row.
  • At the conference, as always, the 21 members of the ‘Asia-Pacific Economic Cooperation’ (APEC) will seek areas where members can address barriers to trade and economic development, rather than trying to settle long-standing disputes.

APEC:

In 1989,Asia-Pacific Economic Cooperation (APEC) established, it is a regional economic forum to take advantage of the growing interdependence between countries in the Asia-Pacific region.

Objective:

  • Enriching the people of the region by promoting balanced, inclusive, sustainable, innovative and secure development and accelerating regional economic integration.

Work:

  • APEC works to provide support for participation in the growing economy for all residents of the Asia-Pacific.
  • Through various projects, APEC provides digital skills training to rural communities and helps local women export their products to foreign countries.
  • Recognizing the impacts of climate change, APEC members take initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.
  • This forum allows member countries to address challenges critical to the economic well-being of the region. This includes building disaster resilient infrastructure, planning to deal with epidemics and solving the problem of terrorism.

Members of Asia-Pacific Economic Cooperation (APEC):

APEC consists of 21 nations:

  • 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, Philippines, Russian Federation, Singapore, Chinese- Taipei, Thailand, USA, Vietnam.

Importance:

  • Overall, APEC’s member states have a combined population of about 3 billion, and the group accounts for about 60% of the world’s ‘Gross Domestic Product’.
  • The countries of the APEC group extend across the Pacific Ocean, from Chile to Russia, from Thailand to Australia.
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