Why in News?
The upcoming APEC Summit is expected to see a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea, highlighting renewed diplomatic focus on the Asia-Pacific economic framework.
Description:
About APEC:
- Established: 1989
- Type: Regional Economic Forum
- Objective: To promote balanced, inclusive, sustainable, innovative, and secure growth across the Asia-Pacific by accelerating regional economic integration.
- Nature: Operates on non-binding commitments and voluntary consensus, without any treaty obligations.
- Focuses primarily on trade facilitation, investment liberalization, and economic cooperation among member economies.
Membership:
- Total Members: 21
- APEC terms members as “economies”, not countries — since some are not sovereign states.
- Members: Australia, Brunei, Hong Kong, New Zealand, Papua New Guinea, the Philippines, Indonesia, China, Japan, South Korea, Russia, Canada, the United States, Mexico, Peru, Chile, Malaysia, Vietnam, Singapore, Thailand, and Taiwan.
- Secretariat: Based in Singapore.
- Member economies represent over 2.9 billion people and 60% of global GDP.
Key Features:
- Promotes trade liberalization, innovation, digital economy, and supply chain resilience.
- Encourages cooperation in climate action, inclusive growth, and women’s economic empowerment.
- Recent APEC initiatives focus on green transition, AI governance, and post-pandemic economic recovery.
Significance for India:
- India is not a member of APEC, but has long sought entry due to its strong Indo-Pacific presence.
- APEC’s evolving trade framework remains relevant to India’s interests under Act East Policy and Indo-Pacific Economic Vision.
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