- APEC stands for Asia-Pacific Economic Cooperation
- It is a regional economic forum of 21 Pacific Rim member economies
- Established in 1989
- APEC’s 21 members aim to promote free trade throughout the Asia-Pacific region
- APEC account for about half the world’s trade and almost 60 per cent of global GDP
- Why was it established?
- In response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world;
- To fears that highly industrialized Japan (a member of G8) would come to dominate economic activity in the Asia-Pacific region; and
- To establish new markets for agricultural products and raw materials beyond Europe
- India is not a member. India has applied but membership was denied because it does not border Pacific Ocean
- India is an observer member in APEC
- HQ: Singapore
Latest Summit:
- Lima, Peru, Nov 2016. Theme was “Quality Growth and Human Development”
- Da Nang, Vietnam, Nov 2017. Theme was ‘Creating New Dynamism, Fostering a Shared Future’