Asia-Pacific Economic Cooperation (APEC) – UPSC Notes | Members, Objectives, India’s Role

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Asia-Pacific Economic Cooperation (APEC) – UPSC Notes | Members, Objectives, India’s Role

Asia-Pacific Economic Cooperation (APEC)

Table of Contents

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
APEC members 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.
APEC’s member economies are home to more than 2.9 billion people and make up over 60 per cent of global GDP.

Key Facts

Established: 1989
Type: Regional Economic Forum (not a treaty-based organization)
Membership: 21 economies (not “countries,” as Hong Kong, Taiwan, etc. are included)
Headquarters: Singapore
- The APEC process is supported by a permanent secretariat based in Singapore.
Decision-Making: It operates on the basis of non-binding commitments with decisions reached by consensus and commitments undertaken on a voluntary basis

Membership

APEC has 21 members.
- The word ‘economies’ is used to describe APEC members because the APEC cooperative process is predominantly concerned with trade and economic issues, with members engaging with one another as economic entities.
India: Not a member, but an observer and has applied for membership.
Membership (21 Economies): Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, USA, Vietnam.

What Does APEC Do?

APEC ensures that goods, services, investment and people move easily across borders.
Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region.

Objectives

Promote free and open trade and investment.
Enhance regional economic integration.
Encourage economic and technical cooperation.
Facilitate a favourable and sustainable business environment.

Bogor Goals

Key to achieving APEC’s vision are what are referred to as the “Bogor Goals,” APEC’s foundational goals of free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies, and by 2020 for developing economies. These goals were adopted by Leaders at their 1994 meeting in Bogor, Indonesia.

India and APEC

India has tried to join APEC since the late 1990s, but it remains an observer until today

Why is India not a member yet?

It had made a request to join the grouping in 1991, the year which saw the introduction of liberalisation and entirely changed the shape and trajectory of the Indian economy. While a majority of members are in favour of India’s inclusion, some have opposed it, citing the country’s record on economic reforms and claiming that it has’ protectionist instincts’.
Another reason for India not being included in the grouping was a membership freeze, which was in force since 1997 but was not extended in 2012.

FAQs

1. What is APEC and when was it established?

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to promote free trade and economic cooperation among Asia-Pacific economies.

2. How many members are there in APEC?

APEC has 21 member economies, not countries. This includes entities like Hong Kong and Taiwan, which are not sovereign nations but are treated as separate economic entities.

3. Is India a member of APEC?

No, India is not a member of APEC. It is currently an observer and has applied for full membership.

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