• 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’

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