Asia Pacific Economic Cooperation (APEC)

Context: The 2023 Asia Pacific Economic Cooperation meeting scheduled in San Francisco amid the prolonged tensions in US – China relations.

About APEC

  • It is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. 
  • Its aim is to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable growth.
  • APEC’s 21 member economies are: 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; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; and Viet Nam.
  • In APEC, all members have an equal say and decision-making is reached by consensus
  • There are no binding commitments or treaty obligations.
  • Commitments are undertaken on a voluntary basis and capacity building projects help members implement APEC initiatives.
  • Key to achieving APEC’s vision are what are referred to as the ‘Bogor Goals’ of free and open trade and investment in the Asia-Pacific.
  • Its permanent secretariat is based in Singapore.

Note: India is not a member state of APEC.

Previous year Prelims Question: (2015)

India is a member of which among the following?

1. Asia-Pacific Economic Cooperation

2. Association of South-East Asian Nations

3. East Asia Summit

Select the correct answer using the code given below.

(a) 1 and 2 only

(b) 3 only

(c) 1, 2 and 3

(d) India is a member of none of them

Ans. (b)

Practice MCQ:

With reference to Asia Pacific Economic Cooperation (APEC), consider the following statements:

1. It is an intergovernmental governmental regional forum established in 1989.

2. ‘Bogor Goals’ serve as the fundamental framework for APEC’s vision and objectives.

3. Both India and China are its member states.

4. All the members have equal voting share and the decisions are made by consensus.

How many of the statements given above is/are correct?

(a) Only one

(b) Only two

(c) Only three

(d) All four

Ans. (c)

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