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