Philippines to host 2015 Asia-Pacific Economic Cooperation Summit
Philippines is going to host 2015 Asia-Pacific Economic Cooperation (APEC) summit from 18–19 November 2015 in its capital city Manila for the first time in nearly two decades.
It is second time Philippines hosting the Asia-Pacific region’s most high-level business event i.e. APEC summit and had previously hosted it in 1996.
For first time Philippines had hosted the APEC summit under the leadership of then-President Fidel Ramos who had vowed to help develop an action plan on facilitating free trade in the region.
Theme of 2015 APEC Summit: “Building Inclusive Economies, Building a Better World”.
Under this theme, Philippines is going to push for inclusive growth and highlight the role of small and medium enterprises (SMEs) which account for more than 97 per cent of businesses in APEC economies.
Two key road maps will be endorsed in 2015 APEC Summit. They are
- The Cebu Action Plan for financial integration: Aims to protect the APEC member countries from financial crises.
- Boracay Action Agenda: It is meant to help micro, small, and medium enterprises (MSMEs) to access the regional and global market.
About Asia-Pacific Economic Cooperation
- APEC is regional economic forum comprising of 21 member countries accounting nearly half of the world’s trade and about 57 per cent of global gross domestic product (GDP).
- It was established in 1989 in order to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
- Headquarters: Singapore.
- 21 Members are: Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russian and Vietnam.
- India is observer of APEC since 2011 and has applied for membership.
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Month: Current Affairs - November, 2015