APEC Leaders’ Week in San Francisco

November 15, 2023

The Asia-Pacific Economic Cooperation (APEC) Leaders’ Week, taking place in San Francisco, has garnered significant attention as it hosts the first in-person meeting in a year between US President Joe Biden and China’s President Xi Jinping. The meeting is set to address the ongoing tensions and trade disputes between the two nations, with the US-China relationship being a major focal point of the summit.

India’s Presence at APEC

While India is not a member of APEC, the country is represented at the forum by its Union Minister for Commerce and Industry, Piyush Goyal, underlining the importance of the event in the global economic landscape.

APEC’s Historical Role

APEC, founded in 1989, serves as a regional economic forum with the aim of promoting regional economic integration and prosperity in the Asia-Pacific region. It originally formed in response to the economic growth observed in East Asian countries during the 1980s and preceding decades.

APEC’s Membership and Structure

APEC comprises 21 member economies, referred to as “economies” due to the primary focus on trade and economic matters. Notably, Taiwan and Hong Kong participate as distinct entities despite China’s assertion that they are integral parts of China.

APEC’s Advocacy for Free Trade

Throughout its history, APEC has consistently championed free trade, the reduction of trade tariffs, and economic liberalization. Its early objectives included the establishment of a liberalized free trade area around the Pacific Rim.

India’s Aspiration to Join APEC

India has expressed its interest in becoming a member of APEC and made a formal request in 1991. The request was based on India’s geographical location, the size of its economy, and its trade interactions within the Asia-Pacific region. However, APEC has maintained an informal moratorium on expanding its membership.

Key Focus of This Year’s APEC Summit

The highlight of this year’s APEC summit is the meeting between President Biden and President Xi, despite expectations of limited immediate changes in US-China relations. The summit also aims to emphasize progress on the Indo-Pacific Economic Framework (IPEF), which began after the US withdrew from the Trans-Pacific Partnership. Currently, 14 members, including India, are part of the IPEF, with most being APEC members as well.

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