New Zealand chairs special APEC Meeting

New Zealand chaired special virtual meeting of Asia-Pacific trade group called “Asia-Pacific Economic Cooperation (APEC)”.

Highlights

• During the meeting world leaders highlighted that, extensive COVID-19 immunization is a global public good and accelerating access to vaccines is essential in order to overcome health emergency.
• Leaders of APEC grouping vowed for redoubling efforts to expand vaccine manufacture and supply.

Asia-Pacific Economic Cooperation (APEC)

APEC is a forum comprising of 21 Asia-Pacific economies. Member economies of APEC are home to 2.7 billion people and accounts for over half of global GDP. Members accounts for more than 70 percent of Australia’s total trade in goods & services. APEC was founded by Australia in 1989. It was established to encourage growing & prosperous regional economy by – trade & investment liberalisation & facilitation across the border, reducing costs of cross-border trade, economic & technical cooperation, exchanging best practice on trade & investment etc.

Member Nations of APEC

India is not a member of APEC. Its member nations include- Australia, Brunei, Chile, China, Canada, Hong Kong, Indonesia, Japan, Malaysia, South Korea, Mexico, Peru, New Zealand, Papua New Guinea, Russia, Philippines, Singapore, Thailand, Chinese Taipei, Vietnam and United States.

Why India is not member of APEC?

India had requested for membership in APEC that received initial support from Australia, United States, Japan, and Papua New Guinea. But officials decided not to allow India because it does not have border along Pacific Ocean while other members do have. In November 2011, India was invited to be an observer for the first time.

Month: Current Affairs - July, 2021