Overview:
The 2018 Apec summit was held recently held in Papua New Guinea.
Outcome of the summit:
It ended with no joint statement from the leaders – a first in Apec history – and with the fight for dominance in the Pacific region between Australia, the US and Japan on one side and China on the other, coming out into the open.
APEC:
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC has 21 members.
Aim: to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
Functions:
- APEC works to help all residents of the Asia-Pacific participate in the growing economy. APEC projects provide digital skills training for rural communities and help indigenous women export their products abroad.
- Recognizing the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.
- The forum adapts to allow members to deal with important new challenges to the region’s economic well-being. This includes ensuring disaster resilience, planning for pandemics, and addressing terrorism.
Members:
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 Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.
APEC Members account for approximately 40% of the world’s population, approximately 54% of the world’s gross domestic product and about 44% of world trade.
Sources: the hindu.
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