The Asia Pacific Economic Cooperation (APEC) Forum’s week kicked off at Lima, capital city of the South American country Peru. The week that began on 14 November 2016 will run on till 20 November 2016.
The forum will witness participation from businessmen, investors and economic leaders of the 21 Pacific Rim countries (countries that lie on the coastline of the Pacific Ocean).
Main Agenda of the Summit
Discuss the future of International trade policies, quality growth and improvement of the living conditions of people living in these countries
Discuss priority topics such as:
• Boosting Human Capital Development
• Upgrading Small and Medium-sized Enterprises (SMEs)
• Enhancing Regional Food Market
• Advancing Regional Economic Integration
The Forum would include four main events:
• APEC Concluding Senior Officials’ Meeting (14-15 November): Headed by Luis Quesada Incháustegui, SOM Chair APEC 2016, the meeting’s main aim is to develop new technical measures to heighten regional productivity, create more employment opportunities and improve social and economic development in the region.
• APEC Ministerial Meeting (17-18 November) : Led by Peruvian ministers Ricardo Luna Mendoza (Minister of Foreign Affairs) and Eduardo Ferreyros Kűppers (Minister of Foreign Trade and Tourism), it will bring forth the initiatives the forum has planned to boost trade and sustainable growth.
• APEC CEO Summit (17- 19 November): It will be a dialogue held alongside the lines of the leader’s week. Organised by private sector, the dialogue will invite participation from various region’s leaders and business CEO’s.
• APEC Economic Leaders’ Meeting (20 November): Headed by Pedro Pablo Kuczynski, President of Peru, the meeting will provide vision and guidelines for partnerships in the region for next year.
• It was created in 1989 to support growing interdependence of Asia-Pacific economies
• Creation of regional trade blocs in other areas also contributed to its establishment.
• It seeks to promote free trade in the Asia-Pacific region and achieve prosperity among member economies.
• Some of its member countries include Australia, The United States of America, Japan, China, Vietnam, Canada, Mexico, Russia, Indonesia and New Zealand.
• Annual APEC Summit is attended by heads of government of all the APEC members.
• The APEC region represents 57% of the world’s GDP and 497 of global trade.
India is not a member of APEC. Though it had put in its request to join the bloc and received support as well from countries like United States, Japan, Australia and Papua New Guinea, it was finally not allowed to join, mainly because it does not lie on the coastline of the Pacific Ocean. It was however, invited as an observer country for the first time in November 2011.