What is the APEC forum? Here are the basics you need to know

The Asia-Pacific Economic Co-operation, abbreviated as APEC stands as a regional economic forum. It was in the year 1989 when the forum was created. The forum comprises 21 members.

The aim of the grouping is to leverage the evolving interdependence of the Asia-Pacific and bring about immense prosperity for the people of the region via regional economic integration.

At present, the members of the grouping are Brunei, New Zealand, Papua New Guinea, Indonesia, Japan, Russia, the United States, Peru, Malaysia, Singapore, Taiwan, Australia, Hong Kong, the Philippines, China, South Korea, Canada, Mexico, Chile, Vietnam, and Thailand.

The APEC terms the nations in the grouping "economies", as the focus of the grouping has been economic and trade concerns. Hong Kong and Taiwan participate as distinct parts of the grouping and not as parts of China.

According to a report, about half of the global trade and over 62% of the global GDP have been accounted for by the APEC. 

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The role of APEC so far

Ever since the grouping has come into being, it has been successful in decreasing trade tariffs, and bringing about economic liberalization, and free trade. According to the US State Department, “During its first five years of operation, APEC established its core objectives. In the 1991 Seoul Declaration, APEC member economies proclaimed the creation of a liberalized free trade area around the Pacific Rim as the principal objective of the organization.”

The experts from the Centre for Strategic and International Studies express that the APEC initiatives have led to the growth of a growing middle class in the Asia-Pacific region. About 60% of the global GDP has been made up of the 2.9 billion citizens of the APEC economies. As of the year 2018, they successfully represented over 48% of global trade.

The objective of the APEC Summit 2023

This year, the APEC Economic Leaders' Week is being held in San Francisco. As per a report, the United States picked the theme, "Creating a Resilient and Sustainable Future for All" for the APEC Summit this year.

It has been said that the APEC summit aspires to an "innovative, interconnected, and inclusive" region. It seeks to advance a free, open, and fair economic policy agenda that advantages US businesses, families, and workers.

Till the year 2021, the members of the APEC have attained seven of the top 10 positions of overall trading partners of the US. 

US President Joe Biden expressed the aims he wishes to achieve in the APEC Summit 2023 by saying that he wishes "to get back on a normal course of corresponding; being able to pick up the phone and talk to one another if there's a crisis; being able to make sure our (militaries) still have contact with one another."

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