APEC
- INTERNATIONAL
News: Joe Biden and Xi Jinping to meet
ahead of APEC Summit: Top 7 things to know
What's
in the news?
●
The Joe Biden-Xi Jinping bilateral will be
the marquee moment of the APEC forum, as it comes amid rising tension between
the two nations.
Key
takeaways:
●
United States President Joe Biden and
Chinese President Xi Jinping are scheduled to meet prior to the 30th Asia
Pacific Economic Cooperation (APEC) forum in San Francisco, aiming to mitigate
tensions in what's viewed as a critical global rivalry.
APEC
Leaders’ Summit 2023:
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The APEC 2023 summit's theme is "Creating a Resilient and Sustainable
Future for All".
●
APEC reaffirmed their commitment to free,
fair, and open trade and investment and to advancing inclusive and sustainable
growth in the region.
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The summit concluded with the adoption of
the Golden Gate Declaration.
○
The declaration underscores the commitment
to creating a resilient and sustainable future for all member economies.
Asia
Pacific Economic Cooperation (APEC):
●
APEC is a regional economic forum that was established in 1989.
Aim:
●
Its stated aim was to “leverage the
growing interdependence of the Asia-Pacific and create greater prosperity for
the people of the region through regional economic integration”.
Secretariat
- Singapore.
Members:
●
The APEC economies are Australia, Brunei,
New Zealand, Papua New Guinea, Hong Kong (as part of China), the Philippines,
Indonesia, Malaysia, Vietnam, Singapore, Thailand, Chinese Taipei (Taiwan),
China, Japan, South Korea, Russia, Canada, the United States, Mexico, Peru, and
Chile – as located geographically around the Pacific Ocean.
●
India
currently has the 'observer' status.
Features:
●
APEC operates based on no binding commitments or treaty
obligations.
●
Commitments are undertaken voluntarily and
capacity-building projects help members implement APEC initiatives
Significance:
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The grouping has always championed free
trade, the lowering of trade tariffs, and economic liberalisation.
●
In the 1991 Seoul Declaration, APEC member economies proclaimed the
creation of a liberalized free trade area around the Pacific Rim as the
principle objective of the organization.”
●
The dynamic growth attributable to APEC
initiatives contributed significantly to the development of a growing middle
class in the developing Asia-Pacific region. APEC economies’ 2.9 billion
citizens make up roughly 60 percent of global GDP. As of 2018, they represented
48 percent of global trade.”
Go
back to basics:
India
and APEC:
●
India has expressed interest in joining
APEC, and made a formal request in 1991 – the year in which the Union
government ushered in economic reforms for liberalisation and globalisation. In
2016, then Union Minister for Commerce and Industry told Parliament that the
request to join was based on India’s geographical location, the potential size
of the economy, and degree of trade interaction with the Asia-Pacific.