Asia-Pacific Economic Cooperation (APEC) Summit 2021

Last Updated13/11/2021

New Zealand is currently hosting this year’s Asia-Pacific Economic Cooperation (APEC) summit.
Like last year, the summit is being held virtually this year too because of COVID-19 pandemic.
21 APEC members at the summit will be seeking areas where members can cooperate on easing barriers to trade and economic growth instead of trying to settle longstanding feuds.

APEC brings 21 economies together to tackle challenges, and help each other prosper.
Theme for 2021- “Join, Work, Grow. Together.
Major agenda- Asia- Pacific region's response to COVID-19 and the opportunity to build a more resilient future.
A fully digital APEC for the first time ever.
Next summit - Thailand

It initially started as an informal dialogue of economic leaders in 1989 in Canberra, Australia to leverage the growing interdependence of the Asia-Pacific.
It was formally established in 1993 with 12 members.
Aim- to support sustainable economic growth and prosperity in the Asia-Pacific region.
Presently- 21 member economies of the Pacific Rim.
India - not a member and has applied for membership.
Founding members - Australia; Brunei Darussalam; Canada; Indonesia; Japan; Korea; Malaysia; New Zealand; the Philippines; Singapore; Thailand; and the United States.
Collectively accounts for nearly 50% of world’s trade and about 59% of world’s GDP.

To help all residents of the Asia-Pacific participate in the growing economy.
To provide digital skills training for rural communities and help indigenous women export their products abroad.
To recognize the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.
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.

India will be more integrated with the global economy as APEC economies constitute an important trading bloc in the world.
It will also help India bargain and negotiate a better deal with the countries of the Asia-Pacific region.

APEC can find an alternate market for labour, consumers and investments in India and an additional counterweight to help check unilateral economic ambitions in the region.
It will also help APEC embrace some notion of ‘Indo-Pacific’ and give it a renewed purpose in a renewed 21st century.