APEC: Asia Pacific Economic Cooperation countries held a ministerial meeting via video conference on 17 November 2020. During the ministerial meet, the members countries committed to pursue free and open trade and investment towards the economic recovery from the impact of coronavirus pandemic.
APEC ministerial meeting was chaired by ASEAN nation Malaysia. APEC ministerial meeting comes ahead of the APEC Economic Leaders Meet that is to be held in 20 Nov 2020. The Bogor Goals (Bogar City in Java, Indonesia) of APEC is one of its flagship initiatives and the deadline set by 2020.
In 1994, when the leaders of Asia Pacific Economic Cooperation met at the Bogor in Indonesia, they adopted a long term free and open trade and investment in the Asia-Pacific region. They set a deadline year 2020, to achieve the Bogor goals. The Bogor Goals did not target any specific country. However, it provided guidance to APEC countries to implement bilateral, multilateral and unilateral policies with other countries. The policies adopted were consistent with the rules of GATT (General Agreement on Tariffs and Trade) and also with those of the successors of GATT.
India and APEC
India had requested for member country in APEC. APEC countries has decided not to allow India as a member because India does not share border with Pacific Ocean. There are a 21 member countries of APEC share border with Pacific Ocean. However, India has gained support from the United States of America, Japan, Australia and Papua Guinea to become a full time member. In 2011, India became an observer state of APEC (Asia Pacific Economic Cooperation) .
During Pandemic Asia Pacific region is the most economically affected region.
Asia Pacific Economic Cooperation
It is an economic group that was formed in 1989. The main objective of its formation was to promote free trade and sustainable development in the Pacific Rim countries. Also, APEC aims to increase inter-dependence of Asia-Pacific Economies. Collectively, APEC countries accounts to 50 per cent of world trade and 57 per cent of world GDP.
APEC formation was supported by European Union (EU) and the now defunct North American Free Trade Area (NAFTA).
APEC Member Countries
Currently 21 Member countries are a part of APEC
- South Korea
- New Zealand
- Hong Kong
- Papua New Guinea
- United States
APEC commit to free open trade and investment APEC commit to free open trade and investment