APEC (Asia-Pacific Economic Cooperation) Summit
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- S. Treasury Secretary Janet Yellen shakes hands with Chinese Vice Premier He Lifeng during a bilateral meeting ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit.
Asia-Pacific Economic Cooperation
- The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
- Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.
- Aim: APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative, and secure growth and by accelerating regional economic integration.
- Following the success of ASEAN's series of post-ministerial conferences launched in the mid-1980s, APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world.
- It aimed to establish new markets for agricultural products and raw materials beyond Europe.
- Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region and exerts significant global influence.
- APEC's 21 member economies are:
- Brunei Darussalam
- Chinese Taipei
- Hong Kong, China
- New Zealand
- Papua New Guinea
- People's Republic of China
- Republic of Korea
- The Republic of the Philippines
- The Russian Federation
- United States of America
- APEC was formed to encourage a growing and prosperous regional economy through:
- trade and investment liberalization and facilitation – at the border, across the border and behind the border
- reduced costs of cross-border trade to assist businesses
- economic and technical cooperation
- exchanges of best practice information on trade and investment
- simplified regulatory and administrative processes
- improved institutional capacity to implement and take advantage of the benefits of trade and investment reform.
Q. Consider the following statements:
1.Asia-Pacific Economic Cooperation is an inter-governmental forum for 45 member economies in the Pacific Rim.
2.Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region.
How many of the above-mentioned statements are correct?
A) Only 1
B) Only 2
Answer: D) None