APEC VIRTUAL MEET
CONTEXT:
- Recently, a virtual meeting of the 21-member Asia-Pacific Economic Cooperation (APEC) forum was held.
- The meeting was hosted by Malaysia. New Zealand will also host next year’s APEC meetings virtually due to the pandemic.
ABOUT APEC:
- APEC is Asia Pacific Economic Cooperation, a premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region.
- It was established in 1989 to further enhance economic growth and prosperity for the region and to strengthen the Asia- Pacific community. It is an example of Open Regionalism and operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants
- In 1993, an APEC Secretariat was established in Singapore to support the activities of the forum. Since then APEC has become the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region.
- Presently there are 21 member of APEC
- India is not member of APEC