The Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit 2023 recently took place in San Francisco, United States. This article will delve into the key highlights of the summit and provide an in-depth overview of the APEC organisation.
The APEC Leaders’ Summit 2023 – Key Highlights
The APEC 2023 summit pivoted around the theme of “Creating a Resilient and Sustainable Future for All”. The members of APEC used this platform to reaffirm their commitment to free, fair, and open trade and investment. They also emphasised the importance of inclusive and sustainable growth in the Asia-Pacific region.
The apex of the summit was the adoption of the Golden Gate Declaration. This declaration punctuates the commitment of the member economies to sculpting a resilient and sustainable future. Further, the APEC leaders backed the APEC Action Agenda on Climate Change and Energy Security. This agenda delineates a series of concrete actions and targets to fortify cooperation and coordination towards addressing the climate crisis and securing energy supplies.
About Asia-Pacific Economic Cooperation (APEC)
Incepted in 1989, APEC is a regional economic forum that harnesses the burgeoning interdependence of the Asia-Pacific region. The ultimate aim of APEC is to engender greater prosperity for the people of the region. It aspires to promote balanced, inclusive, sustainable, innovative and secure growth while accelerating regional economic integration.
The workings of APEC are facilitated by a permanent secretariat located in Singapore. The member economies of APEC include Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, Vietnam and the United States. India currently holds ‘observer’ status.
Significance of APEC
APEC is a significant entity as it represents approximately 62% of the world GDP and 48% of world trade as of 2021. It is not only one of the oldest but also one of the most influential multilateral platforms in the Asia-Pacific region. What sets APEC apart is its operational model, which is based on no binding commitments or treaty obligations. The members participate voluntarily, and capacity-building projects aid in implementing APEC initiatives.
The primary goals of APEC include supporting economic growth and prosperity, enhancing regional economic integration, strengthening human security, and addressing common challenges such as climate change, health, and food security.
India and APEC
India expressed its interest in joining APEC as early as 1991, coinciding with the year when liberalisation was introduced in the Indian economy. This shift in policy opened up India’s economy and trade relations with other countries. While some APEC members were open to the idea of including India, others were apprehensive due to India’s stringent rules and restrictions hindering their business operations.
Another roadblock to India’s inclusion was APEC’s decision to cease accepting new members in 1997. This decision was intended to consolidate and enhance existing cooperation among the current members and was expected to last until 2012. However, no changes were made post-2012, keeping India from becoming a member of APEC.
