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Peru to host 2016 Asia-Pacific Economic Cooperation Summit

The 2016 Asia-Pacific Economic Cooperation (APEC) Forum’s Leaders Summit will be held in Lima, Peru from November 19 to 20, 2016.

The theme of the summit is “Quality Growth and Human Development” and the official logo is the architecture of the ancient city of Caral.

It will be the second time Peru hosting to the APEC Summit, previously it had hosted the event in 2008. The 2016 summit will gather leaders from the world’s 21 most important member economies, as well as over 1,500 investors and entrepreneurs.

Agenda for the 2016 APEC summit

Four priority areas were laid out as topics to be discussed. These are Human Capital Development, Regional Food Market, Upgrading SMEs and Regional Economic Integration Agenda. These subjects were chosen to build upon on the discussions from the 2015 APEC summit held in the Philippines.

About Asia-Pacific Economic Cooperation

  • APEC is regional economic forum of 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.
  • These 21 member countries collectively account for nearly 50% of the world’s trade and about 57% of GDP.
  • It was established in 1989 in order to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
  • Headquarters: Singapore.
  • 21 Members Economies: Australia, Brunei, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russian and Vietnam.
  • India is observer of APEC since 2011 and has applied for membership.

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US lawmakers introduce legislation in Congress to help India join APEC

A group of influential US lawmakers have introduced a Bull in the Congress asking the US President Barack Obama administration to help India join the Asia Pacific Economic Cooperation (APEC).

The legislation has been introduced by Matt Salmon, Chairman of the House Sub-committee on Asia and the Pacific.

As per legislation

  • India’s membership to the APEC would provide it a constructive forum to glean insight from other Asian countries that have already taken significant steps to advance their economies.
  • Indian Government is striving for major economic reforms to open India’s markets, improve trade volume, and facilitate his growing population’s need for continued job growth.
  • US-India partnership is vital to the US strategic interests in the Asia-Pacific region and across the globe. Economically prosperous India benefits the US’ strategic goals in Asia.

About Asia-Pacific Economic Cooperation (APEC)

  • APEC is regional economic forum comprising of 21 member countries accounting nearly half of the world’s trade and about 57 per cent of global gross domestic product (GDP).
  • It was established in 1989 in order to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
  • Headquarters: Singapore.
  • 21 Members are: Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russian and Vietnam.
  • India’s Position: India is having observer of APEC since 2011 and has applied for membership. However some countries have objected to granting membership to India as it does not border the Pacific Ocean, which all current members do.

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Philippines to host 2015 Asia-Pacific Economic Cooperation Summit

Philippines is going to host 2015 Asia-Pacific Economic Cooperation (APEC) summit from 18–19 November 2015 in its capital city Manila for the first time in nearly two decades.

It is second time Philippines hosting the Asia-Pacific region’s most high-level business event i.e. APEC summit and had previously hosted it in 1996.

For first time Philippines had hosted the APEC summit under the leadership of then-President Fidel Ramos who had vowed to help develop an action plan on facilitating free trade in the region.

Theme of 2015 APEC Summit:Building Inclusive Economies, Building a Better World”.

Under this theme, Philippines is going to push for inclusive growth and highlight the role of small and medium enterprises (SMEs) which account for more than 97 per cent of businesses in APEC economies.

Two key road maps will be endorsed in 2015 APEC Summit. They are

  • The Cebu Action Plan for financial integration: Aims to protect the APEC member countries from financial crises.
  • Boracay Action Agenda: It is meant to help micro, small, and medium enterprises (MSMEs) to access the regional and global market.

About Asia-Pacific Economic Cooperation

  • APEC is regional economic forum comprising of 21 member countries accounting nearly half of the world’s trade and about 57 per cent of global gross domestic product (GDP).
  • It was established in 1989 in order to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
  • Headquarters: Singapore.
  • 21 Members are: Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russian and Vietnam.
  • India is observer of APEC since 2011 and has applied for membership.

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