Context:
30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting concluded in San Francisco with adoption of Golden Gate Declaration.
- USA hosted APEC summit after a decade with a theme: Creating a Resilient and Sustainable Future for All.
About APEC:
- Formed in 1989 with 12 members.
- Present members – 21 countries
- Only international intergovernmental grouping of economies around Pacific Ocean aiming to promote trade, investment, and economic development in region.
- Importance –
- Accounts for nearly 62% of global GDP, half of global trade and covers 38% of global population.
- Operates on basis of non-binding commitments with decisions reached by consensus.
India and APEC:
- India is an observer since 2011.
- Why is India not a member of APEC?
- Reservations about India’s “protectionist instincts”, and its unsatisfactory records on economic reforms and WTO engagement.
- Membership in APEC group froze in 1997.
- India’s lack of a Pacific coastline has worked against its membership.
What is the significance of APEC for India?
- Reducing trade barriers, promoting free flow of goods, services and capital among APEC economies.
- Improve physical infrastructure linkages, people mobility and institutional ties across Asia-Pacific.
- Boost India’s exports, attract investment and support initiatives like Make in India.
- Facilitate “technology transfer” in IT, pharmaceuticals, renewable energy etc.
Source: Indian Express
Previous Year Question
Consider the following statements:
Statements-I: Recently, the United States of America (USA) and the European Union (EU) have launched the ‘Trade and Technology Council’.
Statement-II: The USA and the EU claim that through this they are trying to bring technological progress and physical productivity under their control.
Which one of the following is correct in respect of the above statements?
[UPCS Civil Services Exam – 2023 Prelims]
(a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
(b) Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
(c) Statement-I is correct but Statement-II is incorrect
(d) Statement-I is incorrect but Statement-II is correct
Answer: (c)
