APEC stands for Asia-Pacific Economic Cooperation. The purpose of APEC is to respond to the blooming interdependency of the economies of the Asia- Pacific region and also the emergence of regional trade blocs in various parts of the world.
This topic holds major relevance for IAS exam aspirants.
What does the APEC do?
Asia-Pacific Economic Cooperation (APEC) is a major multilateral economic trade forum. It is the only international intergovernmental grouping in the world which ensures the free flow of trade and investment without involvement of its members into legally binding obligations.
How many countries are a part of APEC?
There are 21 countries that are a part of APEC.
What are the areas of focus under the APEC Business Advisory Council?
The major areas of focus of APEC Business Advisory Council are:
- Regional Economic Integration
- Sustainable development
- MSME and entrepreneurship
- Finance & economics
- Digital & Innovation
Frequently Asked Questions on APEC
Is India a member of APEC?
As on Dec 2020, India is not a member of the Asia Pacific Economic Cooperation due to various reasons.
Where is the headquarters of APEC?