77. Consider the following statements about Asia Pacific Economic Cooperation:
It was established to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
2. It is headquartered in Philippines.
3. India has been an associate member of APEC.
4. The 2017 Leaders’ Summit has held in Vietnam.
Which of the above statement(s) is/are correct?

Only 1 and 2

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Only 1 and 4

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Only 1, 3 and 4

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All of the above

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Solution

The correct option is B Only 1 and 4
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 growing interdependence of Asia-Pacific region’s economies and promote free trade in the region. Its Headquarters is in Singapore. India is observer of APEC since 2011 and has applied for membership. The 2017 Asia-Pacific Economic Cooperation (APEC) Forum’s Leaders’ Summit will be held in Vietnam.

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