- What is it?: The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989.
- Aim: To promote free trade, economic integration, and sustainable growth among the countries in the Asia-Pacific region.
- Members:
- APEC includes major economies such as the United States, China, Japan, Russia, Canada, and Australia, along with others in the Pacific Rim, totaling 21 member economies.
- India is not a member.
- Objectives
- The primary goal is to promote free and open trade and investment across the Asia-Pacific region by reducing tariffs and other trade barriers.
- APEC also emphasizes economic integration, innovation, and digitalization, as well as sustainable economic growth and energy security.
- Significance: Its 21 member economies are home to around 2.8 billion people and represented approximately 59% of world GDP and 49% of world trade in 2015.