Leaders from the Asia-Pacific Economic Cooperation forum, including the US, have pledged to work toward free, open, and non-discriminatory trade and investment to revive their coronavirus-battered economies.
Explain: APEC
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
APEC is a 21 members body.
APEC ensures that goods, services, investments, and people move easily across borders.
Key highlights of the meeting
APEC leaders adopted the Putrajaya Vision 2040, a new 20-year growth vision to replace the Bogor Goals.
The Bogor Goals, One of APEC’s flagship initiatives, were released in 1994 for members to move towards the long-term goal of free and open trade and investment in the Asia-Pacific region no later than the year 2020.
They pledged to build an “open, dynamic, resilient n” by 2040 and tasked officers
to draw up implementation plans by next year.
Context:
Leaders from the Asia-Pacific Economic Cooperation forum, including the US, have pledged to work toward free, open, and non-discriminatory trade and investment to revive their coronavirus-battered economies.
Explain: APEC
Key highlights of the meeting
to draw up implementation plans by next year.