Context: APEC members failed to agree on a communique at a summit in Papua New Guinea What is APEC? The grouping is facing the heat of unilateralism and protectionism. In 2018, Chile had cancelled the summit due to violent domestic protests. The APEC 2020 ended with the adoption of the APEC Putrajaya Vision 2040 and the 2020 Kuala Lumpur Declaration. The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. Currently, APEC has 21 member economies. The next APEC meeting is to be hosted by New Zealand. This is the second time Malaysia hosted an APEC meeting, having hosted one in 1998. The host nation for 2020 is Saudi Arabia. Asia-Pacific Economic Cooperation (APEC) APEC is the premier Asia-Pacific economic forum.Primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region. Later at the Papua New Guinea summit in 2018, the APEC economies failed to arrive at a joint statement due to trade war between the United States and China. Note: The 2019 leaders’ meeting was cancelled by Chile due to violent anti-government protests and the virtual APEC meeting of 2020 are being hosted by Malaysia. 4. On 30th June 2020, New Zealand cancelled the 2021 Asia-Pacific Economic Cooperation (APEC) forum that was scheduled to be held in Auckland, due to the COVID-19 pandemic and is opting to lead a virtual summit.. Shrinking Economy due to Covid – The Asia-Pacific Economic Cooperation (APEC) region is expected to post a 7 per cent economic decline in 2020 due to the impact of Covid-19. Asia-Pacific Economic Cooperation Summit. APEC was established in 1989 as an intergovernmental platform for 21 Pacific Rim member economies to promote free-trade in the region. Competition and divergence in the form of US-China tensions was on full display at the 2018 APEC summit The forum initially started as an informal dialogue of economic leaders in 1989 in Canberra, Australia. Earlier on November 17, 2020, the members of Asia Pacific Economic Cooperation held a ministerial meeting. Succeed in the country's most coveted exam with this free-to-attend summit. 23rd Bengaluru Tech Summit 2020: Karnataka Government, Karnataka Innovation and Technology Society (KITS), Karnataka Government’s vision group on IT, Biotechnology: Virtual meeting: 45. Jun 26 • 27 • 28 - 2020 The Asia Pacific Economic Cooperation was recently hosted by Malaysia. Several leaders of the cooperation joined the summit. APEC was established in 1989 as an intergovernmental platform for 21 Pacific Rim member economies to promote free-trade in the region. With power-packed sessions, this 3-day summit is a must-attend for every UPSC CSE aspirant. 2020 Asia Pacific Economic Cooperation (APEC) Summit: Chairmanship of PM of Malaysia, Tan Sri Muhyiddin Yassin: Virtual meeting: 44. The main idea is to promote … Asia-Pacific Economic Cooperation includes 21 member nations. This summit takes place annually and is attended by heads of the states. It is regional economic forum of 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region. APEC stands for Asia-Pacific Economic Cooperation It is a regional economic forum of 21 Pacific Rim member economies Established in 1989 APEC’s 21 members aim to promote free trade throughout the Asia-Pacific region APEC account for about half the world’s trade and almost 60 per cent of global GDP Why was it established? Goal and objectives: The primary goal of APEC is to support sustainable economic growth … It was formally established in 1993 with 12 members. The Summit was attended by the US President Donald Trump as well. The APEC Summit 2021 will be hosted by New Zealand. In response …
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