16 November 2016 Current Affairs: The Asia Pacific Economic Cooperation (APEC) Forum’s week kicked off at Lima, capital city of the South American country Peru. The week that began on 14 November 2016 will run on till 20 November 2016.
The forum will witness participation from businessmen, investors and economic leaders of the 21 Pacific Rim countries (countries that lie on the coastline of the Pacific Ocean).
Boosting Human Capital Development
Upgrading Small and Medium-sized Enterprises (SMEs)
Enhancing Regional Food Market
Advancing Regional Economic Integration
APEC : It was created in 1989 to support growing interdependence of Asia-Pacific economies
Creation of regional trade blocs in other areas also contributed to its establishment. It seeks to promote free trade in the Asia-Pacific region and achieve prosperity among member economies.
Some of its member countries include Australia, The United States of America, Japan, China, Vietnam, Canada, Mexico, Russia, Indonesia and New Zealand. Annual APEC Summit is attended by heads of government of all the APEC members.The APEC region represents 57% of the world’s GDP and 497 of global trade.
India is not a member of APEC. Though it had put in its request to join the bloc and received support as well from countries like United States, Japan, Australia and Papua New Guinea, it was finally not allowed to join, mainly because it does not lie on the coastline of the Pacific Ocean. It was however, invited as an observer country for the first time in November 2011.
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