Asia-Pacific Economic Cooperation Summit 2015 to be hosted by Philippines. [ Current Affairs ]

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Philippines is going to host 2015 Asia - Pacific Economic Cooperation (APEC) summit from 18–19 November 2015 in its capital city Manila. It is second time Philippines holding the Asia - Pacific region’s most high - level business event i. e. APEC summit and had previously hosted it in 1996.

  • first time Philippines had hosted the APEC summit under the leadership of then - President Fidel Ramos who had vowed to help develop an action plan on facilitating free trade in the region.

Theme of 2015 APEC Summit:

  • “Building Inclusive Economies, Building a Better World”.
  • Philippines is going to push for comprehensive growth and highlight the role of small and medium enterprises (SMEs).
  • It account for more than 97 per cent of businesses in APEC economies.
  • Two key road maps will be permitted in 2015 APEC Summit.
  • The Cebu Action Plan for financial integration: Aims to protect the APEC member countries from financial catastrophes.
  • It is meant to help micro, small, and medium enterprises (MSMEs) to contact the regional and global market.

About Asia - Pacific Economic Cooperation:

  • APEC is regional economic forum comprising of 21 member countries accounting nearly half of the world’s trade.
  • It comprises about 57 per cent of global gross domestic product (GDP).
  • It was established in 1989 in order to leverage the growing interdependence of Asia - Pacific region’s economies and promote free trade in the region.
  • Headquarter: Hong Kong. 21 Members are: Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russian and Vietnam.
  • India is observer of APEC since 2011 and has applied for membership.

- Published on: November 18, 2015