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