Why in news: The Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit 2023 recently concluded in San Francisco, United States with the theme “Creating a Resilient and Sustainable Future for All,”

 APEC Leaders’ Summit 2023 Highlights:

1.Golden Gate Declaration:

Symbolizes the commitment of APEC leaders to a resilient and sustainable future for member economies.

2.Commitment to Free and Fair Trade:

Emphasized the need for an open trade environment fostering economic cooperation.

3.APEC Action Agenda on Climate Change and Energy Security:

 Endorsed concrete actions to address climate crises and ensure regional energy security.

About APEC:

1.Establishment and Objectives: Founded in 1989, aims at balanced, inclusive, and innovative regional growth, fostering economic integration.

2.Membership: Includes economies like Australia, China, the US, and others, with India as an observer.

3.Significance: Represents 62% of world GDP and 48% of world trade in 2021, a key influential platform in the Asia-Pacific region.

Operating Principles and Goals:

1.Voluntary Commitments: Operates without binding commitments, focusing on voluntary initiatives and capacity-building.

2.Main Goals: Fostering economic growth, enhancing regional integration, and addressing human security and common global challenges.

India and APEC:

1.Desire to Join: India sought membership since 1991, aligning with its economic liberalization.

2.Obstacles: Concerns about existing rules hindering India’s business potential within APEC were raised, despite some member support.

The APEC Leaders’ Summit 2023 reinforced commitments to sustainability, free trade, and addressing pressing regional challenges.