Why is it in the news?
- The Golden Gate Declaration, adopted at the 30th APEC Economic Leaders’ Meeting in San Francisco, USA, is a significant commitment by member countries of the Asia-Pacific Economic Cooperation (APEC)
- This declaration builds upon the work done in previous APEC meetings and focuses on several key areas to promote economic growth, sustainability, and inclusivity in the Asia-Pacific region.
Commitments made by member countries in Declaration
- The Golden Gate Declaration emphasizes five critical areas: resilience, sustainability, interconnection, innovation, and inclusion. These areas represent the core principles that APEC member countries aim to prioritize and work on collectively.
- A primary objective of the declaration is to create a resilient and sustainable future for all. This involves addressing economic, environmental, and social challenges to ensure long-term stability and growth in the region.
- The declaration includes the San Francisco Principles, which are centred on integrating inclusivity and sustainability into trade and investment policies. These principles aim to ensure that economic growth benefits all segments of society and does not harm the environment.
- APEC leaders have reaffirmed their commitment to delivering a trade and investment environment that is free, open, fair, non-discriminatory, transparent, inclusive, and predictable. This commitment is crucial for promoting economic growth and cooperation in the region.
- The declaration underscores the importance of the World Trade Organization (WTO) as a key institution in facilitating international trade. APEC member countries commit to reforming the WTO by 2024 to ensure it remains effective and relevant.
- The declaration expresses support for further economic integration in the region, with a focus on market-driven approaches, including work on establishing a free trade area. This reflects a commitment to reducing trade barriers and promoting economic cooperation.
- Member countries reaffirm their commitment to keeping markets open and addressing supply chain disruptions. They aim to build secure, effective, resilient, sustainable, and open supply chains. This is especially important in light of recent global challenges to supply chains.
- APEC leaders commit to pursuing and encouraging efforts to triple renewable energy capacity globally by 2030. This commitment aligns with sustainable development goals and environmental conservation efforts.
- The declaration commits to fully implementing the Food Security Roadmap Towards 2030. This roadmap aims to make agri-food systems more resilient, productive, innovative, and sustainable, addressing food security challenges in the region.
- APEC member countries pledge support for Micro, Small, and Medium-sized Enterprises (MSMEs) to expand into regional and global markets. This support includes integration into global value chains, collaboration with larger enterprises, and leveraging digital tools and technologies for growth.
|Asia-Pacific Economic Cooperation (APEC)
· APEC is a regional forum established in 1989.
· Its primary goal is to promote economic growth and cooperation in the Asia-Pacific region.
· APEC consists of 21 member economies.
· In 2021, APEC member countries represented approximately 62% of global GDP and 48% of world trade.
· APEC operates on a voluntary basis, emphasizing sustainable, balanced, and innovative economic growth.
· Unlike traditional treaties, APEC does not bind its members with formal agreements but encourages collaboration through capacity-building projects and initiatives.
· India holds an ‘observer’ status in APEC.
· APEC ceased accepting new memberships in 1997 to focus on strengthening internal cooperation among existing members.