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23rd APEC Economic Leaders Summit held at Manila

Economic

23rd Asia-Pacific Economic Cooperation (APEC) Economic Leaders Summit was held at Manila, Philippines from 18 November to 19 November 2015. The summit was chaired by Philippines President Benigno S Aquino III.

The theme of the Summit was Building Inclusive Economies, Building a Better World. After the conclusion of the summit, the leaders from 21 member-countries issued the2015 Leaders Declaration titled Building Inclusive Economies, Building a Better World: A Vision for an Asia-Pacific Community Peru will chair APEC throughout 2016 and host the 24th APEC Economic Leaders’ Meeting.

About Asia-Pacific Economic Cooperation (APEC)
• The idea of APEC was firstly publicly broached by former Prime Minister of Australia Bob Hawke during a speech in Seoul, Korea on 31 January 1989.
• Ten months later, 12 Asia-Pacific economies met in Canberra, Australia to establish APEC.
• The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the United States.
• China, Hong Kong, China and Chinese Taipei joined in 1991. Mexico and Papua New Guinea followed in 1993. Chile acceded in 1994. And in 1998, Peru, Russia and Viet Nam joined, taking the full membership to 21.
• In 1993, former United States President Bill Clinton established the practice of an annual APEC Economic Leaders' Meeting to provide greater strategic vision and direction to cooperation in the region
• With slew of measures putting back the economy on track, Prime Minister Narendra Modi said reforms are "just a way station" to transforming India and vowed to provide a transparent and predictable tax regime as well as protection to Intellectual Property Rights. Speaking at the ASEAN Business and Investment Summit in Kuala Lumpur, he said government actions in the past 18 months have led to bringing down inflation while, at the same time leading to higher GDP growth and foreign investment.
• Prime Minister said the government was committed to restore credibility in the process of allocation of natural resources. "My government has intervened with legislative and administrative measures to improve the supply of critical inputs and raw materials. They include Coal, other minerals and spectrum. The hallmark of this intervention is allocation through transparent auction," he said.