Agreement to form Arctic Economic Council

During a meeting in Yellowknife, Canada, senior Arctic officials agreed to move forward with the creation a circumpolar business forum called the Arctic Economic Council, the Arctic Council announced March 26. The Arctic Council, an intergovernmental forum of the eight Arctic nations, decided in May 2013 to establish a business forum of this type: The March announcement confirms that decision and puts the wheels in motion to bring the forum into being.

According to information published by the Arctic Council, the purpose of the Arctic Economic Council will be to foster “sustainable development, including economic growth, environmental protection and social development in the Arctic region.” Objectives include the enhancement of regional economic cooperation; providing business views to the Arctic Council; facilitating and fostering business opportunities while advancing sustainable development; contributing to a stable, predictable and transparent business climate; facilitating Arctic trade and investment; and maximizing the potential for Arctic economic activities to take into account environmental protection and to positively impact Arctic communities and indigenous peoples.

Each Arctic state and permanent participant in the Arctic Council can, within two months, provide the names of up to three representatives to attend the Arctic Economic Council’s inaugural meeting. Permanent participants consist of groups representing Arctic indigenous peoples. The Arctic Economic Council will subsequently determine the maximum size of its membership, and its governance, structure and activities, while ensuring strong participation from indigenous businesses, the Arctic Council says.

And the Arctic Council says that it may propose areas of focus for the new economic council, “beginning with responsible resource development.”

—Alan Bailey