The founding meeting of the Arctic Economic Council (AEC), an new independent body of the Arctic Council, aiming at working to foster sustainable development, including economic growth, environmental protection and social development in the Arctic, has been scheduled on September 2-3 2014, in Iqaluit, Nunavut(Canada). As an independent body, the AEC will decide on its membership, roles and responsibilities, governance, structure, and activities, while ensuring strong participation from indigenous businesses. It may inform the work of the Arctic Council through the views of business.
The meeting is being arranged by Minister Leona Aglukkaq, the Chair of the Arctic Council, who set AEC as priority initiative of Canada's Arctic Council chairmanship (2013-2015), which is focused on development for the people of the North. At the last Arctic Council Ministerial Meeting in Kiruna, Sweden in May 2013, Ministers signed the Kiruna Declaration, which "[recognized] that Arctic economic endeavours are integral to sustainable development for peoples and communities in the region". They also agreed to establish a Task Force to Facilitate the Creation of a Circumpolar Business Forum.
Consistent with the Task Force's mandate, the Arctic states and Indigenous Permanent Participant organizations of the Arctic Council have worked together to facilitate the creation of this forum – called the Arctic Economic Council (AEC).
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Source: Arctic Council.