A Legislation soliciting the Obama administration to help India to join APEC forum has been introduced in US Congress by few influential American lawmakers; in the Bill it has been argued that an economically prosperous India benefits the US goals in Asia.
What is APEC?
APEC (Asia- Pacific- Economic Cooperation) is a regional economic forum set up in 1989 to mark the growing interdependence of the Asia–Pacific. APEC’s 21 members intend to form greater prosperity for the people of the region by elevating balanced, inclusive regional economic integration.
What does APEC do?
APEC secures that goods, services, investment and people move across boards without facing unnecessary hurdles. Member countries expedite the trade through speedy customs procedures at borders; more favourable business environment behind the border; and collaborating regulations and standards across the region. For example, APEC’s initiatives to harmonize regulatory system is a key step to integrate the Asia–Pacific economy. A product can be more easily exported with just one set of common standards across all economies.
APEC works to cater help all residents of the Asia–Pacific to participate in the growing economy. For example APEC projects cater digital skills training for rural communities and help indigenous women in exporting their products abroad.
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Legislation contents
The legislation mentioned that India–US partnership is very important to US strategic interests in the Asia-Pacific region and across the globe, and is an integral aspect to the Administration’s Rebalance to Asia. Pointing out that India’s location within the Asia–Pacific region provides an access for continued trade and investment partnership with APEC member states, the legislation has asked Secretary of State to form a strategy to secure membership status for India in APEC. It has even instructed the Secretary of State to actively ask APEC member States to favour such membership status for India and present a report within two months of the passage of this Bill.
Advantages for India to join APEC
By getting the membership in India to join APEC would get a constructive forum to gather insights from other Asian countries that have already taken significant steps to enhance their economies.
India is also endeavoring for major economic reforms to open its markets, increase trade volume and expedite its growing population’s need for continued job growth. Therefore, APEC can be an apt platform.
APEC’s 21 member economies
Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong; China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United State of America; Viet Nam.
APEC members account for approximately 40% of the world population, approximately 54% of the world’s gross and about 44% of world trade.
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