After almost two decades, India is just one step away from joining the Asia Pacific Economic Cooperation (APEC), an economic forum for countries on the Pacific Rim, that promote free trade in the Asia-Pacific region. India’s membership looks to be almost certain after a group of influential lawmakers in the United States introduced a legislation asking the Obama administration to help India join the APEC, stating that the country’s inclusion will boost the US’ strategic goals in the region.
Incidentally, if India does join, it will be the only country not located on the Pacific Rim in the group. The country has had observer status at APEC meets for the past few years, after the embargo on new members was lifted. India does execute trade agreements with almost all the 21 countries in APEC and participates in free trade with all of them. However, membership of the APEC will get it closer to becoming a vital cog in the Trans-Pacific Partnership (TPP).
The TPP, as well as the APEC, will boost India’s trade in the Asia Pacific region and subsequently help the economy grow. The Narendra Modi government has been following up on this aspect for a while now and perhaps the 20-year-old application might finally be accepted. However, for that to happen, India has to improve on its economic reforms and liberalise the economy, which has been a stumbling block in the past. After all, if you want something, you have to give something else in return.
