to Help India Join APEC US Lawmakers Has Introduced Legislation in Congress [ Current Affairs ]
In order to help India join the Asia Pacific Economic Cooperation (APEC) a group of significant US lawmakers have introduced a Bull in the Congress asking the US President Barack Obama administration. The Chairman of the House Sub-committee Matt Salmon has introduced the legislation on Asia and the Pacific.
As per legislation:
- Membership of India to the APEC would provide it a productive medium to glean intuition from other Asian countries that have previously taken significant steps to advance their economies.
- Indian Government is determined for major economic reforms to open India’s markets, improve trade volume, and facilitate his growing population’s need for continued job growth.
- US-India partnership is vital to the US strategic interests in the Asia-Pacific region and across the globe.
- India profits the US’ strategic goals in Asia, Economically.
About Asia-Pacific Economic Cooperation (APEC)
- It was established in 1989 to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
- APEC is area economic scene comprising with 21 member countries secretarial nearly half of the world’s trade and about 57 % of global gross domestic product (GDP).
- Its headquarters is located at Singapore.
- 21 Members are Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Taiwan, Hong Kong, China, Mexico, Papua New Guinea, Chile, Peru, Russian and Vietnam.
Position of India:
- Since 2011, India is having observer of APEC and also has applied for membership.
- And some countries have objected to compromise membership to India as it does not border the Pacific Ocean, which all current members do.
- Published on: March 28, 2016