India and APEC: Time to get on the Bus
Dr. Dhanpaul Narine
By Dr. Dhanpaul Narine
Smart economics suggests that India should be a member of APEC or Asia Pacific Economic Cooperation. When India does well the world benefits.
Prime Minister Narendra Modi has been making the right statements that might make this possible. In welcoming the Chinese President Mr. Xi Jinping to India Mr, Modi outlined the special chemistry that exists between both countries. He said, ‘ India and China are bound by history, connected by culture and inspired by rich traditions. Together they can create a bright future for the entire mankind.’
If this is a sales pitch or a form of ‘Modinomics’ it caught the attention of the international community. Mr Modi continued by saying that India and China can ‘ script history and make a better tomorrow for all mankind.’
The demography suggests that the two countries have the capacity to be the giant tigers of Asia. They comprise over one third of the world’s population and economists and planners forecast that cooperation between India and China could open new frontiers and qualitatively benefit their peoples.
There is no doubt that it makes economic sense to cooperate and having India as a player and partner is undoubtedly a bonus. But India’s participation in the economic life in the region is not as straightforward as it seems. India has tried since 1993 to join a powerful economic club and has found itself shut out. This club is APEC, or Asia Pacific Economic Cooperation. The function of APEC is to promote economic development among its members and it is so powerful that it currently accounts for around 60 percent of the global GDP. There are 21 members of APEC as follows: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam. As we can see these are some of the world’s most powerful economies ….
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Comments
A very interesting and informative article that clearly explains the dynamics of APEC and the economic significance if India becomes a member. Thanks Dr. Narine for this excellent article.