US lawmakers introduce legislation in Congress to help India join APEC

A group of influential US lawmakers have introduced a Bull in the Congress asking the US President Barack Obama administration to help India join the Asia Pacific Economic Cooperation (APEC).
The legislation has been introduced by Matt Salmon, Chairman of the House Sub-committee on Asia and the Pacific.
As per legislation

• India’s membership to the APEC would provide it a constructive forum to glean insight from other Asian countries that have already taken significant steps to advance their economies.
• Indian Government is striving 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. Economically prosperous India benefits the US’ strategic goals in Asia.

About Asia-Pacific Economic Cooperation (APEC)

• APEC is regional economic forum comprising of 21 member countries accounting nearly half of the world’s trade and about 57 per cent of global gross domestic product (GDP).
• It was established in 1989 in order to leverage the growing interdependence of Asia-Pacific region’s economies and promote free trade in the region.
• Headquarters: 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.
• India’s Position: India is having observer of APEC since 2011 and has applied for membership. However some countries have objected to granting membership to India as it does not border the Pacific Ocean, which all current members do.

Month: Current Affairs - March, 2016