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Sunday, April 21, 2024

Understanding APEC and India’s Membership Bid Rejection

The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum comprising economies around the Pacific Ocean. Established in 1989, APEC aims to foster trade, investment, and economic development in the Asia-Pacific region. The organization seeks to leverage the growing interdependence of the member economies, creating greater prosperity through regional economic integration.

Initially consisting of 12 members, APEC has expanded over the years and now includes 21 economies. Prominent members of APEC include the United States, China, Russia, Japan, and Australia, along with other nations such as Brunei, Hong Kong, New Zealand, Papua New Guinea, the Philippines, Indonesia, South Korea, Canada, Mexico, Peru, Chile, Malaysia, Vietnam, Singapore, Thailand, and Taiwan.

Despite its significant presence in the Asia-Pacific region, India is notably absent from the list of APEC member countries. India’s bid to join APEC dates back to 1991, yet it was met with rejection, and the country remains a non-member. The reasons behind India’s exclusion from APEC can be multifaceted and often involve considerations related to economic policies, regional dynamics, and geopolitical factors.

As the APEC summit unfolds in San Francisco, India’s Union Minister for Commerce and Industry, Piyush Goyal, is participating in the event, even though India is not a member of the bloc. This engagement underscores India’s interest in the economic discussions and collaborations taking place within the Asia-Pacific region.

Key leaders attending the APEC conference include Japanese Prime Minister Fumio Kishida, Canada’s Justin Trudeau, and Indonesian President Joko Widodo. The summit provides a platform for discussions on regional economic issues, trade partnerships, and collaboration for mutual economic development.

India’s attendance at the APEC summit, despite not being a member, reflects the nation’s commitment to engaging with the Asia-Pacific region on economic matters. While India’s bid for APEC membership may have faced rejection in the past, the diplomatic landscape is dynamic, and future developments may see shifts in the relationship between India and APEC.

For more updates stay tuned to FELA News!

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