Nov. 16 – India and other Latin American countries are determined to lobby for a membership to the Asia-Pacific Economic Cooperation (APEC) next year when its moratorium on the admission of new members expires.
APEC is the region’s strongest economic group accounting for more than 50 percent of global GDP among its 21 member nations. New members must pass unanimous voting before being admitted to the group with the next summit to be held in Japan. “With the current APEC already a relatively big group, it’s a huge headache for us,” a senior Japanese foreign ministry official told the AFP during the group’s latest summit in Singapore since the group’s summit host next year will be Japan.
India has been petitioning for membership for years now and has support from Australia, Japan and Peru. “India would be interested in an APEC membership. We were kept out in the past mainly due to pressure from China. Now, I see no reason why we should not get in,” former foreign secretary Lalit Mansingh told AFP.
APEC membership is coveted because the group works towards trade and investment liberalization, business facilitation and economic and technical cooperatio for economic growth and more employment opportunities. The group decided on a suspension of new membership applicants for more than 10 years after admitting Peru, Russia and Vietnam.
The group’s 21 members include: Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; the United States and Vietnam.
In addition, Latin American economies like Colombia, Costa Rica and Ecuador also are lobbying hard to be admitted to the group.
Source:2point6billion.com
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