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5
India’s Future in Asia (A P E C)
By: Seidi Quetzal
Defining Term
TERMS
Economic integration: is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade .
Pacific Rim
The Pacific Rim comprises the lands around the rim of the Pacific Ocean. The Pacific Basin includes the Pacific Rim and the islands in the Pacific Ocean.
Introduction
Within the international scene, International Institutions are vital. Having these institutions it creates movement of trade and encourages economic growth. Within the Pacific Rim APEC serves this purpose. Therefore, what is APEC? APEC stands for Asia- Pacific Economic Cooperation. According to the APEC website it states that, “ it is one of the most dynamic and fastest-growing economies in the world” (APEC 2020). Since 1989, the role of APEC is to facilitate regional integration in the Asia Pacific.
Introduction
Hence this works by three pillars which are; one trade and investment liberalization two trade facilitation, and lastly economic and technical cooperation. The institutions currently has twenty one current members which are United States; Australia; Brunei; Canada; Chile; China; Hong Kong,; Indonesia; Japan; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; Russia; Singapore; Republic of Korea; Taipei; Thailand; and Viet Nam.
Statement of the problem
Over thirty years APEC has had a total of twenty- one members. One country who is not within the names twenty-one members is India. With a growing economy India has tried multiple times to be a part of APEC thus the statement of the problem is, “ Why is India not a part of APEC?” or " Why doesnt APEC allow India in?
Literature Review
Literature
Review
According to Asia Pacific Bulliet, " APEC is the premier forum in the region to facilitate the realization of the development goals set forth by the United Nations. Home to around 2.8 billion people, approximately 59 percent of world GDP and 49 percent of world trade, APEC includes the world’s biggest economies, such as the US, China, Japan, ASEAN, and thus has the potential to make important economic contributions to the region — and the world. " (Le Dinh Tinh, 2017)
Literature Review
Current standings
- Since its conception APEC, each year holds its annual APEC meetings. These meetings are hosted among its twenty-one members. The Literature review will focus on India and APEC.
- In the year 2017 Vitenaman held the APEC meeting for the second time. Under the theme, " Creating New Dynamism, Fostering a Shared Future". The four key points discussed where, " a) sustainable, innovative and inclusive growth; b) regional economic integration and connectivity; c) dynamism for micro, small, and medium-sized enterprises (MSMEs) " ( APEC 2017)
Literature Review
During the meeting, President Trump delivered a speech promoting the idea of a “free and open Indo-Pacific”, with significant implications both for the regional architecture and the US future ties with allies and partners. (Le Dinh Tinh, 2017) He praised India, " celebrating the 70th anniversary of its independence. It is a sovereign democracy, as well as — think of this — over 1 billion people. It’s the largest democracy in the world.
Literature Review
Since India opened its economy, it has achieved astounding growth and a new world of opportunity for its expanding middle class. And Prime Minister Modi has been working to bring that vast country, and all of its people, together as one. And he is working at it very, very successfully, indeed. " ( The whitehouse, 2017)
Literature Review
While President Trump mentioning India . Scholars also believe India should become apart of APEC. Alyssa a economic scholar states, " One of Asia’s most important annual economic gatherings still does not include India, a flaw that undermines efforts to expand trade and innovation throughout the region." ( Ayres 2018)
Literature Review
On the other hand, " A NUMBER OF OBSTACLES BLOCK INDIA’S PATH toward APEC membership. First, a number of key APEC members remain skeptical that India would be a constructive member. Second, India’s policies and politics make it difficult to overcome this skepticism. Third, APEC’s processes and political dynamics complicate India’s effort to gain accession to APEC" For these reason, " India’s resistance to negotiating bilateral investment treaties (BITs) is another reason for concern. APEC members view India as being reluctant to open markets and to move toward consensus in trade negotiations."
Statistics Methodology
Statistical methods involves in carrying out a study include planning, designing, collecting data, analysing, drawing meaningful interpretation and reporting of the research findings.
Methodology
Data Analysis
This paper will use secondary data from the IMF and APEC. The use of this data will give a more accurate information to try and answer the statement of the problem.
Data Analysis
INDIA
IMF forecasts India GDP at 7.5% in FY20 and 7.7% in FY21.
Conclusion
Conclusion
For these reasons mentioned above, the question remains does APEC work, or what makes it different from other International Institutions? With APEC success stories from energy, transportation, telecommunications, intellectual property, and enhancing access to Market Information. What about other countries wanting to join APEC for example India? With India’s economy rising and human development an asset India would fit perfectly within APEC. On the contrary, wanting to join APEC has come with some barriers with the initial support from the United States, Japan, Australia, and Papua New Guinea. India is not considered to border the Pacific Ocean, which is unfortunate.
Conclusion
But could the answer be Indo-Pacific “ it is in the strategic and economic interests of Indo-Pacific nations to have India in APEC. Many of the regional analysts state that India’s emergence as a great power means it should be included in the region’s premier economic forum, and that Indian membership could help balance emerging tensions within APEC and across the region. Scholars also highlight the significant market access opportunities an APEC-wedded India would provide their nations, with India knitted into the regional economic system and its liberalisation agenda likely furthered” ( Seymour 2020) . In conclusion, even though India has not been able to join APEC. It is time for APEC to add other members and in order to expand globalization within Asia Pacific political economy.