Asia Society Policy Institute (ASPI) launched an initiative, ‘India and APEC: Charting a Path to Membership,’ to develop the case and a strategy for gaining India’s membership in Asia-Pacific Economic Cooperation (APEC). The ASPI initiative will be supported in India by leading business association Confederation of Indian Industry (CII).
Joining APEC would be a game-changer for India and would position it for integration into global supply chains as well as serve as a bridge to one day joining the TPP.
India is Asia’s third largest economy and its participation in APEC would be a win for India and the region, particularly at a time when China’s economy is slowing down. India’s entry will require it to update its policy and regulatory environment preparing it for greater market access and trade liberalization in order to fully participate in the global market place.
APEC had a moratorium on new membership for a decade, which has now been lifted.
APEC’s members include the U.S., Russia, China, Australia and Japan. It represents 2.8 billion people and accounts for 57 percent of the world’s gross domestic product and 47 percent of global trade.
What Does This Mean for Florida?
While India is not one of Florida’s top trading partners, its potential is tremendous. Its large economy still remains a “sleeping giant” as it has not fully integrated into the global market place and still lacks critical infrastructure investments to maximize capacity and stimulate business growth. India’s integration into APEC could open doors for greater market access to U.S./Florida exporters and businesses looking to tap into its potential. Relationship building is important for Florida to be at the forefront of an emerging powerhouse that is India poised to become.
In order to remain globally competitive, Florida needs to diversity our trading partners and markets to expand and grow Florida trade. This is a strategy identified in the Florida Chamber Foundation’s most recent Trade and Logistics study. To learn more about how the Florida Chamber is work to build Florida’s international relationships, contact Alice Ancona today at firstname.lastname@example.org.