Asia Pacific Economic Cooperation (APEC) 2022 meeting is underway in Thailand, the host nation of its 33rd edition. The meeting is convened to deliberate on ways to reopen and facilitate trade and investment in the Asia-Pacific region.

After closing the economy amid Covid pandemic, member nations of APEC are aspiring to regain the economic pace and connect other economies. So, in keeping with the sentiments of the members, the 2022 summit theme is based on ‘Open, Connect, Balance.’

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On Thursday, the Ministry of Foreign Affairs, Thailand had a press conference regarding the summit.

The spokesperson of the ministry informed media persons about the progress, achievements, and expected outcomes of APEC through an online meeting that took place in Bangkok, the capital of Thailand.

Working on BCG economy model

While briefing the media, the spokesperson said that the APEC member nations were among the countries of the world that have been heavily impacted by the COVID pandemic. Hence, the priorities of the 2022 edition of APEC are to reconnect the people in the region safely and seamlessly and resume cross-border travel through the inclusive APEC Business travel card.

He further added that 21 member economies are working on the Bio, Circular and Green (BCG) economy model for post-pandemic recovery.

Climate change, inclusivity and sustainability major concern

Apart from this climate change, inclusivity and sustainability have been major concerns in the region. So, it is necessary to open the economy to make a balance for the member countries who are facing the issue. To offer equal opportunity there might be a Free Trade Agreement (FTA) in the region, which already has 186 FTAs, the spokesperson said.

Emphasis on Women’s participation in economy

There is an emphasis on environmental and social governance. High-level ministerial meetings are also being held for promoting women’s participation in the economy.

https://twitter.com/APEC2022TH/status/1568068824746049541

Attempts to include India

Time and Again there have been attempts to include in APEC, an inter-governmental forum for 21 member economies in the pacific rim that promotes free trade in the region and includes the world’s major economies such as the USA, China, Russia, Australia, and south-east Asian nations.

APEC countries contribute 62% of the world GDP and 48% of the world trade.

Asia Society Policy Institute President Kevin Rudd, described once in 2017, how India joining the Asia-Pacific Economic Cooperation (APEC) would be beneficial for both India and current APEC members.

Importance of APEC for India

Since its founding year in 1989, the member nations have seen significant growth. The poverty of economies was reduced to 1.8% in 2015 from 41.7% in 1990. Additionally, the Most Favored Nation (MFN) Tariffs have also been reduced from 16.9% in 1989 to 5.2% in 2019.

It is worth mentioning that 6 out of 10 Association of SouthEast Asian Nations (ASEAN) are part of APEC. At the same time, India’s trade with ASEAN stands at US $81.33 bn and is the fourth highest trade partner of India. India’s exports to ASEAN stand at 11.28% of the total exports. It also accounts for approximately 18.28% of investment flow into India since 2000.

If we take notice of the above facts, APEC proves to be of major importance for India from an economic point of view.

Southeast Asian nations who are part of APEC have always been part of India’s look east policy. Prime Minister Narendra Modi has many times addressed these nations as important in combating China and maintaining peace in the Indo-Pacific and south china sea region.

So, APEC countries which include the USA, Russia, Australia and other south Asian countries can be helpful for India in maintaining a strong economic and geopolitical stand.