🔆To Beat China, India Must Engage with APEC
The 2023 Asia Pacific Economic Cooperation (APEC) summit was held in San Francisco last week. The US hosted APEC after a gap of 12 years.
Despite being in the same region, India is not a part of APEC but India needs to engage with aspects of APEC so that its economic goals can be met.
📍The Asia Pacific Economic Cooperation (APEC)
✅The APEC is a regional economic forum that was formed in 1989.The objective of the grouping is to leverage the growing interdependence of the Asia-Pacific and create greater prosperity for the people of the region through regional economic integration.
✅It has been operating based on non-binding commitments with decisions taken through commitments and consensus undertaken on a voluntary basis.
✅Currently, APEC has 21 members. The criterion for membership, however, is that each member must be an independent economic entity, rather than a sovereign state.
📍Significance of APEC
✅APEC accounts for nearly 62 per cent of global GDP and nearly half of global trade.
✅Since its formation, the grouping championed the lowering of trade tariffs, free trade, and economic liberalisation.
✅As per the US State Department, during its first five years of operation, APEC established its core objectives.
✅In the Seoul Declaration (1991), APEC member economies proclaimed the creation of a liberalised free trade area around the Pacific Rim as the principal objective of the organisation.
📍Reason Why India is Not a Member of APEC
✅APEC’s Resistance to Protectionism
Although many members have been in favour of the inclusion of India, some opposed the idea citing the economic reforms which took place in the country and claiming that it has 'protectionist instincts'.
APEC’s guiding motive was to resist protectionist policies by individual member states, and the promotion of trade liberalisation and economic cooperation within the affiliated Asia-Pacific economies.
By that description, India did not seem to fit in.
✅India’s Record on Economic Reforms and WTO Engagement: The main impediment has been the opposition of some participants who have held India’s record on economic reforms and WTO engagement to be unsatisfactory.
✅Membership freeze: Another reason for not making India part of the grouping was a membership freeze which came into force in 1997. However, it was not extended in 2012.
The 2023 Asia Pacific Economic Cooperation (APEC) summit was held in San Francisco last week. The US hosted APEC after a gap of 12 years.
Despite being in the same region, India is not a part of APEC but India needs to engage with aspects of APEC so that its economic goals can be met.
📍The Asia Pacific Economic Cooperation (APEC)
✅The APEC is a regional economic forum that was formed in 1989.The objective of the grouping is to leverage the growing interdependence of the Asia-Pacific and create greater prosperity for the people of the region through regional economic integration.
✅It has been operating based on non-binding commitments with decisions taken through commitments and consensus undertaken on a voluntary basis.
✅Currently, APEC has 21 members. The criterion for membership, however, is that each member must be an independent economic entity, rather than a sovereign state.
📍Significance of APEC
✅APEC accounts for nearly 62 per cent of global GDP and nearly half of global trade.
✅Since its formation, the grouping championed the lowering of trade tariffs, free trade, and economic liberalisation.
✅As per the US State Department, during its first five years of operation, APEC established its core objectives.
✅In the Seoul Declaration (1991), APEC member economies proclaimed the creation of a liberalised free trade area around the Pacific Rim as the principal objective of the organisation.
📍Reason Why India is Not a Member of APEC
✅APEC’s Resistance to Protectionism
Although many members have been in favour of the inclusion of India, some opposed the idea citing the economic reforms which took place in the country and claiming that it has 'protectionist instincts'.
APEC’s guiding motive was to resist protectionist policies by individual member states, and the promotion of trade liberalisation and economic cooperation within the affiliated Asia-Pacific economies.
By that description, India did not seem to fit in.
✅India’s Record on Economic Reforms and WTO Engagement: The main impediment has been the opposition of some participants who have held India’s record on economic reforms and WTO engagement to be unsatisfactory.
✅Membership freeze: Another reason for not making India part of the grouping was a membership freeze which came into force in 1997. However, it was not extended in 2012.
📍Why India Must Engage with APEC?
✅Strength of the grouping: The grouping represents more than a third of the world population, 47% of global trade and 60% of world GDP.
✅To Fulfil its Aspirations
🔰India aspires to become a $5 trillion economy and requires $1 trillion for investment in infrastructure.
✅Outside the west Europe, most of the capital surplus nations are in Asia Pacific which can quench India’s thirst for investment.
✅Natural Corollary to Act East Policy: Indian has already become a member of SCO and joining APEC is a natural corollary to Act East Policy of India.
✅Can Expand Economic Opportunities for India
India's potential entry into APEC opens significant trade and investment avenues.
✅APEC presents an extensive market of over 2.9 billion consumers across 21 economies.
✅This membership promises to elevate India's export capabilities and attract foreign investment, fostering economic growth.
✅Can Minimise Trade Obstacles
APEC member nations have pledged to promote trade liberalisation, resulting in reduced tariffs and non-tariff barriers.
✅India stands to benefit from its entry into APEC markets, translating to lower costs and heightened competitiveness in the global trade landscape.
✅India Can Benefit from Streamlining Trade Processes
APEC has successfully implemented initiatives aimed at simplifying customs procedures, optimising border processes, and enhancing overall supply chain efficiency.
✅India's involvement in APEC would allow it to adopt these proven strategies, leading to reduced trade costs and improved logistical operations.
✅India Can Tap into Global Knowledge Pool
APEC serves as a valuable platform for the exchange of knowledge and best practices among member economies.
✅By joining APEC, India gains access to a wealth of expertise in crucial areas such as trade policy, technology, and economic development.
✅This knowledge-sharing aspect holds the potential to significantly benefit India's economic and technological advancement.
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✅Strength of the grouping: The grouping represents more than a third of the world population, 47% of global trade and 60% of world GDP.
✅To Fulfil its Aspirations
🔰India aspires to become a $5 trillion economy and requires $1 trillion for investment in infrastructure.
✅Outside the west Europe, most of the capital surplus nations are in Asia Pacific which can quench India’s thirst for investment.
✅Natural Corollary to Act East Policy: Indian has already become a member of SCO and joining APEC is a natural corollary to Act East Policy of India.
✅Can Expand Economic Opportunities for India
India's potential entry into APEC opens significant trade and investment avenues.
✅APEC presents an extensive market of over 2.9 billion consumers across 21 economies.
✅This membership promises to elevate India's export capabilities and attract foreign investment, fostering economic growth.
✅Can Minimise Trade Obstacles
APEC member nations have pledged to promote trade liberalisation, resulting in reduced tariffs and non-tariff barriers.
✅India stands to benefit from its entry into APEC markets, translating to lower costs and heightened competitiveness in the global trade landscape.
✅India Can Benefit from Streamlining Trade Processes
APEC has successfully implemented initiatives aimed at simplifying customs procedures, optimising border processes, and enhancing overall supply chain efficiency.
✅India's involvement in APEC would allow it to adopt these proven strategies, leading to reduced trade costs and improved logistical operations.
✅India Can Tap into Global Knowledge Pool
APEC serves as a valuable platform for the exchange of knowledge and best practices among member economies.
✅By joining APEC, India gains access to a wealth of expertise in crucial areas such as trade policy, technology, and economic development.
✅This knowledge-sharing aspect holds the potential to significantly benefit India's economic and technological advancement.
#gs2
#ir
@upsc_4_ir
India is close to signing an agreement - the Cultural Property Agreement (CPA) - with the United States under which the process for the return of stolen antiquities will be hugely simplified.
The Antiquities and Art Treasures Act (AATA) 1972 defines antiquity as any coin, sculpture, painting, epigraph or other work of art or craftsmanship that has been in existence for not less than 100 years.
For manuscript, record or other document which is of scientific, historical, literary or aesthetic value, this duration isnot less than 75 years.
The UNESCO 1970 Convention defines cultural property as the one designated by countries having importance for archaeology, prehistory, history, literature, art or science.
The Ancient Monuments and Archaeological Sites and Remains Act was enacted in 1958
.
The Antiquities and Art Treasures Act (AATA) 1972 defines antiquity as any coin, sculpture, painting, epigraph or other work of art or craftsmanship that has been in existence for not less than 100 years.
For manuscript, record or other document which is of scientific, historical, literary or aesthetic value, this duration isnot less than 75 years.
The UNESCO 1970 Convention defines cultural property as the one designated by countries having importance for archaeology, prehistory, history, literature, art or science.
The Ancient Monuments and Archaeological Sites and Remains Act was enacted in 1958
.
🔆India Grassroots Innovation Forum
India along with 10 ASEAN Member States (AMS) were represented by 200 participants, at the 4th edition of the annual ASEAN India Grassroots Innovation Forum (AIGIF) that was launched in Langkawi, Malaysia on 28th November 2023.
The AIGIF is an annual programme focused on fostering a strengthened relationship between India and AMS on the premise of cooperation in Science, Technology and Innovation (STI). While on one side it aims to give exposure to social innovations in different countries, it also strengthens governance in the grassroots innovation ecosystem.
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India along with 10 ASEAN Member States (AMS) were represented by 200 participants, at the 4th edition of the annual ASEAN India Grassroots Innovation Forum (AIGIF) that was launched in Langkawi, Malaysia on 28th November 2023.
The AIGIF is an annual programme focused on fostering a strengthened relationship between India and AMS on the premise of cooperation in Science, Technology and Innovation (STI). While on one side it aims to give exposure to social innovations in different countries, it also strengthens governance in the grassroots innovation ecosystem.
#IR
#prelims
Join @PIB_UPSC
@upsc_4_ir
🔆From Nijjar to Pannun: Indian Diplomacy will Have to Be Nimble
✅India's response to allegations of its involvement in the murder of Khalistani leader Hardeep Singh Nijjar and a conspiracy against Gurpatwant Singh Pannun varies significantly.
✅Amidst all developments, it is imperative to assess contrasting reactions and diplomatic approaches adopted by India in response to charges from Canada and the United States.
📍Canada's Allegations and India's Response
✅Absurdity of Canadian Charge
✅India dismissed Prime Minister Justin Trudeau's accusation on the floor of the Canadian Parliament as absurd.
Moreover, India openly challenged the lack of evidence supporting the claim.
✅India's Continued Emphasis on Lack of Credible Evidence
Despite Canada's stance, India emphasises that no substantial evidence has been presented.
India's stance maintains a sceptical outlook toward the allegations.
#IR
Join @PIB_UPSC
@upsc_4_ir
✅India's response to allegations of its involvement in the murder of Khalistani leader Hardeep Singh Nijjar and a conspiracy against Gurpatwant Singh Pannun varies significantly.
✅Amidst all developments, it is imperative to assess contrasting reactions and diplomatic approaches adopted by India in response to charges from Canada and the United States.
📍Canada's Allegations and India's Response
✅Absurdity of Canadian Charge
✅India dismissed Prime Minister Justin Trudeau's accusation on the floor of the Canadian Parliament as absurd.
Moreover, India openly challenged the lack of evidence supporting the claim.
✅India's Continued Emphasis on Lack of Credible Evidence
Despite Canada's stance, India emphasises that no substantial evidence has been presented.
India's stance maintains a sceptical outlook toward the allegations.
#IR
Join @PIB_UPSC
@upsc_4_ir
🔆India's G20 presidency and the dawn of a new Multilateralism
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@upsc_the_hindu_ie_editorial
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