NEW DELHI: The Asia Society Policy Institute, along with industry body CII, has launched an initiative to develop the case and a strategy for gaining Indian membership in the Asia-Pacific Economic Cooperation (APEC) forum.
The initiative, titled as "India and APEC: Charting a Path to Membership", was launched on July 20 at the Asia Society in New York and CII headquarters here.
APEC is among the Asia-Pacific's important forums for regional dialogue and economic collaboration. Its 21 member economies represent about three-fifths of world GDP and half of world trade.
India is Asia's third-largest economy and its absence from the APEC forum is a missed opportunity for both India and the region.
"Including India in APEC, which for more than 25 years has spearheaded trade and investment liberalisation efforts across the Asia-Pacific region, will help open India's economy to the region and the world, to the benefit of India and its neighbors and trading partners," CII said in a statement quoting ASPI President Kevin Rudd.
As a partner in the new initiative, CII will provide business expertise, ensure that the interests of Indian businesses are represented in the Task Force's activities, and help engage India's government in charting a path towards APEC membership.
According to Sunil Kant Munjal, Past President CII and Chairman, Hero Corporate Service Ltd, India is interested in APEC membership.