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Deepak Goel

New Delhi, Aug. 5 With India’s concerns on energy and environment security growing, it merits India to join the Asia Pacific Economic Cooperation (APEC) to further its interest in these areas, according to Mr K.K. Modi, immediate past President of the Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI) and past President of FICCI.

Backed by support from Australia to India’s membership of the APEC, the 24-nation CACCI has recommended that India be admitted as a full member of APEC. The two bodies have many common member countries.

While India is deficient in its energy requirements, there are neighbouring countries such as Russia that have surplus of energy. “APEC can provide a platform for India to take forward dialogues with such countries for energy sharing agreements,” said Mr Modi.

Also with India seemingly not achieving much success in its negotiations with international organisations such as the WTO, it makes sense for it to concentrate on regional groupings such as APEC.

“Regional free trade agreements would be more useful to India than just bilateral agreements and APEC would be a good platform in effecting pan Asia Pacific trade pacts,” said Mr Modi.

Also as India witnesses higher economic growth and industrialisation, a regional understanding would also be help in its environmental security.

The international chambers concentrate mostly on Europe and the US, while it is the membership of regional groupings such as APEC that can bear more fruit for India, according to Mr Modi.

APEC had set a moratorium on its membership. The chamber has recommended that the moratorium be lifted and India be admitted at the APEC leaders’ meeting in Australia next month. As an interim step, the chamber urged APEC to invite the Indian Prime Minister to attend the meeting.

APEC aims to strengthen economic integration by promoting trade and investment liberalisation in the Asia Pacific region.

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