India's membership in APEC can be 'game-changer': Ajay Banga, MasterCard

NEW YORK: India's membership in the APEC can be a potential "game-changer" and is an opportunity "long- overdue", MasterCard's India-born CEO Ajay Banga has said as a prestigious policy institute here launched a task force to develop a strategy for the country's entry into the bloc.

"I believe India's membership in APEC can be a positive difference-maker, potentially a game-changer especially if you consider the participation of India in APEC which could be a gateway one day to India s integration into the Trans Pacific Partnership (TPP)," Banga said.

"Business globally, and especially in the US, should be delighted by the prospect of India joining APEC," he said at a session organised by the Asia Society Policy Institute (ASPI) here yesterday on India's membership in the Asia-Pacific Economic Cooperation (APEC).

"An India that's much more open, much more aligned with the trade protocols and practices of APEC members, is an India that is way better positioned for integration into global supply chains."

Banga stressed that India's entry into APEC, both in its own right and as a gateway to TPP represents an opportunity that is "long overdue" and an opportunity "whose time has definitely come".

ASPI launched an initiative 'India and APEC: Charting a Path to Membership' to develop the case and a strategy for gaining Indian membership in APEC.

The ASPI initiative will be supported in India by leading business association Confederation of Indian Industry (CII).

ASPI said India is Asia's third largest economy and its absence from the APEC forum is a missed opportunity for both India and the region.

The initiative will be chaired by ASPI President and former Prime Minister of Australia Kevin Rudd and co-chaired by Banga and Shyam Saran, former Foreign Secretary of India and Special Envoy of the Prime Minister.

The other task force participants come from various APEC member economies, such as Indonesia, Korea, the Philippines, and the United States.

During the first year of the initiative, the Task Force will examine the challenges and opportunities of Indian membership in APEC and develop a plan for India s eventual accession to APEC.

The task force members will share their findings with their governments during 2016, in anticipation of the APEC Summit that is scheduled to be held in Lima, Peru in November next year.

The task force will also organise roundtable discussions and ongoing research on India's role in international trade and investment.

Banga said India's membership would help drive businesses on several fronts and the "obvious" benefit will be around labour supply.