APEC represents 55 percent of Global GDP: USIBC President

Nov 10, 2023

Washington DC, Nov 10 (ANI): On the upcoming Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial in San Francisco, Atul Keshap, President of the US-India Business Council (USIBC) spoke to ANI and called APEC an important organisation that represents 55 percent of the global GDP. He also said that the organisation also talks about the rules of the road for trade all around the world particularly for APEC countries. “APEC (Asia-Pacific Economic Cooperation) is an important organization. It represents about 55 per cent of global GDP. Thus the organization talks about the rules of the road for trade all around the world particularly for APEC countries. So for the United States to invite India to this summit in San Francisco, is a really big deal. India is not a member of APEC, although it asked to become a member back in 1991 when APEC was formed. And I think this administration is actually putting a lot of effort into trying to reach out to India to include it in our trade efforts around the world. Look at the Indo-Pacific Economic framework. I always tell people that until very recently, India and the United States did not find themselves in the same strategic and economic baskets in the Indo-Pacific and now we are in the quad together strategically, and we are in the Indo-Pacific Economic Forum economically. Now, there's much work that needs to be done. There's a lot of trade facilitation that needs to happen between the US and India particularly, a lot of market access issues. And I'm confident that as friends, we can work through all of it. It's very important to me that the US and India took 7 cases off the table at the WTO in Geneva and are gonna work on them bilaterally…” said Atul Keshap. He also called India a highly trusted destination and said that both India and USA can trust each other can do more together. “India is a highly trusted destination. The pandemic has taught us some very tough lessons, both for India and the United States. We can trust each other and that we are friends and that we should do more together. As you look at the world of deep tech and future tech, that we will live in the years to come, it's critical that the United States and India and our companies, many of whom are members of USIBC, help frame the rules of the road for artificial intelligence for cybersecurity for the digital economy. We are the market leaders. We need to ensure we frame those rules. Otherwise, if we don't, others will, and it won't be good for free people around the world. So there's an urgency to this that's very important, and that's why I'm glad our governments are talking so much...,” he added.