Jaitley's APEC remarks strongest sign from govt so far

At an event earlier this week, Finance Minister Arun Jaitley said that India was open to joining the Asia Pacific Economic Cooperation, the clearest indication yet from a senior member of Prime Minister Narendra Modi's cabinet about Asia's third largest economy's plans of being a member of the grouping.

The 21 Pacific Rim nations that make up APEC, are keen for India to join the forum, especially United States, Japan and Australia. The Singapore headquartered APEC was set up in 1989 with the aim of developing free trade and economic partnership amongst its members.

Jaitley had said on Thursday that the final decision on India's joining will be taken at the forum's next meeting in Lima, Peru, in November. The Finance Minister was replying to a direct question from the former United States Ambassador to India, Frank Wisner.

"I won't make a final comment on this till government takes a positive decision on this but all I can say is that its important way station and I hope we halt in the direction of that way station. I would see India being open to the idea and therefore between now and November, I think is the crucial period to negotiate the step that you have in mind," he said.

Jaitley's remarks gain significance as just last month, a bill was introduced in the United States Congress by nine lawmakers who said that allowing the economically prosperous India to join APEC will help the US's strategic goals in Asia.

Some other members of the Singapore-headquartered APEC include China, Russia, South Korea, Canada, Mexico, Chile, Thailand, Philippines, Indonesia, Vietnam and Malaysia, among others.