The outcome of the recent
G20 summit organized by India
underscores a fundamental shift in global geopolitics and offers promising
signs for the future of multilateralism. Indeed, the
New Delhi Leaders’ Declaration is a beacon of consensus in an era when international cooperation
seems increasingly fraught.
اضافة اعلان
At the G20 in New Delhi, India championed the Global South
in several ways, such as advocating for inclusion of the
African Union as a
permanent member and calling for reforms to multilateral development banks.
Yet the highlight was the announcement of the
India-MiddleEast- Europe Economic Corridor (IMEC). This groundbreaking initiative not only
signifies India’s deepening ties with the Middle East but also holds the
potential to transform global economic, trade, and geopolitical landscapes.
When
US President Joe Biden termed the IMEC a “game-changing
investment,” he underscored the potential impact this corridor will have for
the regions directly involved, and the broader international community.
The railroad and transportation links proposed in the IMEC
are aimed at providing a “reliable and cost-effective cross-border ship-to-rail
transit network,” which is likely to have cascading benefits on global supply
chains and trade dynamics. European Union President Ursula von der Leyen
highlighted the corridor’s potential to cut travel time by 40 percent,
describing it as the quickest link between India, the Middle East, and Europe.
Once completed, the corridor will reduce transport costs significantly.
India’s pivot toward the Middle East, and especially
Gulf Cooperation Council countries (GCCs), has been a key policy priority of Prime
Minister Narendra Modi. Far from a monolithic relationship anchored only in oil
and market access, India's alliance with the Middle East extends to nuanced
interplays of security cooperation, cultural affinity, and technological
exchange.
During a recent state visit to India by
Saudi Arabia's Crown Prince Mohammed bin Salman, the two sides co-chaired the first meeting of the
India-Saudi Strategic Partnership Council, discussing topics such as politics,
security, and investment. Deals ranged from energy and digitization to
anti-corruption and seawater desalination.
India's burgeoning relationship with the
United Arab Emirates has also reached new zeniths, evident from the extensive
collaborations and diplomatic exchanges between the two countries. Prime
Minister Modi's five visits to the UAE in the last eight years have been
pivotal in shaping these ties, with trade figures hitting a staggering $85
billion this year.
Underpinning this economic alliance is the Comprehensive
Economic Partnership Agreement, signed in February 2022, which has helped boost
bilateral trade by approximately 15 percent.
Furthermore, agreements aimed at promoting the use of local
currencies for cross-border transactions and integrating payment systems,
energy partnerships, a joint commitment against extremism and terrorism, and
engagement in the
I2U2 Group – comprising India, Israel, the UAE, and the
United States – are testament to the depth of mutual trust. A plan for
establishing the Indian Institute of Technology Delhi in Abu Dhabi demonstrates
the nations’ commitment to shared academic and technological advancements.
India’s diaspora in GCC countries has been a pivotal force
in strengthening these relations. Home to 9 million Indians, the Gulf is a top
destination for Indian expatriates, with 3.4 million residing in the UAE and
2.6 million in Saudi Arabia alone. The significance of this diaspora was
emphasized during the Saudi crown prince’s visit to New Delhi, where he
described Indians in the Kingdom as integral to the country. “We consider them
to be a part of Saudi Arabia,” he told Modi. “We watch and take care of them
like we take care of our own citizens.”
Despite the strong bonds that already exist, India and the
Middle East still have multiple avenues for future collaboration.
First, finalization of the India-GCC Free Trade Agreement
(FTA) can serve as a cornerstone for enhancing economic ties.
Second, in the arena of frontier technologies, both regions
can leverage their burgeoning tech ecosystems for mutual growth, particularly
in sectors like blockchain, Web 3.0, and the Internet of Things (IoT).
Third, collaboration in artificial intelligence can create
innovations in health care, agriculture, and smart cities.
Fourth, space technology offers an untapped potential, where
satellite communication and space exploration can be jointly developed.
Finally, India's ambitious renewable energy goals can
attract significant investment from the Middle East, which is also diversifying
into sustainable energy sources.
Much work remains to implement the newly announced IMEC, and
several ports and rail links still need to be built. But the groundwork has
been laid. In time, the India-Middle East-Europe corridor could very well be
the game changer that the region needs.
Aditya Sinha is an Officer on Special Duty, Research, at
the Economic Advisory Council to the Prime Minister of India. X:
@adityasinha004
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