Courtesy: The Print
The shadow of the Ukrainian war was visible at the G7 summit. Anti-Russian formations were expected, but the extensive reference to China drew attention. The leaders did their part by extensively discussing challenges relating to climate, energy, environment, health, and food security. It is now for the G7 governments to deliver, to be taken seriously.
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Sanctions are an important foreign policy tool, used especially by the West against its adversaries. Now, these rivals are retaliating with counter-sanctions. Are these effective? How does this impact global politics? Where does India stand in this free-for-all sanctions era?
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India’s oil consumption and imports are likely to resume their upward trajectory as the economy opens up, after a temporary drop due to the pandemic. To secure its energy needs, the country should shift course from investing in oil and gas assets of emerging economies to those of developed nations. The oil-rich Organisation for Economic Co-operation and Development (OECD) countries, such as Canada, Norway, and the U.S. can be given special consideration.
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Canadian Prime Minister Justin Trudeau's controversial wading into the Punjab farmers' protests has obfuscated the hard work done by diplomats and think tanks on both sides over the past three years, to boost the bilateral. India and Canada have much to gain from each other's strengths in technology, natural resources and investment, and even more if they collaborate internationally to develop an alternative to the current bipolar world order
Courtesy: Gateway House & CIGI
The shifting trends in trade, especially given the growth in communications capacity and reduced cost of computing have altered traditional economic development. India and Canada have a shared commercial interest in E-trade. Both countries need to align their resources to frame trade rules of the new digital economy, to mutual benefit.
Courtesy: Gateway House & CIGI
The shift in the global trend from trade in goods to trade in services, especially digital services has focused attention on the necessity of a modern and robust regulatory framework for it. The bilateral steps by India and Canada outlined in this paper can feed into current efforts by multilateral institutions to develop a universal framework for capturing services trade data.
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The services sector is the most dynamic in the global economy, constituting nearly 25% of global trade, but its intangibility – unlike the materiality of trade in goods – makes it difficult to monitor. Service providers in this sector need a national regulatory governing framework
Don Stephenson, former Chief Trade Negotiator, India-Canada Comprehensive Economic Partnership Agreement, discusses how India and Canada can work together on effecting reform in the World Trade Organization
Courtesy: Flickr/MEA
It’s time to start moving on matters in which Canada is a natural ally for India - trade liberalization, energy investments, intellectual property and the rules around e-commerce in particular and big data governance in general.
Courtesy: MEA/Flickr
The 2019 G20 Summit in Osaka on June 28-29, is the 14th meeting of the Group of 20 leaders. The G20 is the world’s most influential economic multilateral forum. It is the agenda-setting forum that develops and guides rules of global economic governance. Under the Japanese Presidency, this summit will be the first to discuss and establish the rules for the worldwide governance of data, including current hot-button issues like data localisation and data sovereignty. India has both a preparatory and a contributory role to play in the G20 this year. For in 2022, it will be the President of the G20. India must identify its agenda early on; its a weighty responsibility but also an opportunity to set the global economic agenda.
