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A shift is taking place in the business of global dominance and hegemony, from the model of expressing force through troop presence to financial sanctions. But China and Russia, in concert, may provide a way out of the sanctions regime.
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Financial intermediaries are critical lubricants for business, growth and development. The Indo-Pacific countries are industrializing, but smaller nations lag behind economically. The Quad countries can aid the advancement of the financial architecture in the Indo-Pacific by helping to develop an ecosystem, modelled on the examples of Japan and India.
Courtesy: Institute of Peace and Conflict Studies
China is a clear winner in the physical connectivity stakes in the Bay of Bengal, and there's a reason a why: Its projects are connected to one another, from rail to road to port. While India also has some successful cross-border road and rail infrastructure projects, they are often an extension of an existing railway line or highway, not specific to the connectivity needs of the region. India can win by focussing instead on building infrastructure to maximise the vast maritime potential of the Bay of Bengal, especially the Andaman and Nicobar Islands that give India access to critical sea channels and trade routes.
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Geographical Indication (GI) tags can be ready revenue generators today, especially for India. The country's robust global e-commerce system and recent domestic drone policy can help build a strong GI ecosystem and boost India's soft power. The government must lend its support to the industry, learning from European and Chinese examples.
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In June this year, the Japan Aerospace Exploration Agency collaborated with Honda Research to build an energy system for surface mobility on the moon. SpaceX and Mitsubishi Heavy Industries, Tesla and Mitsubishi Motors have similar alliances, reflecting the increased participation of the automotive sector in the space economy. Tokyo wants its biggest export, automobiles, to pick up stakes in this space. India should have a similar ambition. The May 2020 space reforms recognise the significance of commercialising the space sector. But now is the time for long-term R&D investments in the domestic auto sector, to help India step into this play.
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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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On 15 July, Gateway House co-hosted a webcast with Konrad-Adenauer-Stiftung (KAS) on 'Countering China’s Maritime Grey Zone Activities'. The panel discussed the potential strategies that smaller nations in the region can adopt to overcome the challenges of Chinese maritime grey zone activities, and the role of regional maritime powers in capability-building of maritime law enforcement agencies.
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A ransomware attack recently targeted Kaseya, a software services company in the U.S., for $70 million, incapacitating hundreds of its clients globally. There is an increasing incidence of such attacks, with perpetrators targeting government agencies and high-tech companies, leading to considerable economic losses. How can governments mitigate these threats and attribute responsibility to those accountable?
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For years, Western countries have used sanctions as a means of economic warfare against their adversaries. Now, China and Russia are utilising the same tactic against the West. The United Nations Security Council is paralysed by differences between the five permanent members, leaving the tools of unilateral sanctions and counter-sanctions to proliferate at the cost of UN-approved multilateral sanctions.