Pakistan’s latest economic survey reveals the extent of the country’s indebtedness to China. High-interest Chinese loans, reckless multilateral borrowing, and ever-increasing defence budgets have deleteriously impacted Pakistan’s finances. Any lasting solution to these problems will have to involve China.
- Central Asia
- East Asia
- South Asia
- South East Asia
- West Asia
- Global Commons
- Book Reviews
- Conference Reports
- GH in the Media
- GH Wiki
- Maps and Infographics
- Partner Publication
- Podcasts and Videos
- Research Papers
- Research Reports
June 6, 2022, marks 25 years since India, Bangladesh, Sri Lanka, Bhutan, Nepal, Myanmar and Thailand joined hands to create BIMSTEC and infuse South Asia with economic and institutional cooperation. The strategic geography of this grouping has the potential to bring new synergy between South Asia and the recently-instituted Indo Pacific Economic Framework, ASEAN and the Quad, for a prosperous, secure Bay of Bengal Community.
The BIMSTEC charter has laid the foundations for a prosperous, peaceful, and sustainable Bay of Bengal region, a goal that can be achieved by greater integration and deeper collaboration. While ensuring continuity with past efforts and strengthening economic cooperation is necessary, it must also realise its potential in newer areas such as the blue economy, which has three interlinked pillars— connectivity, prosperity, and regional stability.
The rejuvenated BIMSTEC, with a new charter in hand, is now expanding its ambition and mission. One such area is climate change, which needs greater attention as it will have implications for the Bay of Bengal and beyond. With their unique climate conditions and action plans can together create a model for regional cooperation.
The recently concluded BIMSTEC summit is now a regional intergovernmental organization with a formal charter, giving it a clear mission and legality and a destiny linked to South and South East Asia. It is now better equipped to accelerate economic development for the fifth of the world’s population, which contributes only 4% of global GDP.
BIMSTEC is of special importance to India as it is a crucial link between the Neighbourhood First and Act East policies. This almost 25 year old multilateral can contribute to the Indo-Pacific region by addressing challenges in strategic areas of regional connectivity, security cooperation, free trade, and geoeconomic ties with external partners.
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.
The Quad Foreign Ministers’ Meeting, held in Melbourne on February 11, revealed an ambitious plan for economic and developmental affairs, beyond the security concerns posed by China. Despite differing approaches towards Myanmar and Ukraine, the Quad countries are strengthening their cooperation while maintaining strategic autonomy.
The Bay of Bengal is gaining relevance as a significant sub-region within the Indo-Pacific. Despite its importance to regional security, there is inadequate financial, physical, and energy connectivity. India must use its strategic and political pre-eminence and influence in the sub-region to pursue deeper connectivity with Bangladesh, Myanmar, Thailand, Nepal, and Sri Lanka and to block China's growing influence.
The EU's Indo-Pacific strategy, released in September, set the tone for a renewed focus on the region. Europe's Asia connect is rich, strong and multi-layered, laying the foundation for an advantageous position for the EU in the Indo-Pacific. This can be achieved if the EU is more candid with itself, more assertive with China, and more cooperative with India.