Covid-19, Ukraine, and their economic fallouts, have shown us that in today’s world, every crisis has global dimensions. India, at this moment in time, is perhaps more involved in global multilateralism than it has been at any point in its history.
On December 1, 2022, India assumed the presidency of the G20 for a year. Preparations and blueprint for making it somewhat different than the previous ones were already afoot as India played a critical role at the Bali Summit in bridging the differences on the Russia-Ukraine issue and helping issuance of the Bali Declaration that was being dogged by the geo politics between Russia and the West.
West Asia is India’s extended neighborhood with deep civilizational connect and historic and P2P roots. Over time, these have been categorized in the 3E matrix, which includes, though not exclusively, Energy Security; Economic Engagement; and Expatriates of Indian origin and their welfare. India’s nearly 9 million diaspora in West Asia, mostly in the six Gulf Cooperation Council (GCC) countries, has been instrumental in developing their host countries while remitting over $50 billion to India, which has been significant and nearly accounts for 1/10th of India’s current foreign exchange reserves.
Islamabad was on the verge of defaulting on its repayments of debts and servicing charges let alone being able to pay for the basics for its people. In recent times, Pakistan has gone through an unenviable predicament of natural and man or politician-made disasters. It has gone through a regime change or a transfer of power depending on the way one looks at it. The army being the real arbiter cast the dice against a yelling Imran Khan and his coterie as they felt being challenged by a political minion of their own creation.
In the Free Trade Agreements (FTAs) each side tries to get the best bargain for its market access and effort is made to have some sort of a balanced outcome mechanism.
West Asia never ceases to spring surprises. 2022 was no different in that regard except that conflicts became milder, but the Black Swan events did not spare them either.