Ishita KishoreAIR 1 · 198 wordsTheir whole copy
Opening
As the theatre of geopolitics shifts to the Indo Pacific region, it acquires significance for collective economic prosperity. Fig: Shaded region represents Indo-Pacific i.e the confluence of two seas
Indo Pacific Economic Framework of Prosperity (IPEF) reflects:
Body · points and prose
ence of two seas
Indo Pacific Economic Framework of Prosperity (IPEF) reflects:
- i. The need to protect key channels of transport and communication for free and fair trade. Eg Malacca strait, Sabang strait, Strait of Hormuz.
- ii. Economic powerhouses are present in this region: → USA, Japan, Australia → BRICS emerging market economies of China, India, Russia → ASEAN grouping IPEF ensures a collaborative approach among these via dialogue.
- iii. Chequebook Diplomacy in china's BRI traps credit starved and cash strapped nations by giving teaser loans. Eg Hambantota Port.
- iv. Pastures of great games can disrupt geoeconomic stability of world. Eg Taiwan's importance as a semiconductor supplier.
- v. Predatory hegemony of China is creating implications for other smaller nations in: → South China Sea (Paracel & spratly) → East China Sea (Senkaku) → Indian Ocean (String of pearls)
India's concerns:
(1) Yuan Wang 5 in Sri Lanka a threat as 75% shipments cross colombo
(4) India's location at centre gives responsibility eg SAGAR approach
(3) 80% of India's crude oil from Gulf (issue of piracy)
(2) Debt trap diplomacy in Africa threatens Asia Africa Growth Corridor & BIMSTEC
Close · a way forward
India's backyard in this region requires stability. IPEF ensures economic dialogue at the high table of diplomacy. It must adopt India's approach of 'Vasudheva Kutumbukam' for fairness in world order.