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Mumbai and Antwerp share a history from the 18th century. Traffic between the two ports expanded with Belgium among the top three European countries trading with Bombay. After the Second World War, both cities developed a chemical industrial complex adjoining their ports. Today their centuries-old connections have come full circle with an active collaboration between their port authorities.
Foreign policy in the 21st century is underpinned by economic issues, in contrast to the 20th century when global politics and security aspects dominated diplomacy. Dammu Ravi, Secretary (Economic Relations), Government of India, discusses Indian diplomacy and how it navigates the G7 and BRICS, the opportunities and challenges for strengthening the Neighbourhood First policy in South Asia, and the country’s evolving economic diplomacy.
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Sri Lanka’s sovereign debt default in 2022 triggered the worst economic crisis in the country’s post-independence history. By mid-2024, the economy started showing signs of recovery, with a performance higher than other debt-defaulting nations and exceeded IMF expectations. The current stable path, however, is not enough. Sri Lanka needs to shift its economic trajectory from one of debt distress to sustained growth over the next few years.
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The India-Australia bilateral is one of the most promising new partnerships within India’s circle of trusted countries. It is multi-dimensional and modern, ranging from enhanced people-to-people ties, to deepening government engagement, to futuristic technology and digital services. The free trade agreement can be a model for others seeking similar ties with India.
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Bangladesh’s economy has been in distress for some time and is not doing as well as assumed. This could have been one of the factors that drove the protests and the subsequent coup.
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China-centric global supply chains, the backbone of East Asia’s prosperity, are shifting out as tensions over tariffs and strategic contest between the West and China soars. Ganeshan Wignaraja, Professorial Fellow, Economics and Trade, Gateway House, discusses diversifying supply chains, the China plus one strategy, and the role of India as a supply chain magnet for its South Asian neighbours.
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On June 3, Claudia Sheinbaum made history by becoming the first woman elected President of Mexico. In terms of foreign policy and carving a geopolitical identity, this marks the beginning of a new stage of Mexican integration into the global agenda. It provides another dimension for international stability, including a revitalized Mexican perspective of the Middle East.
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Recent changes in Belgian and EU tax law and regulation have resulted in some Antwerp-based Palanpuri Jain diamond traders shifting base to the newly booming Dubai diamond market. But Antwerp dominates the diamond business for this enterprising community, where 400 families continue to stay and use it as a gateway to the European market for diamonds cut and polished in Surat and Mumbai in India.
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Asian nations like Sri Lanka have seen a rush of Russian and Ukrainian tourists over the last two years. They discover salubrious climes and overstay their visas to start small businesses. It has helped Sri Lanka boost tourism after its 2022 debt default but also created economic problems for locals. It is necessary to identify trade-offs between economic benefits and security threats associated with extended-stay tourism.
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The imposition of sanctions, continuing wars and the rise of new geopolitical blocs seeking to move away from western economic dependence, have prompted talk of ‘de-dollarisation,’ switching from the U.S. dollar as a currency of trade and reserves. Surjit Bhalla, well-known economist and India’s former representative at the International Monetary Fund, discusses the logic behind de-dollarisation and the key indicators of its sustainability or demise.
