India’s Indo-pacific strategy
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India’s Indo-Pacific strategy was articulated by our Prime Minister at the Shangri-La Dialogue in Singapore in 2018 under the ‘SAGAR’ concept of Security and Growth for All in the Region.
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This was further developed at the East Asia Summit of November 2019, where seven pillars of the Indo-Pacific Oceans’ Initiative were enunciated. These seven pillars are:
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Maritime security
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Maritime ecology
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Maritime resources
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Capacity building and resource sharing
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Disaster risk reduction and management
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Science, technology and academic cooperation
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Trade connectivity and maritime transport
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To take forward its call for a free, open, inclusive and connected region, New Delhi has joined and created new partnerships, such as the Quad, Supply Chain Resilience Initiative and various plurilateral configurations.
Importance of Economic Cooperation:
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India’s trade with the participating countries has risen by about eight times over the last two decades, with the US, UAE and Singapore as our top export destinations in the region.
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Scope of emerging economic partnerships beyond the usual areas of trade and investment.
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Important areas that the region’s private industry must capitalize on, namely
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Healthcare, Healthcare infra and medical supplies
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Digital sector: This includes both physical as well as soft digital infrastructure. Such as Cross-border e-commerce, Data management, cybersecurity and capacity building
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Green & sustainable development
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Way forward
The seven identified pillars of India’s Indo- Pacific strategy centred around maritime engagements can benefit greatly from the participation of industry across the region.