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The rise of India and joint cooperation

The rise of India and joint cooperation
25 Jan 2024 11:30

Ayesha Khalfan AlRemeithi

India, with its rich ancient civilisation and dynamic character, encapsulates the potential for growth, sustainability, and creativity. The country, home to the world’s largest population, is an active hub of innovation in technology, medicine, and space science, boasting rapid growth rates. As a land characterised by racial, religious, and linguistic diversity, India strives to improve the quality of life for its citizens through concerted efforts aimed at enhancing its standing among the leading economies in the world.

India is not that far from the top of the global economy, ranking 5th among the G20 countries with a GDP of $3.39 trillion in 2022. It witnessed exceptional economic growth, and as a result, the poverty rate fell by 5%.

International institutions also predict that by 2030, it will overtake Japan and Germany to become the largest economy in the world.

India is one of the founders of BRICS, the group representing 41% of the world’s population and 20% of the global GDP. Members of the BRICS bloc have a balanced relationship between the East and the West and can serve, particularly India, as a bridge between the Global North and the Global South.

With its view of a multipolar world, New Delhi aligns itself with South issues and supports them in international forums. It intends to expand BRICS membership and encourage the bloc’s adoption of more globally fair economic policies, as opposed to economic dominance.

What distinguishes India is its role as a bridge between the G20 countries, making it a vital link and the voice of the Global South.

Against the backdrop of this, Indian Prime Minister Narendra Modi has called for a reformulation of the international political and financial system through mutual cooperation to ensure that the fruits of development are not beyond the reach of citizens in developing countries.

India’s policy is centred on balanced diplomacy, establishing economic partnerships with major powers, and adopting a policy of working with the East. It has indeed succeeded in carving out its international position by building balanced relations with major powers and vying to redefine the international system.

While Indian diplomacy is based on a multipolar approach, India has managed to establish harmonious relationships and take a balanced stance on international issues like the war in Ukraine. By doing this, it seeks to maintain strong economic partnership relations with Russia while preserving strategic alliance ties with Western nations, especially the United States.

India’s rise at the international level reflects the economic capabilities that the country has managed to develop. This is done through the adoption of reforms based on industrialisation, democracy, and the employment of pluralism and ethnic, linguistic, and religious diversity to achieve the country’s goals. India also benefits from its large population as a human power that supports the state. It invests in scientific research, technology, space sciences, and the knowledge economy and adopts a balanced foreign policy.

The aforementioned makes it clear that India has become an extremely influential player in the global arena. That is why it has become one of the main pillars for emerging countries that want to diversify their international relations and have the options and manoeuvrability to enhance their current and future interests.

This provides a solid foundation for enhancing joint cooperation, particularly when combined with other factors like focusing on the knowledge economy, economic development, and market attractiveness for investments.

Because of this, India is an ideal strategic partner for the UAE, particularly in light of the recent signing of the Comprehensive Economic Partnership Agreement (CEPA), which ushers in a new era of mutual cooperation. The trade volume between the two countries rose to nearly $50 billion during the first year of the implementation of the partnership agreement. This indicates positive and promising prospects for fruitful cooperation between the two BRICS member countries.

The writer is a researcher at TRENDS Research & Advisory.

Source: Aletihad - Abu Dhabi
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