2022 In Review: Events That Defined India’s Relations With The World | Foreign policy | Jobs Reply

From a competitive market to a G20 leader, India’s geopolitical influence grew significantly in 2022. Check out some of the major events that defined India’s relations with the world:

1. India, a friend in times of crisis

With Russia and Ukraine (the breadbaskets of the world) at war, India extended aid to help the countries meet their food security needs. According to the Commerce Ministry, India’s wheat exports doubled to $1.48 billion during April-September 2022-23 compared to the same period last year.

However, in May, India banned wheat exports, citing a risk to its food security, partly due to the war. In addition, its wheat crop suffered a record-breaking heat wave that brought production to a standstill.

2. Balancing act

As a member of the United Nations Security Council (UNSC), India has mostly abstained from resolutions related to the Russia-Ukraine war.

The Indian envoy said: “Dialogue is the only answer to resolve differences and conflicts, however dire at this time… The path of peace requires us to keep all avenues of diplomacy open.”

Although India’s balancing act drew a lot of criticism from the West, External Affairs Minister Subrahmanyam Jaishankar assured that the actions were taken in India’s best interest.

3. Oil deal with Russia

The European Union (EU) announced economic sanctions to punish Moscow for its invasion of Ukraine, including a ban on Russian offshore oil. As a result, Moscow turned to economies like China and India to buy its oil at discounted rates.

Russia, which accounted for just 0.2% of India’s total oil imports in the year to March 31, 2022, supplied India with 9,09,403 barrels per day (bpd) of crude oil in November. Today, it forms more than one-fifth of India’s oil supply.

4. China Plus-One Strategy

China’s ongoing Covid-19 policy, gradual rise in labor costs, nationwide protests and strict data privacy have pushed companies to look for alternative destinations for business diversification. China-Plus-One or Plus One put India in an advantageous position to function as a component in the global supply chain.

5. Free Trade Agreement with Australia

Almost nine months after signing the interim free trade agreement, the Economic Cooperation and Trade Agreement (ECTA), Australia ratified a free trade agreement with India that will come into effect on December 29.

Under the agreement, Australia has agreed to eliminate customs duties on 98.3 percent of trade goods and 100 percent of tariff lines over five years. On the other hand, India will remove customs duties on 40 percent of products and 70.3 percent of tariff lines over ten years.

The India-Australia ECTA will help almost double bilateral trade to $45-50 billion in five years.

6. G20 Presidency

India officially assumed the one-year chairmanship of the Group of 20 (G20).

On this occasion, PM Modi said that considering how India has made a place in the world, how expectations have grown and India’s increasing participation in international platforms, getting the G20 Presidency at this time is a huge opportunity. .

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