Recently, Indian firm “India Ports Global Limited” took over operations at the Shahid Behesti Port in Chabahar, Iran. The representative of India, Iran, and Afghanistan met and finalized the routes for trade and transit corridors between the three nations. An event has also been planned on February 26, 2019, to promote and popularise the potential of Chabahar port.
Recently, the new government in the Maldives expressed its indebtedness towards China due to the latter’s construction activities in the Maldives. However, Maldives also has fears over the unsustainable Chinese debts. Notably, the new president, Ibrahim Mohamed Solih, wants to restore ties with India. Hence the situation in Male (Maldives’ capital) provides both opportunities and risks to India.
Recently, the European Union leaders formally agreed to a Brexit agreement at a Brussels summit urging Britain people to support Prime Minister Theresa May’s package, which faces stiff opposition in the British Parliament. Theresa May government is in favour of Britain exiting EU and she triggered the two-year process of leaving the EU on March 29, 2017.
The United States has broadly agreed to grant India and 7 other countries a waiver from the sanctions it re-imposed on Iran recently. This decision provides some temporary relief to India and avoids any major oil price shocks.
The United States President Donald Trump has recently announced that US will unilaterally pull out of 1987 Intermediate-Range Nuclear Forces (INF) Treaty which was signed by the US and Russia during Cold War era for banning all ground-launch nuclear missiles with the range between 500 and 5500 km. However, US accuses Russia to have developed a new medium-range missile and it has also been concerned about China which is not a signatory to the INF treaty, producing medium-range missiles.
On September 30, 2018, the US, Canada, and Mexico signed a new trade agreement to replace the old North American Free Trade Agreement (NAFTA) with the new deal known as the United States-Mexico-Canada Agreement (USMCA) or NAFTA 2.0.
Pakistan has invited Saudi Arabia to join $50 billion China-Pakistan Economic Corridor (CPEC) as the 3rd strategic partner. A formal invitation was made in this regard after Pakistan PM Imran Khan visited Saudi Arabia during his 1st foreign trip after getting elected.
On September 20, 2018, U.S. and China have announced fresh tariffs on each other’s imports, aggravating the trade war further.
The European Union also joined the trade war recently, imposing tariffs on $3.3 billion…