Given India’s energy security needs, the committee urged the government to sustain momentum and actively pursue efforts to expand the energy partnership, including investments in renewable energy…reports Asian Lite News
India’s diplomatic ties with the Gulf Cooperation Council (GCC) in the hydrocarbon sector are evolving towards a strategic partnership, according to the Ministry of External Affairs (MEA), as conveyed to a parliamentary panel. The GCC, consisting of influential nations such as the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait, plays a crucial role in India’s energy landscape.
In a report presented in the Lok Sabha, the parliamentary committee on external affairs highlighted the MEA’s emphasis on enhancing the existing buyer-seller relationship with GCC countries to a strategic partnership. The total trade volume between India and the GCC reached USD 184.46 billion in the fiscal year 2022-23, with exports at USD 51.27 billion and imports at USD 133.19 billion. The trade deficit is attributed to India’s heavy reliance on Gulf nations for energy, particularly oil and gas imports.
Given India’s energy security needs, the committee urged the government to sustain momentum and actively pursue efforts to expand the energy partnership, including investments in renewable energy. Responding to inquiries about strengthening relations with GCC countries and Iran for regional security, the MEA emphasized India’s commitment to dialogue and diplomacy for peaceful conflict resolution in the Gulf region.
The committee acknowledged the pivotal role of India’s relations with the GCC in global politics but expressed concerns about the potential threat posed by the presence of China and Pakistan in the Gulf region. The MEA assured the committee that India continues to strengthen historical ties with GCC nations and is collaborating with like-minded countries through initiatives such as the I2U2.
The I2U2 is a strategic grouping involving India, Israel, the United States, and the UAE, focusing on joint investments in areas like water, energy, transportation, space, health, and food security. It aims to leverage private sector capital and expertise to modernize infrastructure, reduce carbon emissions, improve public health, and promote critical technologies.
Recognizing the Gulf region as India’s extended neighbourhood critical for trade, investment, energy, and the security of Indian residents, the committee urged the government to deepen political, economic, and cultural ties with GCC countries. It emphasized the importance of collaboration to create a robust architecture for the safety and security of the region, including a coordinated response mechanism to address threats.
In summary, India’s engagement with the GCC in the hydrocarbon sector is evolving into a strategic partnership, reflecting the countries’ mutual interests. The report underscores the significance of diplomatic efforts to strengthen ties, address regional security concerns, and promote collaborative initiatives for sustainable development.
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