### Summary
Under the rivalry between the US and China, many middle and small powers are making their own mark on the international order by reshaping the world economy, affecting the global balance of power, and increasing their economic weight, military potential, and diplomatic stature. These changes have been caused by unhappiness with globalization, the risks of overreliance on rivals for vital supplies, and the rise of China.
### Facts
- The unhappiness with globalization in the West, especially in America, has caused economic anxiety, social discontent, and political backlash.
- Covid-19 exposed the risks of overreliance on another country, especially a rival, for vital supplies.
- Russia's invasion of Ukraine revealed the EU's dependence on Moscow for energy.
- The rise of China has rattled the US and other countries, leading to the search for a new geo-economics.
- US allies in the Indo-Pacific are strengthening their defenses through military and technological cooperation with Washington.
- Geo-economics and geopolitics have merged, with the US leading in redefining globalization that does not harm national security, technological supremacy, and economic leadership.
- India is at the crossroads of new geo-economics and geopolitics, being America's natural geopolitical partner and an attractive partner in geo-economics.
- Middle powers like India are benefiting by aligning themselves with the US and forming independent groupings at the global or regional levels.
- Many players are multi-aligning and multi-networking through mini forums, ad hoc groupings, and shifting coalitions, making the international order very fluid.
### Summary
United States Trade Representative Katherine Tai will visit India next week for the G20 Trade and Investment Ministers' Meeting, where she will participate in G20 sessions and hold bilateral meetings with Indian counterparts.
### Facts
- 🇺🇸 USTR Katherine Tai will visit India for the G20 Trade and Investment Ministers' Meeting.
- 📅 August 23-25: Tai will participate in G20 sessions on multilateral trade and inclusive prosperity in Jaipur.
- Meetings: Tai will hold bilateral meetings with Indian counterparts and business leaders.
- 📅 August 26: Tai will meet with government officials and continue bilateral meetings.
- 🇮🇳 India's G20 Presidency: India's priority issues are growth, resilient value chains, MSMEs, logistics, and WTO reform.
- Attendees: At least 14 trade ministers and the European Commissioner for Trade have confirmed their attendance.
- 🇨🇦🇨🇳🇷🇺🇬🇧 Pacts: Commerce Minister Piyush Goyal will hold bilateral meetings with countries India is negotiating trade pacts with, including Canada, China, Russia, and the UK.
- Importance: The G20 ministerial meeting provides a platform for India to conduct important bilateral meetings regarding its free trade agreements.
US President Joe Biden and other world leaders are set to visit India in September for the G20 Summit, with multiple hotels in Delhi-NCR being earmarked for attendees.
India's G20 presidency has shaped its global future and brought the country to the forefront of the international stage, with discussions at the NDTV G20 Conclave focusing on energy transition, clean growth, digital economy, and India's rising global influence.
India's External Affairs Minister, S Jaishankar, highlighted the importance of addressing the concerns of the global south in promoting economic growth and development during the B20 Summit, stating that India recognized the absence of the global south's voice in the G20 and took steps to rectify this by convening the Global South Summit.
India's G20 Sherpa Amitabh Kant outlines India's positive agenda for the country's presidency of the G20, with a focus on digital transformation, infrastructure building, and women-led development. India has made significant achievements in areas such as housing, sanitation, water supply, and digital payments, and aims to promote inclusive growth, accelerate sustainable development goals, take climate action, and prioritize technological transformation and women's empowerment during its presidency.
Indian Prime Minister Narendra Modi discussed India's achievements during its presidency of the G20, highlighting its human-centric model of development and its response to the pandemic, which has gained recognition and appreciation from the international community; he also emphasized the importance of including the Global South and Africa in global affairs and addressing their needs. Additionally, Modi noted India's efforts in promoting renewable energy and the democratization of technology, while acknowledging the challenges of cybercrime and the need for global cooperation. He expressed confidence in India's future economic growth and its potential to become one of the top three economies in the world by 2030 and a developed country by 2047.
U.S. President Joe Biden plans to offer financial support to developing countries in Africa, Latin America, and Asia as an alternative to China's Belt and Road project, taking advantage of Chinese President Xi Jinping's absence at the G20 meeting and China's economic downturn.
President Joe Biden arrives in New Delhi for the G20 Summit, aiming to counter Russian and Chinese aggression while demonstrating the US's commitment to developing countries, despite the absence of Xi Jinping and Vladimir Putin.
The US, Saudi Arabia, India, and other nations are discussing a potential infrastructure deal to enhance trade between the Gulf and South Asia through railways and ports, in an effort to counter China's Belt and Road initiative.
President Biden aims to use the G20 summit as an opportunity to strengthen the U.S.'s position as the leader of the global system, boost funding for the World Bank, and counterbalance China's Belt and Road Initiative; meanwhile, a potential strike looms for General Motors and Ford, and the Federal Reserve plans to maintain interest rates while addressing inflation concerns.
President Joe Biden is set to visit India for one-on-one talks with Prime Minister Narendra Modi, focusing on issues such as China's assertiveness, climate change, and artificial intelligence, despite their ideological differences and concerns about India's human rights record.
Prime Minister Narendra Modi and US President Joe Biden discussed ways to deepen and diversify their partnership, including defense, nuclear energy, and emerging technologies, during a private dinner at the G20 Summit, expressing confidence in advancing shared goals of sustainable development and multilateral cooperation.
UK Prime Minister Rishi Sunak praises India's role as host for the G20 Summit, emphasizes the need for a comprehensive trade deal with India, condemns pro-Khalistan extremism, and affirms cooperation with India to counter such extremism.
President Biden aims to rally support for Ukraine and promote American investment in the developing world at the G20 summit in India, presenting new plans for a transit corridor connecting partner nations and unveiling World Bank reforms, challenging China's global trade expansion and providing a better option for emerging economies.
Prime Minister Narendra Modi and British counterpart Rishi Sunak discuss trade linkages and investment at the G20 Summit in New Delhi.
Global leaders have announced a multinational rail and ports deal at the G20 summit in New Delhi, aiming to connect the Middle East and South Asia and provide an alternative to China's Belt and Road initiative.
India, along with several countries including the UAE, Saudi Arabia, EU, France, Italy, Germany, and the US, will launch an economic corridor connecting India, the Middle East, and Europe, which is expected to significantly boost trade and connectivity.
The International Monetary Fund's deputy director, Gita Gopinath, congratulates Prime Minister Narendra Modi on successfully hosting the G20 Summit in India, with the leaders discussing various crucial developments and signing a Memorandum of Understanding for the India-Middle East-Europe Economic Corridor.
India, along with the US, EU, Saudi Arabia, and UAE, has signed a deal to establish the India-Middle East-Europe Economic Corridor (IMEE EC) as an alternative to China's One Belt One Road (OBOR) initiative, aiming to provide faster and cheaper transportation options to west Asia and Europe.
The India-Middle East-Europe Economic Corridor (IMEC), considered an alternative to China's Belt and Road Initiative, is being hailed as the "largest cooperation project in our history" by Israeli Prime Minister Benjamin Netanyahu, who believes it will reshape the Middle East and benefit the entire world.
The 2023 New Delhi Summit of the G20 has been a success, with India demonstrating its ability to organize a global event; however, the summit's ability to produce substantial solutions to world problems, particularly the geopolitical crisis, is questionable. The summit managed to come up with a joint leaders' declaration, including language on Ukraine that accommodates all shades of opinion. The summit also focused on issues such as debt restructuring, climate change, renewable energy, artificial intelligence, and terrorism financing. However, the effectiveness of these actions will depend on whether countries actually implement them.
The proposed India-Middle-East-Europe Corridor, seen as a rival to China's Belt And Road Project, will be a bankable project that brings in revenue and avoids the debt trap, according to Railway Minister Ashwini Vaishnaw.
Israel is set to become a global transportation hub as it plays a crucial role in the proposed India-Middle East-Europe Economic Corridor, which will connect the three regions through rail, gas, and fiber optics lines.
Leaders of the G20 summit in India overcame divisions on the Ukraine war and admitted the African Union to the bloc, while also announcing plans for a transport corridor and incremental progress on climate change.
The announcement of the Indian-Middle Eastern Economic Corridor at the G20 Summit will bring global attention to the ancient Red Sea trade route, as mentioned in Scottish historian William Dalrymple's book "The Golden Road."
A new multibillion-dollar rail and shipping corridor called the India-Middle East-Europe Economic Corridor was announced at the G20 summit, which aims to enhance connectivity and integration between participating countries and boost economic growth in the Middle East.
The G20 summit in New Delhi saw the admission of the African Union, the launch of the India-Middle East-Europe Economic Corridor, and an absence of Xi Jinping and Vladimir Putin, signaling shifts in the international order and a move towards more inclusive organizations; however, Pakistan must address its internal issues to participate in these global trade networks and have its voice heard on issues like Kashmir.
A new ports and railway corridor for the Middle East and South Asia, which includes train links to India, has been unveiled at the G20 summit in Delhi as a response to China's Belt and Road Initiative.
With the right reforms, India has the potential to become the next engine of global growth, benefiting from major economic re-alignments caused by China's slowdown and the US diversifying its supply chains. Major corporations are already investing in India, recognizing its potential. However, India needs to overcome challenges such as high tariffs, infrastructure improvements, and regional cooperation to fully realize its manufacturing potential and attract foreign investment.
The plan by the U.S. and India to build an alternative to China's Belt and Road Initiative could lead to better deals for countries along the route and is seen as healthy competition by participants at a conference in Hong Kong.
India's External Affairs Minister, S Jaishankar, has called for a shift in perspective regarding global trade and urged the world to move past the idea that the West is the "bad guy," highlighting the complexity of the global economy and the need to address the inequities of globalization. He also spoke about India's achievements at the G20 Summit and the threats posed by the Khalistan group in Canada.
Saudi Arabia's Crown Prince Mohammed bin Salman's attendance at the recent G20 summit in India, along with its inclusion in the China-dominated BRICS coalition and signing of the ship-to-rail economic corridor supported by President Joe Biden, highlights the complex web of alliances and economic opportunities arising from the rivalry between the US and China. These developments show the various economies caught between the two powers seeking to build their own strategic alliances and spheres of influence.
India-Middle East-Europe Economic Corridor, proposed by India, the US, United Arab Emirates, and Saudi Arabia, aims to create shipping and railway links that will connect Europe and the Middle East to India and counter China's 'Belt and Road' initiative.
