Indo-Pacific Strategy and India's Opportunities and Challenges for Regional Economic Cooperation and Integration: An Exploratory Review

Abstract

The paper intends to analyze the implications of the Indo-Pacific (IP) and the Indo-Pacific Strategy (IPS) from the perspectives of major world powers and India's relevance in the Indo-Pacific region (IPR) vis-à-vis India's Look East Policy (LEP) to Act East Policy (AEP) along with India's approach to the IP, exploring the challenges and opportunities for India in the larger geopolitical context of the IP and reaction of the Indian government to advances in the region. For India, the multi-dimensional regional cooperation in the IP would promote economic relations and improve regional capacity to tackle the complex regional challenges. Therefore, robust maritime connectivity is essential for a more common and mutually-reinforcing market-driven economic structure in the IP. Robust maritime services can reduce transportation costs and boost cross-border trade and infrastructure investment in the countries of the region. In this context, India's Security and Growth for All in the Region (SAGAR) could be a robust step to strengthen maritime connectivity. There is a need to address the multifaceted maritime-security risks and disputes for shared prosperity in the countries of the IPR using collective approaches to focus on technical cooperation, capacity building, and sharing of knowledge and expertise. Regional economic and trade integration can facilitate global trade and build necessary infrastructure, for which role in the bigger IP economies is essential. Therefore, the economies of the Association of Southeast Asian Nations (ASEAN) region would be a major driving force for speeding up cooperation within the IP.