Category: Politics

India, the UAE, and Sri Lanka have signed a trilateral agreement to develop Trincomalee as a vital energy hub. Representatives from all three states signed the Memorandum of Understanding (MoU), which is an important step towards boosting regional energy security. The UAE Ministry of Investment, the Indian Ministry of Petroleum and Natural Gas, and the Sri Lankan Ministry of Energy will work together to improve Trincomalee’s energy infrastructure.

The signing event was attended by H.E. Khaled Nasser AlAmeri, UAE Ambassador to Sri Lanka, Santosh Jha, India’s High Commissioner to Sri Lanka, and Prof. K.T.M. Udayanga Hemapala, Secretary of Sri Lanka’s Ministry of Energy. The agreement covers several significant projects, including the rehabilitation of the Trincomalee Tank Farm, an increase in bunker fuel supplies, and the possibility of a new refinery.

To carry out the refinery project, selected agencies—Abu Dhabi Ports Group (AD Ports), Indian Oil Corporation (IOCL), and Ceylon Petroleum Corporation (CPC)—will form a joint venture company to manage operations. The MoU also includes a bidirectional petroleum pipeline between India and Sri Lanka to improve fuel logistics.

India and Thailand have elevated their bilateral relations to a strategic partnership, which strengthens diplomatic and security cooperation. PM Modi met with his Thai counterpart, Paetongtarn Shinawatra, to discuss important regional and global concerns. During the meeting, Modi highlighted India’s commitment to ASEAN unity and centrality, emphasising the importance of a free, open, and rule-based Indo-Pacific order.

Modi emphasised the need for regional peace, security, and prosperity, citing common marine interests. Without mentioning any countries, he emphasised India’s opposition to expansionism, citing concerns over China’s assertiveness in the South China Sea.

The two countries exchanged five MoUs, including one between India’s Ministry of Development of the North Eastern Region and Thailand’s foreign ministry. To strengthen economic connections, the leaders discussed trade, investments, and business collaborations, with a particular emphasis on MSMEs, handloom, and handicrafts. Modi emphasised collaboration in tourism, culture, and education, particularly with India’s northeastern states.

On security, Modi praised Thailand for its assistance in the repatriation of Indian cybercrime victims. Both sides agreed to step up their cooperation in combating human trafficking and illegal migration. The leaders also discussed expanding collaboration in renewable energy, digital technology, robotics, space, and biotechnology. As part of its people-to-people programs, India issued free e-visas for Thai tourists.

Kazakhstan and the UAE are stepping up their collaboration in digital assets, blockchain technology, and fintech. A high-level team from Kazakhstan’s financial industry recently visited the UAE on March 26-27, meeting with significant financial institutions and regulators. The team included representatives from the National Bank of Kazakhstan and the Agency for Regulation and Development of Financial Markets.

During the visit, conversations centred on the regulatory landscape of digital assets and the practical applications of blockchain. The National Bank of Kazakhstan confirmed that a MoU has been signed with the Central Bank of the UAE. This agreement is intended to promote collaboration in fintech, cybersecurity, and central bank digital currencies.

Meetings were also held with the UAE Securities and Commodities Authority to discuss merging Kazakhstan’s stock markets, such as KASE and AIFC, with the UAE’s Tabadul digital exchange. This alliance aims to improve stock market infrastructure and enable cross-border blockchain trading.

The group met with the Virtual Assets Regulatory Authority, the Abu Dhabi Global Market, and the Dubai Financial Centre Authority to talk about digital asset rules. They also worked with Mubadala Investment Holding and First Abu Dhabi Bank to build investment relations. Additionally, discussions with BCG and Microsoft centred on AI-driven financial infrastructure development.

Prime Minister Narendra Modi departed for Thailand on Thursday to attend the 6th BIMSTEC Summit. His visit is an important step towards boosting India’s regional ties and promoting collaboration within the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).

In the farewell speech, PM Modi emphasised BIMSTEC’s expanding relevance, adding that the forum has played an important role in driving economic progress, connectivity, and regional development over the last decade. He emphasised India’s North Eastern region as a critical link in BIMSTEC due to its important geographical location.

During his visit, PM Modi plans to meet with Thailand’s Prime Minister, Paetongtarn Shinawatra, and other BIMSTEC leaders. He expressed hope for stronger diplomatic connections and deeper cooperation with member states.

Apart from the summit, PM plans to meet with the Indian diaspora in Bangkok. His trip to Thailand is part of a two-nation tour, after which he will fly to Sri Lanka from April 4-6.

India is a prominent member of BIMSTEC, a group of seven South and Southeast Asian countries. PM Modi’s participation is intended to strengthen India’s regional leadership by emphasising its commitment to economic cooperation and strategic partnerships.

According to an OECD analysis released Wednesday, Israel’s economy is expected to improve well over the next two years if geopolitical tensions lessen. The analysis predicted a GDP growth of 3.4% in 2025 and 5.5% in 2026, following a slow 0.9% increase in 2024 due to conflicts with Hamas in Gaza and Hezbollah in Lebanon. Meanwhile, the Bank of Israel predicts that the economy will increase by 4% in 2025 and 4.5% in 2026.

OECD Secretary-General Mathias Cormann presented the biennial survey to Israel’s Social-Economic Cabinet, chaired by Finance Minister Bezalel Smotrich. Smotrich appreciated the study and acknowledged the challenges and opportunities it identified for maintaining long-term growth. To stabilise government finances, the OECD advocated structural reforms, such as tax increases on sugary drinks and congestion fines.

The analysis forecasted inflation of 3.7% in 2025, above the Bank of Israel’s goal range of 1-3%, before falling to 2.9% in 2026. It advised against lowering interest rates until inflation is under control. The OECD also emphasised the importance of labour market changes, pushing for core curricula in Arab and ultra-Orthodox schools and market liberalisation. It also advocated for further regulation in the AI-powered high-tech sector to ensure long-term economic viability.

Greece plans to invest €25 billion over the next decade to upgrade its military and adapt to emerging high-tech warfare capabilities. Defence Minister Nikos Dendias presented the ambitious makeover to parliament, underlining the necessity for a technologically advanced defence strategy.

The “Achilles Shield” air defence system is at the centre of this development, meant to improve security in the face of ongoing tensions with Turkey. Greece and Turkey, both NATO members, have a history of territorial disputes in the Aegean Sea and the eastern Mediterranean, which have brought them close to conflicts on several occasions.

Dendias emphasised the transition from traditional defence systems to a more dynamic, AI-powered approach. The concept will include mobile missile weapons, drone technologies, and enhanced command units to reduce dependency on traditional fleets. The plan also includes next-generation troop equipment that incorporates sensors and communication devices. Additionally, Greece intends to create dedicated satellite capabilities for secure wartime communications.

The military makeover will also restructure personnel, merge units, and close underutilised bases, resulting in more efficient command structures. Local technology startups will play an important role in upgrading defence capabilities.

This comes amid rising European military spending in response to the Ukraine conflict and prospective alterations in US defence obligations.

Prime Minister Narendra Modi’s two-day visit to Thailand, which begins Thursday, is aimed at improving economic and investment ties between the two countries. India’s rapidly developing market continues to draw Thai investors, and Indian investments in Thailand have steadily increased in recent years.

Thailand has made investments in India’s infrastructure, real estate, agro-processing, electronics, automotive, food processing, hospitality, and renewable energy sectors. One of the most significant investments occurred in 2021, when Global Renewable Synergy Co., Ltd invested $453.29 million in India’s renewable energy sector.

Bilateral trade has thrived under the Early Harvest Scheme, which comprises 83 items under the India-Thailand CECA, signed in 2004. Furthermore, the ASEAN-India Trade in Goods Agreement has promoted more efficient trade flows. AITIGA is being reviewed as improving accessibility and business facilitation.

Thailand’s Ministry of Commerce estimates that bilateral commerce will total $16.04 billion in 2023. India’s exports totalled $5.92 billion, while Thailand’s imports were worth $10.11 billion. Thailand is India’s fourth largest trading partner in the ASEAN area.

Among India’s most important exports are machinery, metals, medicines, chemicals, and agricultural items. In exchange, Thailand supplies India with fats, oils, polymers, jewellery, and iron and steel.

India and the United States are making substantial progress towards finalising a Bilateral Trade Agreement as the deadline for US reciprocal tariffs approaches on April 2. Following an intervention by the Prime Minister’s Office, India has agreed to the Terms of Reference (ToR) for negotiations, paving the way for future discussions. The ToR establishes the foundation for the trade agreement and requires approval from the highest political authority before actual negotiations may commence.

After four days of deliberations, US officials left India without finalising the Terms of Reference. However, both countries have finally achieved an agreement, clearing the stage for formal negotiations. India is anticipated to reduce tariffs on certain American items in exchange for trade concessions from the US. President Donald Trump recently stated that India is willing to lower tariffs, indicating a positive development in the ongoing negotiations.

Meanwhile, the US Trade Representative (USTR) expressed many reservations regarding India’s trade policy. These include agricultural and genetically modified product import bans, internet shutdowns, and medical device pricing limitations. Former Indian trade official Ajay Srivastava warned that while India should join in trade discussions, it must prioritise national interests and ensure that accords are consistent with its economic and social goals.

Finance Minister Nirmala Sitharaman to officially launch the “NITI NCAER States Economic Forum” portal on April 1. The platform is intended to provide a comprehensive database of economic, social, and fiscal statistics for Indian states during the past three decades, up to the fiscal year 2022-23.

The platform, created in collaboration between NITI Aayog and the National Council of Applied Economic Research (NCAER), divides data into five core verticals: demography, economic structure, fiscal health, education, and healthcare. Its goal is to provide researchers, policymakers, and analysts with a single-window access to state-level economic data.

The program would allow users to compare state performance to national averages and other regions, enabling data-driven decision-making. The tool will facilitate evidence-based policymaking by providing real-time information and historical trends.

According to NITI Aayog, the portal’s user-friendly interface allows for seamless navigation, making complex data easily accessible. It will also promote informed conversations by presenting a structured macroeconomic and fiscal landscape for all 28 states. The database is expected to be a valuable tool for policymakers in tracking economic progress and identifying emerging patterns.

The portal’s centralised repository of information intends to increase transparency and stimulate strategic conversations about state-level development policies.

The US Department of Energy (DoE) has given Holtec International a regulatory license to design and build nuclear reactors in India. This is a huge step forward in the nearly two-decade-old nuclear pact between India and the United States.

According to reports, the DoE approved Holtec on March 26, allowing nuclear cooperation between the two countries. The license authorises Holtec to exchange ‘unclassified small modular reactor (SMR) technology’ with three Indian firms—Holtec Asia, Larsen & Toubro Ltd, and Tata Consulting Engineers Ltd—under US rule ’10CFR810′. The authorisation is valid for ten years and is evaluated every five years.

However, Holtec is prohibited from exporting technology to Indian government firms such as NPCIL, AERB, and NTPC Ltd since India has not supplied the necessary non-proliferation assurances. Holtec may subsequently seek to incorporate them. The US has stipulated that the technology cannot be shared without its approval and must only be used for peaceful reasons. Holtec must also provide quarterly updates on technological transfers.

Holtec was founded by Indian American Krishna P. Singh and has operations in Gujarat and Pune. If full-scale manufacturing commences, the business intends to increase its staff, a significant step towards cementing the India-US nuclear collaboration.