Given the fact that the War between Russia and Ukraine has been continuing on a long-run basis with no signs of de-escalation, and the recent war between America-Israel-Iran added fuel to the fire, the importance of Quadrilateral Security Dialogue (the Quad) can no way be underestimated for the Indo-Pacific region where developing economies are on the brink of enormous setback as vulnerability has reached its peak.

The time is different with enormous damage in the World Economy with huge disruptions in oil and LNG gas affecting functioning of the economies. Four leading democracies in the Quad–Australia, India, Japan and the US—are pillars of this strategic coalition in the Indo-Pacific region. Despite diverse sets of goals, and objectives the depth and momentum that the Quad has gained could harp on a unifying principle and a unified objective of security, economic strength and trans-Asian significance of containing peace and security beyond Asia. 

Although China’s strategic ambition of becoming a powerhouse was the central concern of the formation of the Quad, the time has changed due to evolution of new geo-politics. The strategic equilibrium should now not be confined to the ‘own’ narrow territories, it should be concerned that the global disequilibrium could topple the world out of balance. The role of India and the US is significant. Launching of the Indo-Pacific Economic Framework (IPEF) with 14 members in May 2022 by the Biden administration shows its faith and reliance on the Indian economy in South Asia. Its four main pillars are international trade engagement, supply chains, energy transition to climate-friendly energy policies, and better governance via corruption control and governance. 

As the region covers a broad geographical span from North America to the African coast, it should embrace powerful economies of East Asia like South Korea and Japan beyond the Pacific and extending to South Asia. As the US withdrew from the TPP in 2017 and India abandoned the RCEP in 2019, the lack of economic backing or underpinning is missing and hence, the question of security is devoid of any financial security as a backbone. 

Two things are important here: one is reversing de-globalization or post-Pandemic recovery of regional production network without adopting protective trade policies show-cased in terms of ‘nationalism’ or ‘self-reliance’; secondly, being transparent in terms of institutions, rule of law and governance in terms of clear policy objectives. On top of these two, a concern for global welfare and security—to arrest the fallouts of war—is important, rather than being narrowed down by domestic concerns. As Sino-Indian trade has ballooned—mostly comprising of parts and components, intermediate or middle products, machinery and equipment, etc.—India’s ‘make in India’ initiative is really not supported by her import-substitution industrialization as they adopted long ago with license raj in the post-independence period for self-reliance. But that time it was a ‘Hindu-rate of growth of 4%’ –a miniscule one—which is never sustainable now after 75 years.

Economic reforms in the 1990s set the path and the rocky road to reform is over now. Thus, a proper policy architecture is needed and reviving regional trade and production network alike RCEP is important for India. South Korea and Japan are in good ties with CEPA arrangements and ‘Looking East’ in a constructive way should be enough to reap the dividend of better technology and human capital of East Asia and South Asia, with ‘India’ as a hub in particular. What ‘Manmahonomics’ has set the tune, ‘Modinomics’ could continue the ‘unfinished symphony’ if the economic perspective is given its due value and serious attention without ivory-tower policy conundrums. Otherwise, it will be all red herrings. 

For the US and India, the mid-term election is crucial as the incumbent and the competitor are both facing challenges of different sorts: aging burden vis-à-vis the clear policy workhorse of tackling the global instability.  However, the US-China strategic competition in many areas such as Microchips, Solar panel, etc. is a contentious issue. Nonetheless, deepening trade and investment relations with China is not waning. Hence, given the current scenarios of Geopolitics and economics, the need of the hour is to set aside the intra-group rivalries in the Quad or IPEF so that no vacuum exists in the Indo-Pacific region. Although the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was concluded without the US, the US could reinvent the wheel by engaging her in different kinds of non-binding economic agreements like Asia-Pacific economic community and make it complementary with the IPEF.  

Also, a matter of concern is the rise of oligarchy dominated autocracy in Russia where the political crisis is unfolding and could eventually turn the tide against the current flow. The scope for another ‘perestroika’ and ‘glasnost’ under different garb is not impossible in the end. As the post-Covid world is going through another kind of political pandemic with viruses of religious dogma, political sleuth, warmongering, and mass hatred are widespread, we need an antidote of policy vaccine, and the responsibility lies with leaders’ innovative policy designs, purpose of ‘good’ politics, and honest devotion to the world citizen. This is because we cannot afford to either another outbreak of pandemic, or an outbreak of world war where nations break apart.

Leaders should act as gardeners to plant the seeds of harmony, grow the trees of branching out inter-continental goodwill, and nurture them with water to reap the benefits of blooming humanistic excellence. To be inclusive and sustainable world development, politics should not undermine global policy. Building trust and confidence is necessary for global cooperation on a sustained basis and diversity of East Asia and South Asia could be an asset for Indo-Pacific countries. Although policy-barriers erected have caused ‘deescalation’ of globalization, the new face of geopolitics with devastating war in different parts will escalate ‘globalization of adverse spillover effects’ all over the world economy. 

© Eurasia Review