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Indian Economy - Understanding the basics of Indian economic system
Context: Sri Lanka is set to take over the chairmanship of the Indian Ocean Rim Association (IORA) during the 23rd Council of Ministers’ Meeting scheduled for October, 2023, in Colombo.
The IORA is an intergovernmental organization established in 1997, comprising 23 member states and 11 dialogue partners.
Aim: strengthening regional cooperation and sustainable development within the Indian Ocean region.
Structure: IORA’s apex body is the Council of Foreign Ministers (COM) which meets annually.
A committee of Senior Officials (CSO) meets twice a year to progress IORA’s agenda.
Asia: India, Bangladesh, Indonesia, Iran, Malaysia, Maldives, Oman, Singapore, Sri Lanka, Thailand, United Arab Emirates and Yemen.
Africa: Kenya, Madagascar, Mozambique, Somalia , South Africa, Tanzania, Comoros, Mauritius, Seychelles.
Oceania: Australia.
Europe: France
Dialogue partners: China, Egypt, Saudi Arabia, Germany, Italy, Japan, Republic of Korea, Russia, Turkiye, United Kingdom and United States of America.
Secretariat: Ebène, Mauritius
The United Arab Emirates (UAE) assumed the role of Chair from November 2019 – November 2021, followed by the People’s Republic of Bangladesh November 2021 – November 2023.
Sri Lanka will hold the chairmanship of the association from 2023 to 2025.
Significance for India: The association plays a pivotal role in advancing India’s strategic, economic, and diplomatic interests in the Indian Ocean.
Concern: The IORA forum also coincides with reports with a possible visit of Chinese research vessel Shi Yan 6 to Sri Lanka. India and the U.S. have reportedly raised the matter with Sri Lanka.
It manages, coordinates, services and monitors the implementation of policy decisions, work programmes and projects adopted by the member states.
The association gains importance by the fact that the Indian Ocean carries half of the world’s container ships, one-third of the world’s bulk cargo traffic and two-thirds of the world’s oil shipments.
It is a lifeline of international trade and transport and the Indian Ocean region is woven together by trade routes and commands control of major sea-lanes.
By: Shubham Tiwari ProfileResourcesReport error
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