- Indian President’s visit to Philippines and Japan
President of India Ram Nath Kovind who is on a state visit to Philippines will be winding up his bilateral commitments which includes a dialogue on counter terrorism cooperation and leave for Japan where he will be attending the coronation ceremony of the new emperor Akhito. He will be joined by other dignitaries from around the world including the Prince Charles, Wang Qishan (Vice President of China) and several other leaders from Asia.
He is expected to also inaugurate an Indian cultural center run by a Japanese citizen of Indian origin.
2. BREXIT Action
Britain has been rocked by the BREXIT proceedings since 2016. The present British Prime Minister Boris Johnson has said that Britain will firmly exit the EU by October 31st of this year either with or without a deal. It has emerged now that Britain and EU have agreed on a deal. The details of the deal are awaited and more importantly the British Parliament will have to support this deal. They have rejected a deal before. The Prime Minister may have to resign if the deal is rejected and officials from London and Brussels will have to go back to the negotiating table once again.
This week will see intense parlays and action in the British Parliament. It is too early to comment on the effect this will have on the Indian economy.
3. Instability in the Middle East
What can impact the Indian economy though and will have to watched are the developments in the Middle East. Two particular events that are of immediate concern are the following: Turkish actions against the Kurds in Northern Syria and frequent clashes between Saudi Arabia and Iran, who have been attacking each other’s oil facilities. India’s Petroleum and Natural Gas Minister Dharmendra Pradhan has said that he has been assured by the Saudi authorities of their commitments to supply oil to India and that shall not be affected in any manner. The situation will have to be de escalated soon. President Donald Trump has sent a team to Ankara to negotiate a peace deal.
4. Hong Kong protests
Hong Kong has been marred by protests and normal life has been disrupted. The protestors who are seeking more rights and democracy have faced a brutal crackdown by forces from the mainland China. The US House of Representatives too passed 2 laws and a resolution targeting Chinese exports and the Chinese Foreign Ministry has dismissed it as an attempt by foreign forces to interfere in China’s internal matter. This cannot go on for too long. China cannot afford to forceful exert its claims over the Special Administrative Region. There are growing concerns as far as their human rights violations are concerned and hence it will have an impact on their external economic interests.
5. Trump’s impeachment proceedings
US President Donald Trump Is facing an impeachment process over making an arm deal with Ukraine conditional upon the fact that the government probes dealings of John Biden’s son. John Biden is a possible presidential candidate for the upcoming elections in the US. The Democrats have been stonewalled in their attempts to take this process forward. Trump has dismissed this as a motivated attack. The process is ongoing and this week may lead to some developments on this front.