Economic Security and Resilience Review

India’s engagement with key Indo-Pacific partners on economic security gained further momentum during the past month. This issue highlights the outcomes of Japanese Prime Minister Sanae Takaichi’s visit to India (July 1-3) and Prime Minister Narendra Modi’s visits to Indonesia, Australia and New Zealand (July 6-11).

The centerpiece of the India-Japan summit was a Joint Declaration on Economic Security Cooperation, which promotes project-based collaboration and public-private partnerships in five priority sectors: semiconductors, critical minerals, information and communication technology (ICT), clean energy, and pharmaceuticals. This issue tracks key initiatives launched under these pillars. The two sides also issued joint statements on energy resilience and AI. It was further announced that more than 120 business-to-business MoUs, involving investment commitments of about USD 10 billion, have been concluded since the 2025 bilateral summit.

In Indonesia, cooperation advanced through a tripartite MoU on rare earth magnets involving NFTDC, Midwest Ltd and PT PERMINAS, and a strategic joint venture between SAIL and PT Krakatau Steel to establish a stainless-steel slab manufacturing facility.

In Australia, an administrative arrangement on uranium supply built upon the 2014 civil nuclear cooperation agreement, while collaboration on critical minerals and critical technologies was further strengthened.

PM Modi’s visit to New Zealand - the first by an Indian Prime Minister in four decades - resulted in the elevation of bilateral ties to a strategic partnership. The forthcoming FTA, accompanied by a commitment of USD 20 billion in New Zealand investments over 15 years, and enhanced cooperation in dairying and animal husbandry, are expected to deepen economic engagement.

The ministerial India-EU Trade and Technology Council meeting held in Brussels also registered tangible progress across its three pillars - digital and strategic technologies, clean and green technologies, and trade, investment and resilient value chains - building on the recently concluded India-EU FTA and the bilateral strategic agenda through 2030.

Domestically, the launch of the Semicon 2.0 Mission and customs duty exemptions for electronics manufacturing inputs will help strengthen India’s electronics manufacturing ecosystem. Measures announced to enhance energy and fertiliser security included Phase II of the Strategic Petroleum Reserve programme, a new fertiliser investment policy to expand domestic urea production, and a deep-sea oil and gas exploration policy.

This issue also reviews the outcome of the USTR’s Section 301 investigations into alleged forced-labour imports, the Trump administration’s phased tariffs on generic pharmaceutical imports, and the announcement by France and Germany of a joint roadmap to address China’s trade practices.

To read this issue please click ESRR, Vol. IV, Issue 7.