Economic Security and Resilience Review

Economic Security and Resilience Review

Date: June 04, 2024

This edition of the review examines the outcomes of President Xi Jinping’s recent visit to France, Serbia and Hungary, designed to mitigate the impact on China of a hardening derisking environment in Europe. While there were no major breakthroughs during the French leg of the visit, several agreements were signed in Belgrade and in Budapest that can help expand China’s BRI towards this part of Europe, besides providing gateways for China’s trade and investment push.

The review also highlights the ninth trilateral summit between China, Japan and the Republic of Korea held in Seoul on May 27, 2024. Chinese Premier Li Qiang used the occasion to urge his counterparts from Japan and South Korea to resist moves towards protectionism and decoupling. The three leaders reaffirmed their commitment to keeping markets open and strengthening supply chain cooperation.

Two recent reports, one by financial services major Nomura and the other by Capgemini Research Institute, project substantial gains for India in the coming years in investment and exports as a result of derisking moves and China plus strategies being pursued by western companies. Their projections are briefly outlined in this issue.

This review also draws attention to a report by the US based IQVIA Institute, which has highlighted the significant contributions made by Indian pharma companies towards making affordable medicine available in the United States. Pointing to the report’s findings, the Indian Pharmaceutical Alliance has called for the launch of a wider India-US Affordable Medicine Partnership.

Finally, this issue of ESRR also analyses the key trends emerging from  India’s trade figures for 2023-24 which were released during the month.
These and certain other developments covered in this month’s ESRR can be viewed at ESRR, Vol. II, Issue 5.

To read this ESRR, Vol. II, Issue 5, please see the PDF attached.