The decision to target Qatar clearly indicates that the region is now divided into two camps and that the Arab Gulf countries are in no mood to accept neutral players.
While the Iran nuclear agreement will be the primary agenda of the summit, there are expectations that other regional issues will also be raised: the campaign against the Islamic State, removal of Syrian president Bashar al-Assad, the ongoing war in Yemen and the Israel-Palestine conflict.
India-GCC relationship is growing stronger by the day as both realise the potential and importance of each other. Trade and commerce is the most important pillar of the India-GCC relationship. Success of high volume of trade and commerce between India and GCC revolves around a high degree of trade and economic complementarity as both caters to each other's economic demands.
Sultan Qaboos once observed that “while other Gulf Arabs prefer to get on a camel and go west into the Arab desert, Omanis prefer to be on a boat and drift towards India.”
The approach of GCC countries towards the Syrian crisis has shifted from appealing for political reforms to internationalising the issue to arming the regime’s opposition.
Continuing conflict, competition and rivalry have been a regular phenomenon in the Gulf region over the past few decades. Among other reasons, the troubled relationship between the Gulf Cooperation Council (GCC) countries and Iran has been one of the major factors responsible for the present state of affairs in the region. The relationship has been marked by sectarian and ideological differences, clash of interests over the presence of the US in the region, concerns over the Iranian nuclear programme and territorial disputes between Iran and the United Arab Emirates (UAE).
India's relationship with the Gulf Cooperation Council (GCC) has been primarily based on mutual trade and business. GCC countries are the main source of energy for India and a market for Indian commodities. India's five-million-strong workforce forms a natural linkage between India and the GCC. But despite such strong trade linkages, which are still growing, political and strategic relations between India and the GCC have been found lacking. Recent years have witnessed signing of defence and security agreements between India and some of the GCC countries.
Indian presence in the Gulf region is civilizational and has developed into a vibrant relationship over the years. With the emergence of India as a large economic power and with the Gulf region simultaneously witnessing spectacular economic growth, economic trends are reinforcing mutual interdependence. While India's economic presence in the region has transformed from barter exchanges between merchants and Indian human capital, India's political presence has remained more or less subdued.
The failure of the government to stem Houthi-led violence and the involvement of the external powers in Yemen’s sectarian problems has aggravated the country’s stability. Yemen has been turned in to a theater of conflict between Saudi Arabia and Iran.
In 2007, a small piece of research by Steven Jen generated ripples about the role and significance of Sovereign Wealth Fund (SWF) in the world of finance. The term SWF was coined by Andrev Razanor in 2005, and IMF defined it as “assets held by governments in other country’s currency”. Although, SWF has a history of more than half a century, it gained currency only since 2000. SWFs have been created by the governments for different motives.
