INDIAN OCEAN RIM

INDIAN OCEAN RIM

Indian Ocean Region (IOR)

• • The Indian Ocean Region (IOR) is a geographical area that includes the littoral states and islands as well as the ocean itself. 
  • The region extends from the west coast of Africa to the east coast of Australia, and The Indian Ocean is the third largest ocean in the world, spanning from the Arabian Peninsula and the Persian Gulf in the north to the southern coast of Sri Lanka and Australia in the south. 
  • Its approximate area is 70.6 million square kilometers.
  • It is the location of numerous significant sea lanes that link Asia, Europe, and Africa, such as the Bab-el-Mandeb strait, the Suez Canal, and the Strait of Malacca. 

What is the Significance of Indian Ocean Region (IOR)?

Geopolitical Significance: 

• • Its location makes it a key transit route for shipments of gas and oil, among other commodities, throughout the world.
    It is the location of numerous significant chokepoints, including the Bab-el-Mandeb and Strait of Malacca. 

Economic Significance: 

• • The IOR is home to a number of rapidly expanding economies, such as those of China, India, and several countries in Southeast Asia. 
  • The area is a popular destination for foreign investment due to its abundance of natural resources, which include fisheries, oil, and natural gas. 
  •  It accounts for 60% of the world’s GDP and 64% of the world’s population. 

Security Importance:

• •  Several countries in the IOR face threats from terrorism, piracy, and maritime security issues, making it a region of great security significance.
  • Major powers like the US, India, and China have increased their presence in the region, leading to an increase in military activity in recent years. 

Environmental Importance: 

• • The IOR is home to a number of significant marine ecosystems, such as mangrove forests and coral reefs, which are essential to preserving biodiversity and assisting regional populations.
  •  The area is also susceptible to the effects of climate change, such as increasing frequency of extreme weather events and rising sea levels. 

What is IORA?

• • On March 7, 1997, IORA, an intergovernmental organization, was founded.
  •  The Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) and the Indian Ocean
  • Rim Initiative were its previous names.
  • Mauritius serves as home to the IORA Secretariat. In 2015, it was admitted as an observer to both the African Union and the UN General Assembly. 
  • Members: There are 11 dialogue partners and 23 member states. 
  • The IORA has China as a dialogue partner. 

Objectives

• • To encourage liberalization, remove obstacles, and lower barriers in order to create a more open and improved flow of capital, technology, goods, services, and investment along the Indian Ocean rim. 
  • To promote balanced development and sustainable growth in the region. 
  • To concentrate on those areas of economic cooperation that offer the greatest potential for development, shared interests, and mutual benefits. 

Six priority pillars of IORA

• • Maritime safety and security 
  • Trade and investment facilitation 
  • Fisheries management 
  • Disaster risk management 
  • Tourism and cultural exchange 
  • Academic, science and Technology 
  • Blue economy 
  • Women’s Economic Empowerment 

Significance of IORA

• • The IOR is home to 35% of the world’s population and generates 19% of the global gross domestic product. It has always made major contributions to the global economy.
  • Furthermore, the Indian Ocean is used as a route for 80% of seaborne trade. 
  •  In addition, 100,000 commercial vessels and 80% of the seaborne oil trade rely on this route annually. 

News Summary: 

• • 23rd Council of Ministers’ meeting of the Indian Ocean Rim Association
  • The Indian Ocean Rim Association (IORA) held its annual meeting in Colombo with the theme “Strengthening Regional Architecture: Reinforcing Indian Ocean identity,” and External Affairs Minister S. Jaishankar attended.
  • Key highlights of 23rd Council of Ministers’ meeting of the Indian Ocean Rim Association
  • The IORA’s Vice Chair is now India, and the Chair is now Sri Lanka. 
  •  During the meeting, India assumed the role of Vice Chair of the IORA grouping, while Sri Lanka assumed the role of Chair.
  • Sri Lanka took over as IORA’s Chair for the 2023–25 term. 
  • India was appointed Vice-Chair of IORA for 2023–2025, with a view to becoming Chair in 2025–2027. 
  •  New Dialogue Partner: Saudi Arabia joined the Association as its eleventh dialogue partner.
  • Acceptance of the Indo-Pacific Outlook Report (IOIP) from the IORA
    
  •  The outcome document applauded the 22nd Council of Ministers in Dhaka, November 2022, for adopting the IORA’s Outlook on the Indo-Pacific (IOIP). 
  •  It recognized India’s initiative in creating an implementation roadmap for the IOIP.
  • Agreements signed on the fringes of the summit: India and Sri Lanka inked three agreements pertaining to bilateral cooperation. 
  •  The accords comprise: 
  • Modernizing schools, providing funding for housing projects, and launching a new cooperative project to boost milk production in Sri Lanka with the Indian National Dairy Development Board, Amul cooperative, and the Sri Lankan Cargill Group.