88
• Strengthening cooperation in the banking sector.
• Improving air connectivity.
• Encouraging regular academic exchanges and civil society. (Denoon
2015:262–263)
Richard Wallace believes that by developing the Connect Central Asia Policy,
India can make encroachments into the Caspian Sea and Central Asia but will need
to couple this with smart diplomacy. Rapid growth in energy demand, an increased
number of national power shortages, and insufficiently developed energy infrastructure are all points which have been recognized in India’s diplomatic circles as points
which converge around energy diversification. The Caspian and Central Asia, with
their ample energy resources and uranium reserves, are agreed to hold the key to
reducing India’s energy dependency on the Middle East (www.thediplomat.com
2016a, b, c, d, e, f, g, h, i).
The country, along with Iran and Russia, also plays a key role in China’s One
Belt, One Road Initiative, and is thus monitoring China’s increasingly outwardlooking ambitions with interest. “The North–South Transport Corridor (INSTC)”
proposed by these countries could help India to secure benefits in the Caspian Basin
and Central Asia. INSTC has three major advantages for the country: Firstly, the
INSTC would considerably reduce the cost of transporting goods from India to
Eurasia and other regions, as this route is shorter than exiting ones; secondly, India
is expected to negotiate a broad economic corporation agreement with the Eurasia
Economic Union, which consists of Kazakhstan, Belarus, Kyrgyzstan, and Russia
(with Armenia, likely to join). This agreement would help India expand its trade,
economic, and investment opportunities in this region, as accessing these market via
the INTSC would be easier and would expand the competitiveness of India’s trade;
and thirdly, India is presently the world’s fourth-largest energy consumer, and its
appetite is increasing by the day (www.thediplomat.com 2016a, b, c, d, e, f, g, h, i).
Geo-Economy
Geo-economy is a concept that has been taken into consideration since World War
II and the significance of the economic dimension of international relations. This
concept has a direct relation with the evolution of the age of globalization and
uncovers the effects of geography and economics in the international trends of international relations. The goal of geo-economics is to use economic expressions to
boost wealth, provide national interests, exploit geopolitical advantages, and benefit
from the communications and economic network of other actors in the context of
geography.
The main purpose of geo-economics is to acquire, preserve, and produce power
using expressions: economic growth, increasing wealth, beneficial geopolitical
outcomes, and benefiting from the economic measures of other governments to
gain and increase national interests in the context of geography. In this way, geo3 International Context of the New Era and the Caspian Sea Region
• Strengthening cooperation in the banking sector.
• Improving air connectivity.
• Encouraging regular academic exchanges and civil society. (Denoon
2015:262–263)
Richard Wallace believes that by developing the Connect Central Asia Policy,
India can make encroachments into the Caspian Sea and Central Asia but will need
to couple this with smart diplomacy. Rapid growth in energy demand, an increased
number of national power shortages, and insufficiently developed energy infrastructure are all points which have been recognized in India’s diplomatic circles as points
which converge around energy diversification. The Caspian and Central Asia, with
their ample energy resources and uranium reserves, are agreed to hold the key to
reducing India’s energy dependency on the Middle East (www.thediplomat.com
2016a, b, c, d, e, f, g, h, i).
The country, along with Iran and Russia, also plays a key role in China’s One
Belt, One Road Initiative, and is thus monitoring China’s increasingly outwardlooking ambitions with interest. “The North–South Transport Corridor (INSTC)”
proposed by these countries could help India to secure benefits in the Caspian Basin
and Central Asia. INSTC has three major advantages for the country: Firstly, the
INSTC would considerably reduce the cost of transporting goods from India to
Eurasia and other regions, as this route is shorter than exiting ones; secondly, India
is expected to negotiate a broad economic corporation agreement with the Eurasia
Economic Union, which consists of Kazakhstan, Belarus, Kyrgyzstan, and Russia
(with Armenia, likely to join). This agreement would help India expand its trade,
economic, and investment opportunities in this region, as accessing these market via
the INTSC would be easier and would expand the competitiveness of India’s trade;
and thirdly, India is presently the world’s fourth-largest energy consumer, and its
appetite is increasing by the day (www.thediplomat.com 2016a, b, c, d, e, f, g, h, i).
Geo-Economy
Geo-economy is a concept that has been taken into consideration since World War
II and the significance of the economic dimension of international relations. This
concept has a direct relation with the evolution of the age of globalization and
uncovers the effects of geography and economics in the international trends of international relations. The goal of geo-economics is to use economic expressions to
boost wealth, provide national interests, exploit geopolitical advantages, and benefit
from the communications and economic network of other actors in the context of
geography.
The main purpose of geo-economics is to acquire, preserve, and produce power
using expressions: economic growth, increasing wealth, beneficial geopolitical
outcomes, and benefiting from the economic measures of other governments to
gain and increase national interests in the context of geography. In this way, geo3 International Context of the New Era and the Caspian Sea Region