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기사입력 : 2023.10.22 10:19
[Leaders Times] In 2017, India strengthened its strategic partnership with Israel and voiced support for Israel in its fight against terrorism, particularly in response to the actions of Hamas.
Recently, the Palestinian militant group, Hamas, launched a major military attack against Israel on the 7th, resulting in a substantial loss of life on both sides. This has raised concerns globally about the humanitarian crisis unfolding in the region.
Experts have warned that if the conflict between Israel and Hamas escalates, trade between India and Israel could be suspended, which would have a significant impact on various industries.
Trade between India and Israel reached $10.77 billion during the 2022-23 fiscal year, with $8.45 billion in exports and $2.32 billion in imports. India held a trade surplus of $6.13 billion, and Israel stood as India's 32nd largest trading partner. India has also made substantial investments in Israel, with accumulated foreign direct investment totaling $380 million from April 2000 to May 2023.
The Israel-Hamas crisis has led to fluctuations in international oil prices, and as India increases energy imports for its economic revival policies, the current account deficit is expected to rise. While it's noted that the likelihood of a significant increase in oil prices is limited due to most OPEC members not supporting Hamas, if the conflict continues, it could adversely affect the overall economy, including inflation and exchange rates.
This incident is expected to disrupt the U.S. Middle East Détente plan, which aims to promote reconciliation between Israel and the main Islamic bloc led by Saudi Arabia.
Moreover, the implementation of the India-Middle East-Europe Economic Corridor (IMEEC), agreed upon at the G20 summit in New Delhi last month as part of the Middle East's plan, faces challenges at present.
Some believe that the U.S.-biased Middle East reconciliation strategy has put the Palestinians in a difficult position.
China is advocating for diplomatic mediation to recognize Palestine as an independent state and discussed the Middle East situation with Russia at the Belt and Road Forum for International Cooperation to strengthen its position.
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