The inaugural East Asian Summit (EAS), touted as groundbreaking, commenced on December 14 in Kuala Lumpur comprising 16 nations— the 10 ASEAN countries, China, Japan, India, Australia and New Zealand with Russian President Vladimir Putin making a special appearance. The EAS Declaration, like many issued before in the region, is wide-ranging: from political and security cooperation, infrastructure development, financial issues, further liberalisation of regional trade and investment, poverty eradication to fighting epidemics. Nonetheless, inter alia, three points need underscoring.
India-China Energy Cooperation: Attaining New Heights
Last week witnessed a major development on the India-China energy front with the joint bidding plan for Petro-Canada's Syrian assets by India’s Oil and Natural Gas Corporation (ONGC) and the China National Petroleum Corporation (CNPC). In September this year Petro-Canada expressed interest to sell off its 38 per cent stake in the Al Furat field, which produces about 70,000 barrels of oil daily accounting for 50 per cent of Syria's total output. This is the first time that Indian and Chinese firms have joined together to secure stakes in an overseas energy facility.