Context
The Colombo Security Conclave (CSC) held in early August in Colombo, Sri Lanka led to the discussion between India, Sri Lanka, and the Maldives on security cooperation across “four pillars” including maritime security, human trafficking, counterterrorism, and cybersecurity.
CSC has hinted towards the idea of ‘minilaterals’
Background
Analysis
What is Minilaterals?
Multilateralism
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What are the major features of minilaterals?
How minilateral cooperation is being witnessed nowadays?
Why this concept is significant?
For regulating financial markets, regulators and countries now lean towards informal mechanisms such as the Basel Committee and the Financial Stability Board, which tend to adopt “soft law” methods. |
Disadvantages of multilateralism
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Why shifting towards minilateralism is beneficial for India?
Conclusion
The evolving global order and the changing nature of threats are posing difficult questions on the continued relevance of multilateral frameworks. Minilaterals can help in framing targeted partnerships that can focus energies on shared interests and concerns.
Verifying, please be patient.