Do We Need a GCC Bank to Facilitate the Economic Turnaround of the GCC Region?

Amidst the ongoing crisis of plummeting oil prices, the GCC (Gulf Cooperation Council) terrain has become a haunt of economists and financial analysts to tackle the ongoing challenges in the region. GCC constituents are gearing themselves with a robust political will that they hope could result in a turnaround of their economy by adopting a policy of economic diversification in nonoil‐based sectors. With this background supported by extensive qualitative scan of literature pertaining to the reforms proposed by the six members of the GCC to drive the economy forward amidst ongoing economic crisis, this article seeks to underscore the prospect of a shared initiative by the GCC constituents in institutionalizing a GCC bank as a potent innovative solution which may serve to provide an edifice for pushing forth the region's economy in nonhydrocarbon segments contingent upon the individual needs of the GCC constituents. As an exploratory study, this paper sheds light on these issues besides discussing the fundamental functions of the GCC bank.     

Geopolitics of landlocked states in South Asia: a comparative analysis of Afghanistan and Nepal

ABSTRACT

Foreign policies of landlocked states have been a topic of interest for scholarship on international relations but the landlocked states in South Asia have received negligible attention. Due to their geographical realities, South Asian landlocked states that include Afghanistan, Bhutan and Nepal, depend on their neighbours for trade with the outside world. A range of factors place landlocked states in an unequal relationship with their coastal neighbours. While these factors include the superiority of coastal neighbours in terms of economy, population size, and military strength, we argue that their landlockedness plays a crucial role. To further investigate the role of landlockedness, this study compares the foreign policy decisions that guide India-Nepal and Afghanistan–Pakistan relations. Based on the assessment of historical, economic and geopolitical factors, we argue that India and Pakistan exploit their landlocked neighbours to achieve their national interests. Frustrated by the treatment of their coastal neighbours and the presence of new trade opportunities have compelled Afghanistan to use its closeness with India to counter over-dependence on Pakistan and Nepal has enhanced cooperation with China to overcome its reliance on India, thereby creating a new geopolitical dynamic within South Asia.