As
we start the last week of July, we must be profoundly aware that the situation
around the Strait of Hormuz represents an extraordinary menace for peace and
security in the region. In addition, if it escalates further it will have a
serious impact on the economy of major international players, well beyond the
region. Most of the oil the Gulf countries export – close to 85% of it – goes
to major Asian economies, to China, India, Japan, Singapore and South Korea.
We
need to see a major initiative launched with the objective of de-escalating the
confrontation. It should come from the UN, if at all possible. If not, it could
be initiated by the Prime Minister of India, Narendra Modi. His country has
high stakes at play and, at the same time, has a voice that matters in the
region and the UK.
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