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The recently concluded India-Australia security agreement has come at a time when tectonic power shifts are challenging Asian strategic stability. Asia has come a long way since the emergence of two Koreas, two Chinas, two Vietnams and a partitioned India. It has risen dramatically as the world's main creditor and economic locomotive. The ongoing global power shifts indeed are primarily linked to Asia's phenomenal economic rise.

Even so, Asia faces major challenges, as underscored by festering territorial and maritime disputes, sharpening resource competition, fast-rising military expenditures, increasingly fervent nationalism and the spread of transnational terrorism and other negative cross-border trends.