Bank for International Settlements (BIS)



👉Bank for International Settlements (BIS) – is an intergovernmental organization of central banks which “fosters international monetary and financial cooperation and serves as a bank for central banks.”

👉It is**not accountable to any national government**.BIS owned by 60 member central banks, representing countries from around the world including India.

👉The mission of the Bank for International Settlements (BIS) is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

👉The Basel Committee for Banking Supervision (BCBS), while technically separate from the BIS, is a closely associated international forum for financial regulation that is housed in the BIS’ offices in Basel, Switzerland.

👉The BCBS is responsible for the Basel Accords, which recommend capital requirements and other banking regulations that are widely implemented by national governments.

👉The BIS also conducts research on economic issues and publishes reports.

👉It fosters international monetary and financial cooperation and serves as a bank for central banks.

👉It carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction.

👉Its headquarter is in Basel, Switzerland.



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India Russia Summit

👉The countries agreed to extend the military technical cooperation by another ten years.

👉Currently, the indigenous production under this cooperation include T – 90 tanks, MiG 29K aircraft, Su – 30 MKI, upgrade of MiG and supply of Multi Barrel Rocket Launcher Smerch.

👉Both India and Russia are currently developing fifth generation Fighter Aircraft and Multi – Role Transport Aircraft.

👉Reserve Bank of India and Bank of Russia signed a pact to respond to cyberattacks.

👉The leaders agreed that both the countries share common perspectives on the situation in Afghanistan.

👉They agreed to implement a bilateral roadmap created to act upon Afghanistan.

👉The Inter – Governmental Commission on Military and Military – Technical Cooperation was held. This commission was established in2000.

👉The “Special and Privileged Strategic Partnership” between the countries is getting stronger.

👉The visit of the Russian President is a reflection of the country’s commitment to its ties with India.

This is in need of the moment. Because, the ties between India and 👉Russia were buffeted by New Delhi’s ties with the US. Also, Russia was getting closer with China on the back of US sanctions, CAATSA and its annexation of Crimea in 2014.

👉Also, ahead of Putin’s visit, India and Russia held the 2+2 dialogue. It was held between the external affairs minister and defence ministers of the countries.

👉During the dialogue, the countries signed several military agreements. Under the agreement, India and Russia agreed to manufacture the Russian AK-203 in Amethi, Uttar Pradesh.



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First Democracy Summit

👉The Summit for Democracy is an initiative the US President with an aim to “renew the spirit and shared purpose” of the nations of the Free World.

👉Global Summit for Democracy is to be an annual summit. Summit for Democracy 2022 is expected to be an in-person meeting.

❇️Global Summit for Democracy aims to bring together the world’s democracies-

✔️To strengthen their democratic institutions,

✔️Honestly confront the challenge of nations that are backsliding, and

✔️Forge a common agenda to address threats to our common values.

❇️Global Summit for Democracy will be held around three themes:

✔️Defending against authoritarianism,

✔️Fighting corruption,

✔️Promoting respect for human rights.

👉This virtual Democratic Summit envisages the participation of leaders from government, civil society, and the private sector.

👉The invitees from the Asia-Pacific region to the Democratic Summit 2021 included India, Japan, South Korea, Australia, Pakistan, Maldives, and the Philippines.

👉Countries like China and Bangladesh were not invited to the first Summit for Democracies.



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Chabahar Port

👉It is located on the Gulf of Oman and is only 72 km away from the Gwadar port in Pakistan which has been developed by China.

👉It is the only Iranian port with direct access to the Indian ocean and consists of two separate ports named Shahid Beheshti and Shahid Kalantari.

👉Afghanistan, Iran and India signed a tripartite agreement on developing Chabahar port and setting up a trilateral transport and transit corridor in 2016.

👉It is a key part of India’s plans to enhance connectivity to Afghanistan and the Central Asian states.

👉It opens up a permanent alternative route for trade with Afghanistan and Central Asia, given the hurdles in the direct route through Pakistan.

👉China and Pakistan are striving to increase their economic and trade cooperation through the ?China Pakistan Economic Corridor (CPEC) and Gwadar port, which both are part of China’s Belt and Road Initiative (BRI).

👉Chabahar Port is a key element in India's Indo-Pacific strategy that also includes Eurasia's connection with the Indian Ocean Region.

👉It will facilitate India’s role in Afghanistan’s development through infrastructure and education projects and also allow Afghanistan to have a commercial fleet under the Afghan flag sailing from Chabahar.

👉Central Asian countries like– Uzbekistan and Kazakhstan**– also view Chabahar Port as their gateway to the Indian Ocean Region.


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S-400 deal and CAATSA

👉India signed a 5.43 billion USD deal with Russia for the S-400 Triumf missile system despite objections from the US and the threat of sanctions under CAATSA.

❇️CAATSA:

✔️The Act empowers the US President to impose at least five of the 12 listed sanctions on persons engaged in a “significant transaction” with Russian defence and intelligence sectors.

✔️The CAATSA contains 12 types of sanctions. There are only two sanctions that may impact either India-Russia relations or India-US relations.

✔️The first of these, which is likely to have an impact on India-Russia relations, is the “Prohibition of Banking transactions”.

✔️This would mean difficulties for India in making payments in US Dollars to Russia for the purchase of the S-400 systems.

✔️The second sanction will have greater consequences for India-US relations.

✔️This is the “export sanction” which has the potential to completely derail the India-US Strategic and Defence partnership, as it will deny the license for, and export of, any items controlled by the US.

❇️Russia’s S-400 Triumf Missile System:

✔️It is a mobile, Surface-to-Air Missile system (SAM) designed by Russia.

✔️It is the most dangerous operationally deployed Modern Long-Range SAM (MLR SAM) **in the world, considered much ahead of the US-developed Terminal High Altitude Area Defense system (THAAD).

✔️It integrates a multifunction radar, autonomous detection and **targeting systems, anti-aircraft missile systems, launchers, and command and control centre.

✔️It is capable of firing three types of missiles to create a layered defence.

✔️The system can engage all types of aerial targets including aircraft, unmanned aerial vehicles (UAV) and ballistic and cruise missiles within the range of 400km, at an altitude of up to 30km.

✔️The system can track 100 airborne targets and engage six of them simultaneously.



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Strategic significance of Indo- Pacific

👉Indio-Pacific is a multipolar region, contributing more than half of the world’s GDP and population.

👉A stable, secure and prosperous Indo-Pacific Region is an important pillar of India’s strategic partnership with the other countries, especially USA.

👉Maritime territories have also emerged as depositories of vital resources ranging from fish stocks to minerals and offshore oil and gas.

👉 The South China Sea, for instance, is estimated to hold some 10 percent of the global catch of fish as well as 11 billion barrels of oil and 190 trillion cubic feet (tcf) of gas.

👉According to a report of the Asian Development Bank (ADB), countries in the Indo-Pacific produce over 60% of global GDP, making the region the largest single contributor to global growth.

👉The region consists of many of the world’s vital choke points for global commerce, including the Straits of Malacca which is very critical for the growth of the world economy.

👉The Indo-Pacific region also stands at the intersection of international trade, with around 32.2 million barrels of crude oil pass through annually and 40% of global exports come from the region.

👉 Pacific islands are strategically significant from New Delhi’s point of view as they sit astride important sea lines of communication through which important maritime trade is conducted.



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Mutual legal assistance treaty

👉India has entered into Mutual Legal Assistance Treaties/ Agreements with 42 countries and is signatory to various international conventions i.e. UNCAC, UNTOC etc.

👉The Ministry of Home Affairs (MHA) is the designated ‘Central Authority’ for India.

👉Generally, assistance is sought and received in the form of Mutual Legal Assistance Requests/Letters.

👉They aim to enhance and streamline the process of international mutual legal assistance in criminal matters.

👉By incorporating various legal and technological developments in the recent years, it aims to make the documentation in this regard more precise and focused as well as compliant with International requirements.

👉The guidelines have also taken into account the concerns raised by various courts for prompt and timely responses in service of documents on persons residing abroad.

👉As an initiative, the revised guidelines have provision for service of documents on authorities of foreign country preferably within 10 days of receipt of request in respect of offences committed against women and children.


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US sanctions on China

👉The actions announced by the Treasury Department also included investment restrictions on a Chinese company connected to the mass government surveillance operations in China.

👉The sanctions are intended to freeze the targeted people and entities out of the global financial system.

👉 On International Human Rights Day, the Treasury is using its tools to expose and hold accountable perpetrators of serious human rights abuse.

👉The measures include a ban on travel to the U.S. for two Chinese government officials who have been involved with the repression of Uyghurs and other minorities in the far western Xinjiang region of their country.

👉The US Commerce Department is targeting China’s Academy of Military Medical Sciences and its 11 research institutes that focus on using biotechnology to support the Chinese military.

👉The US Treasury Department is also set to issue penalties against several Chinese entities.

👉The move will bar American companies from selling components to the entities without a license.

👉The US administration supported bipartisan legislation that bans imports into the U.S. from Xinjiang unless companies can demonstrate the goods were not produced by forced labour.

👉Earlier, in 2020 the United States House of Representatives approved a legislation calling for sanctions on Chinese officials responsible for oppression of Uighur Muslims.

👉The bill calls for sanctions against those responsible for repression of Uyghurs and other Muslim groups in China’s Xinjiang province.

👉The bill also calls on USA companies or individuals operating in the Xinjiang region to take steps to ensure their products do not include parts using forced labor of Uyghurs.

👉Recently, 43 countries have signed a declaration, calling on China to ensure full respect for the rule of law for the Muslim Uighur community in Xinjiang.

👉The declaration was signed by the US and other countries accusing China of human rights violations and ethnic cleansing against the Uighur Muslims.

👉Similar declarations in 2019 and 2020 condemned China for its policies in Xinjiang, where United States has accused Beijing of carrying out genocide.

👉It also called for access to Xinjiang for independent observers, including the UN High Commissioner for Human Rights.

👉It noted the existence of a large network of ‘political re-education’ camps in Xinjiang Uighur Autonomous Region, where over a million people have been arbitrarily detained.

👉However, China claims its camps to be ‘educational centres’ where the Uighurs are being cured of “extremist thoughts” and radicalisation, and learning vocational skills.

👉China claims that Uighur groups want to establish an independent state and, because of the Uyghurs’ cultural ties to their neighbours, leaders fear that elements in places like Pakistan may back a separatist movement in Xinjiang.

👉China has denied any abuses and says the steps it has taken are necessary to combat terrorism and a separatist movement.

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Jaitapur Nuclear Reactors: Maharashtra

👉The Centre has given in-principle (first step ) approval for setting up of six nuclear power reactors at Jaitapur in Maharashtra.

👉Jaitapur would be the world’s most powerful nuclear power plant. There would be six state-of-the-art Evolutionary Power Reactors with an installed capacity of 9.6 GWe that will produce low carbon electricity.

👉The six nuclear power reactors, which will have a capacity of 1,650 MW each, will be set up with technical cooperation from France.

👉It would provide electricity to seven crore households. That’s huge. It’s a complex project. Both countries are dedicated to reaching an agreement.

👉This project will embody the strong partnership between India and France, a commitment to low carbon future, and will directly benefit Maharashtra with thousands of local jobs.

👉The Atomic Energy Act, 1962 was framed and implemented with the set objectives of using two naturally occurring elements Uranium and Thorium having good potential to be utilised as nuclear fuel in Indian Nuclear Power Reactors.

👉The Atomic Energy Act 1962 has also been amended to enable joint ventures of public sector companies to set up nuclear power projects.


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India - Central Asia dialogue

👉It is a ministerial-level dialogue between India and the Central Asian countries namely Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

👉All five nations became independent states after the collapse of the USSR in 1991, post-Cold war.

👉All the countries participating in the dialogue, except for Turkmenistan, are also members of the Shanghai Cooperation Organisation.

👉The dialogue focuses on a number of issues including ways to improve connectivity and stabilise war-ravaged Afghanistan.

👉Emphasis on optimum usage of the International North-South Transport Corridor (INSTC) as well as Ashgabat Agreement on International Transport and Transit Corridor to enhance connectivity between India and the Central Asian countries.

👉The**connectivity initiatives** (China’s Belt and Road Initiative) should be based on the principles of transparency, broad participation, local priorities, financial sustainability and respect for sovereignty and territorial integrity of all countries.


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Homeland Security Dialogue between India and US

👉India-US bilateral relations have developed into a "global strategic partnership", based on shared democratic values and increasing convergence of interests on bilateral, regional and global issues.

👉The Indo-US homeland security dialogue was launched in 2010 as the mechanism to a sequel to the signing of the India-US counter-terrorism initiative.

👉The latest virtual meeting came after in March 2021, the US President Joe Biden administration had announced the re-establishment of the Homeland Security Dialogue which was discontinued by former US President Donald Trump’s administration.

🟠There are six sub-groups formed under the Indo-US homeland security dialogue which cover the areas of:

✅Illicit finance, Financial fraud and counterfeiting.

✅Cyber information.

✅Megacity policing and sharing of information among federal, state and local partners.

✅Global supply chain, transportation, port, border and maritime security.

✅Capacity building.

✅Technology upgradation.


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Davos Summit

👉The World Economic Forum is holding its annual meeting in Davos.

👉The Agenda 2022 will see the launch of other WEF initiatives on the economic opportunity of nature-positive solutions, and the Mission on Cyber ​​Resilience to accelerate net-zero emissions.

👉Bridging the vaccine gap, strengthening the resilience of global value chains, besides building economies in fragile markets through human investment will also be among the topics of discussion over the next few days.

👉How to use data solutions to prepare for the next pandemic will also be included in the discussion.


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International Counter Terrorism Conference 2022

👉The International Counter Terrorism Conference 2022 was organised by the Global Counter Terrorism Council (GCTC).

👉Emergence of new “religiophobia”, especially against Hindus, Buddhists and Sikhs, is a matter of serious concern and needs to be recognised, just like Christianophobia, Islamophobia and anti-semitism, to bring a balance in discussions on such issues.

👉In the past two years, several Member States have been trying to label terrorism into categories such as racially and ethnically motivated violent extremism, violent nationalism, right wing extremism, etc.

👉Calling it a “dangerous” tendency, India said this goes against some of the accepted principles agreed to by all UN Member States in the recently adopted Global Counter-Terrorism Strategy.

👉India’s annual resolution on the issue of counter-terrorism was adopted by consensus in the First Committee of the United Nations General Assembly (UNGA).

👉India, a victim of state-sponsored cross-border terrorism, has been at the forefront in highlighting the serious threat to international peace and security emanating from acquisition of weapons of mass destruction by terrorist groups.

👉India is a member of FATF whose objective is to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

👉Amid growing fears that terrorists will again nest in Afghanistan and increase attacks in Africa, India’s foreign minister has recently urged for the adoption of the convention.


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COMPETES Act

👉The U.S. House of Representatives has introduced the ambitious 2022 Act to create opportunities for America’s manufacturing, preeminence in technology, and economic strength, or America COMPETES Act of 2022.

👉It would mean more opportunities in the US for Indian talent and skilled workers.

👉Every year, Indians and Indian companies corner the lion’s share of H-1B work permits issued that year.

👉With this new category, Indian professionals will probably have a better chance of opportunities than the law is likely to offer.

👉$ 52 billion to further encourage semiconductor production in the U.S.

👉$ 45 billion for grants and loans to improve supply chain resilience and manufacturing, among other programs.

👉Funding to address social and economic inequality, climate change and immigration.

👉For example, it offers an exemption for STEM PhDs from the green card limit and creates a new green card for entrepreneurs.

👉The bill authorizes $ 600 million a year to build manufacturing facilities to make the United States less dependent on solar components manufactured in Xinjiang, China.

👉It creates a new “W” classification of nonimmigrants for employers with a stake in a newly created entity, essential employees of a newly created entity, and their spouses and children.


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Central Asia Meet

👉This first India-Central Asia coincided with the 30th anniversary of establishment of diplomatic relations between India and Central Asian countries.

👉The summit came two days after a similar China-Central Asia Conference was held where China offered USD 500 million in assistance and pledged to ramp up trade to USD 70 billion from the present levels of about USD 40 billion a year.

👉Discussed the next steps in taking India-Central Asia relations to new heights. In a historic decision, the Leaders agreed to institutionalise the Summit mechanism by deciding to hold it every 2 years.

👉They also agreed on regular meetings of Foreign Ministers, Trade Ministers, Culture Ministers and Secretaries of the Security Council to prepare the groundwork for the Summit meetings.

👉An India-Central Asia Secretariat in New Delhi would be set up to support the new mechanism.

👉The summit is symbolic of the importance attached by the leaders of India and the Central Asian countries to a comprehensive and enduring India-Central Asia partnership.

👉It is being held at a critical juncture when tensions between the West and Russia and the United States (US) and China are rising. India too has faced geopolitical setbacks: Border tensions with China and the Taliban takeover of Afghanistan.

👉It follows President Vladimir Putin’s visit to India, which may have allowed India to push Russia to moderately balance China in Eurasia and to contain the threats from Afghanistan.

👉The recent unrest in Kazakhstan also showed that “new actors” are vying for influence in the region though their motives are still not clear.

👉India has always maintained excellent diplomatic ties with all the five Central Asian states, Indian PMs including Prime Minister Narendra Modi in 2015, have visited them. Yet, India’s trade with them has been only at USD 1.4 billion in 2019.

👉In 2017, India joined the Shanghai Cooperation Organisation (SCO) to engage with the region. But SCO is only a sluice gate to regulate the Russian and Chinese subliminal rivalry to prevent either power from dominating the region.

👉The summit is a massive stride for India’s diplomacy. Since the region is a critical lynchpin to India’s security policy, the summit will have a waterfall impact to facilitate India’s multifaceted approach towards the region.


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Permanent Indus Commission

👉The Permanent Indus Commission is a bilateral commission of officials from India and Pakistan, created to implement and manage goals of the Indus Waters Treaty, 1960.

👉The Commission according to the treaty must meet regularly at least once a year, alternately in India and Pakistan.


❇️The functions of the Commission are:

✅to study and report to the two Governments on any problem relating to the development of the waters of the rivers.

✅to solve disputes arising over water sharing.

✅to arrange technical visits to projects’ sites and critical river head works.

✅to undertake, once in every five years, a general tour of inspection of the Rivers for ascertaining the facts.

✅to take necessary steps for the implementation of the provisions of the treaty.

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Major non-NATO ally (MNNA)

👉The MNNA designation is given by the United States government to close allies which have established strategic working relationships with the US Armed Forces.

👉These close allies are not members of the North Atlantic Treaty Organization (NATO). The MNNA status was first created in 1987.

👉The MNNA status does not include any mutual defense pact with the United States automatically.

👉This status provides several military and financial advantages that cannot be obtained by the non-NATO countries.

👉The United States has designated 30 other countries as MNNA. The MNNA status is granted to countries from Korea to Argentina, banking upon US strategic interests in place.

👉Brazil was the latest country to be granted this status in 2020 by Donald Trump. The first MNNAs members were Australia, Egypt, Israel, South Korea and Japan.

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UN peacekeepers

👉UN Peacekeeping helps countries navigate the difficult path from conflict to peace.

👉It deploys troops and police from around the world, integrating them with civilian peacekeepers to address a range of mandates set by the UN Security Council (UNSC) and the General Assembly.

👉Currently, there are more than 6,700 troops and police from India who have been deployed to UN peacekeeping missions, the fourth highest amongst troop-contributing countries.

👉More than 200,000 Indians have served in 49 of the 71 UN peacekeeping missions established around the world since 1948.

👉India has a long tradition of sending women on UN peacekeeping missions.

👉In 2007, India became the first country to deploy an all-women contingent to a UN peacekeeping mission.

👉Indian peacekeepers have served in UN peacekeeping missions around the world.

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4th Quad Foreign Ministers' Meeting

👉Ministers called for justice for the 26/11 terror attacks in Mumbai (2008) as well as Pathankot airbase attack in 2016, for the first time since this group was formed.

👉They held their fourth Quad ministerial meeting in Melbourne on February 11, 2022, resolved to boost up delivery of more than billion Covid vaccines to be manufactured in India, step efforts to ensure maritime security in the region and to hold a special meet on climate change in 2022.

👉They also announced plans for a Quad summit including PM Modi, Australian PM Morrison and U.S. President Biden.

👉The summit would be hosted in the first half of 2022, by Japan’s PM Kishida in Tokyo.

👉QUAD Grouping aims to counter China’s aggressive behaviour in the Indo-Pacific region.

👉India, Japan and Australia had issued separate statements and listed the Indo-Pacific as a major area of Quad’s deliberations.

👉They also resolved to expand cooperation for upholding a rules-based order and respect for international law in the region.

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Munich Security Conference

👉The Munich Security Conference has developed into the most important independent venue for international security policy decision-makers to exchange ideas during the last four decades.

👉Every year, it brings together over 350 top officials from over 70 countries to engage in a discussion on various security concerns.

👉Heads of state, international organizations, and governments as well as members of parliament, ministers, high-ranking military representatives, civil society, science, the media, and business are among those expected to attend this conference.

👉The conference takes place every year in February in the Bayerischer Hof Hotel in Munich, Germany.

👉The conference arose from Ewald-Heinrich von Kleist-Internationale Schmenzin’s Wehrkundebegegnung / Münchner Wehrkundetagung, which he created in 1963.

👉The Stauffenberg circle of resistance fighters advocated for the prevention of future military confrontations such as the Second World War and gathered together leaders and professionals in security policy to do so.

👉Henry Kissinger and Helmut Schmidt were among the 60 people who attended the inaugural meeting.

👉Von Kleist headed the meetings until 1997 when he was succeeded by politician and business manager Horst Teltschik, who led them from 1999 to 2008.

👉Wolfgang Ischinger, a veteran diplomat, has led the conference since 2009.

👉This conference has been cancelled twice, once in 1991 because of the First Gulf War and again in 1997 due to Kleist-Schmenzin’s retirement.

👉The Security Conference started in the year 1999 under Teltschik’s leadership for military, political, and business leaders from Eastern and Central, as well as India, the People’s Republic of China and Japan.

👉Senior politicians, diplomats, military and security experts from NATO and the European Union, as well as other countries such as India, China, Japan, Iran and Russia, are invited to discuss current issues in defence and security policies at this conference, which is themed peace through dialogue.

👉The conference’s goal is to address current major security concerns and evaluate major security difficulties, all while sticking to the concept of networked security.

👉The discussions of ideas on the future of transatlantic relations, as well as European and global security in the twenty-first century, are a focal feature of the conference.

👉Since the conference is privately organised, it is not a government-sponsored event. It is just used for debate; there is no authorization for binding intergovernmental decisions.

👉The high-level meeting is also used for private conversations among the attendees.

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