G-20 finance chiefs meet
Finance chiefs and central bankers from the world’s 20 largest economies say they see downside risks to global economic growth persisting and have agreed on a “menu of policy options” amid a viral outbreak that’s disrupted supply chains worldwide.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/22944-g-20-finance-chiefs-meet.html
#G20 #finance #OECD #COVID19 #Riyadh #IMF

India to block EU’s WTO panel request
India will block the European Union’s request for a dispute settlement panel at the World Trade Organization (WTO) against New Delhi’s customs duties on imports of certain information and communications technology (ICT) products.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/22943-india-to-block-eu-s-wto-panel-request.html
#India #WTO #ICT #EU #NewDelhi #EuropeanUnion

Mystery even scientists can’t crack
The amount of water in the atmosphere of Jupiter has been a mystery scientists have been unable to crack. U.S space agency NASA recently had sent a mission to the planet which has found results contrary to the findings of an earlier mission sent by NASA in 1995.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/22942-mystery-even-scientists-can-t-crack.html
#Mystery #NASA #telescope #Junoprobe #planet

Archaeological discovery in Haryana
Sirsa, a district in Haryana, houses a mound which is believed to unravel some clues about the ancient city ‘Sarishika’. In order to study the ancient ruins, the Archaeological Survey of India (ASI) has to relocate nearly 50,000 people residing on around 82 acres of land.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/22941-archaeological-discovery-in-haryana.html
#Archaeological #Haryana #ASI #Sarishika #FY19 #Sirsa

WTO-compliant remission of tax scheme
The Cabinet Committee on Economic Affairs on 13 March 2020 approved a World Trade Organisation (WTO)-compliant scheme for reimbursement of taxes and duties to exporters.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/23106-wto-compliant-remission-of-tax-scheme.html
#WTO #taxscheme #GST #RoDTEP #MEIS

Guidelines for Ind AS
The Reserve Bank on 13 March 2020 came out with regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by non-banking financial companies (NBFCs) and asset reconstruction companies (ARCs) while preparing their financial results.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/23105-guidelines-for-ind-as.html
#Guidelines #IndAS #NBFCs #ARCs #ACB

Centre declares coronavirus as 'notified disaster'
In the wake of spurt in cases of coronavirus pandemic in the country, the Ministry of Home Affairs on 14 March 2020 decided to treat Covid-19 as a "notified disaster".
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/23104-centre-declares-coronavirus-as-notified-disaster.html
#coronavirus #notifieddisaster #SDRF #WHO

Community transmission of Covid-19
To rule out community transmission of Covid-19, over a thousand samples of influenza- or pneumonia-like illnesses, taken from patients without any travel history or contact with infected persons, would now also be tested for coronavirus every week.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/23103-community-transmission-of-covid-19.html
#Communitytransmission #Covid19 #DHR-ICMR #coronavirus

Syrian children in need due to war: UN
The UN children’s organization UNICEF issued a plea on 13 March 2020 to support Syrian children as the war in Syria nears the start of its 10th year. A child dies every 10 hours as a result of the war, the organization said.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/23102-syrian-children-in-need-due-to-war-un.html
#UN #war #UNICEF #Syrianchildren #BasharAssad

Today’s News: Trade sanctions on Hong Kong violate WTO rules
https://www.ksgindia.com/study-material/news-for-aspirants/23875-trade-sanctions-on-hong-kong-violate-wto-rules.html
Washington's decision to strip Hong Kong of its special trading status violates rules of the World Trade Organization,
#wto #hongkong #washington

Moratorium on duties on e-commerce
India has asked the WTO members to "urgently" reconsider the continuation of the moratorium on customs duties on e-commerce trade as the coronavirus pandemic has demonstrated the importance of retaining the flexibility to regulate such imports.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/24431-moratorium-on-duties-on-e-commerce.html
#Moratorium #ecommerce #WTO #coronaviruspandemic

WTO peace clause
The US, EU, Canada, Brazil, Japan and Paraguay have questioned India for invoking the World Trade Organization (WTO) peace clause for exceeding the ceiling on support it can offer its farmers for rice.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/24756-wto-peace-clause.html
#WTO #peace #clause #globaltrade #rice

India favours 'support-per-farmer' rule
India has countered a proposal by the US, EU, Australia and others that seeks to reduce the farm subsidies given by countries with higher potential to distort global markets.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/27094-india-favours-support-per-farmer-rule.html\
#supportperfarmer #WTO #UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

Watch: KSG Explainer - Developed nations want to expand WTO agenda #UPSC #IAS
https://www.youtube.com/watch?v=e5viKJ09rP8

Watch: KSG Explainer - Anti-dumping duties doubled during peak Covid, WTO report shows #UPSC #IAS
https://www.youtube.com/watch?v=T4C8w_Q11xY

Watch: All About India appeals against WTO dispute panel #WTO #GATT #INDIA
https://www.youtube.com/watch?v=KVIPpVElEjE

KSG Podcast - 16th G-20 Summit | Short Crisp Concise and Exam Oriented Edited Editorial
https://www.youtube.com/watch?v=rl-eNDVqoaE
#UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

All About India appeals against WTO dispute panel #WTO #GATT #INDIA
https://www.youtube.com/watch?v=KVIPpVElEjE&list=PLCUwtp5IghZlGtWhDAkuXVFs8MLdVey75&index=35
#UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

KSG Podcast - India loses WTO dispute | best daily editorial analysis for upsc #newsanalysis
https://www.youtube.com/watch?v=RIM2iDXkm60
#UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

Watch: Russia is not a ''most favored nation.'' What now? #ukraine #russia #us
https://www.youtube.com/watch?v=MCwukbb52go

KSG Podcast - 16th G-20 Summit | Short Crisp Concise and Exam Oriented Edited Editorial
https://www.youtube.com/watch?v=rl-eNDVqoaE&list=PLCUwtp5IghZmJBi1h7xiAhsORKmmumVsR&index=55
#UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

KSG Podcast - India loses WTO dispute | best daily editorial analysis for upsc #newsanalysis
https://www.youtube.com/watch?v=RIM2iDXkm60&list=PLCUwtp5IghZmJBi1h7xiAhsORKmmumVsR&index=58
#UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

Watch: Russia is not a ''most favored nation.'' What now? #ukraine #russia #us
https://www.youtube.com/watch?v=MCwukbb52go&list=PLCUwtp5IghZlGtWhDAkuXVFs8MLdVey75&index=58
#UPSCOnlineClasses #OnlineClassses #IASOnlineclasses

Today's Headlines - 19 July 2023
India, US notify WTO of mutual resolution
GS Paper - 2 (International Relations)

India and the US have mutually resolved all six trade disputes pending at the World Trade Organisation (WTO), in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi recently. Both countries have informed the WTO's dispute settlement body (DSB) about the resolution of all the pending disputes. The WTO has already issued a communication with regard to one of the disputes related to the imposition of additional customs duties by India on 28 US products.

More about the News

The United States and India are pleased to notify the DSB (dispute settlement body), in accordance with Article 3.6 of the Understanding on Rules and Procedures Governing the Settlement of Disputes, that the parties have reached a mutually agreed solution to the matter raised in this dispute, according to a communication of the WTO dated 17 July 2023.
The two countries have urged the dispute panel that its report should be confined to a brief description of the case and information that a solution has been reached by the two.
The trade dispute which was resolved pertains to a complaint filed by the US in 2019 against India.
India had imposed additional customs duties on 28 US products including chickpeas, lentils and apples in retaliation to the US increasing duties on certain steel and aluminium products.
Against this resolution, India would remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019 in response to America's measure to increase tariffs on certain steel and aluminium products.
During the recent state visit of Prime Minister Narendra Modi to the US, both countries decided the termination of six WTO (World Trade Organisation) disputes and the removal of these retaliatory tariffs on certain US products.
Flashback

In 2018, the US imposed an import duty of 25 per cent on steel products and 10 per cent on certain aluminium products on grounds of national security. In retaliation, India in June 2019 imposed customs duties on 28 American products.
The US is the largest trading partner of India. In 2022-23, the bilateral goods trade increased to USD 128.8 billion as against USD 119.5 billion in 2021-22. The six disputes include three initiated by India and as many by the US.
These included a complaint by India against the US with regard to the imposition of countervailing duties on certain hot rolled carbon steel flat products from India.
On 9 September 2016, India filed a case against the US pertaining to domestic content requirements and subsidies instituted by the governments of the states of Washington, California, Montana, Massachusetts, Connecticut, Michigan, Delaware and Minnesota, in the energy sector.
Another dispute filed by the US against India was related to domestic content requirements under the Jawaharlal Nehru National Solar Mission for solar cells and solar modules. In 2018, the US filed a case against India's alleged export subsidy measures.
Similarly on 3 July 2019, the US filed a dispute against New Delhi on imposition of additional duties with respect to certain products originating in the US.

#upsc #news #international #relations #WTO #primeminister #DSB #mutually #solution #termination #india #domestic #jawaharlalnehru #national #solar #mission #measures #newdelhi

Today's Headlines - 04 September 2023
G20 agree to boost information flow to small business
GS Paper - 2 (International Relations)

Trade ministers from G20 nations agreed to a ‘Jaipur Call for Action’ to boost information flow to small businesses to increase their participation, while seeking to build a ‘generic framework’ for mapping global value chains, cautioning against concentration of suppliers and markets.

More about the agreement

In addition, 10 high level principles on digitisation of trade documents were also agreed upon as countries seek to reduce the cost of trading across borders.
Although a communique could not be issued given the divergent position on Ukraine with Russia and China sticking to their stands, and the G7 seeking to highlight the conflict, commerce and industry minister Piyush Goyal told reporters that the contents of the outcome document and the chairs summary were decided unanimously.
Every country has agreed to all the issues… only paragraph 32, which is less than a quarter of a page out of a 17-page document, is an area where we could not get consensus for obvious reasons.
Since the first G20 ministerial meeting under India’s presidency, a meeting of finance ministers and central bank governors in Bengaluru, the Ukraine conflict has driven a wedge between the members of the all-powerful alliance.
In the coming years, various agencies will work on putting together the framework to implement the decisions.
The move on global value chains will help all developing countries and cited the example of mobile manufacturing in India, arguing that it will help create a production eco-system and also generate jobs and investment.
The minister underlined the importance of MSMEs, an issue that was flagged by PM Narendra Modi.
There are concerns over Big Tech and its dominance. Equal and affordable access for all has to be ensured.
The push is in line with the government’s initiatives such as ONDC and UPI, which are open source frameworks offering ease to consumers as well as a level playing field to businesses.
The outcome document took note of theuncertain near-term outlook for global trade and investments and underlined the need for “rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral system, with WTO at its core”.
It also called for apredictable and transparent regime for services trade, with easier rules for movement of professionals across borders —an issue which is of particular interest to India.

#upsc #news #headline #G20 #boost #smallbusiness #internationalrelations #tadeministers #nations #jaipur #generic #framework #global #valuechains #markets #broders #levelprinciples #divergent #ukraine #russia #china #paragraph32 #document #ministerial #india #presidency #trading #borders #digitisations #decisions #ONDC #UPI #equitable #WTO

International Fund for Agricultural Development (IFAD)

The International Fund for Agricultural Development (IFAD), a specialised agency of the United Nations, was one of the major outcomes of the 1974 World Food Conference in Rome.
The conference was organised by the United Nations in response to the food crises of the early 1970s, when global food shortages were causing widespread famine and malnutrition.
Global Environment Facility (GEF)

Established in 1991 on the eve of the 1992 Rio Summit, the Global Environment Facility (GEF) provides grant funds to developing countries for projects and activities that aim to protect the global environment.
This is to cover areas like biodiversity, climate change, international waters, ozone depletion, land degradation, primarily desertification, deforestation and persistent organic pollutants.
African Development Bank (AfDB)

The African Development Bank Group (AfDB) comprises (i) the African Development Bank, (ii) the African Development Fund and (iii) the Nigeria Trust Fund. It was established in 1963 with membership being open only to regional countries, initially.
To mobilise external resources for the development of Regional Member Countries, AFDB extended its membership.

#UPSC #headline #news #G20 #summit #newdelhi #internationalrelations #forum #world #bank #group #system #mission #IBRD #JOBS #CORPORATE #investments #WTO

Today's Headlines - 12 September 2023
A new member in G20
GS Paper - 2 (International Relations)

The African Union (AU) was admitted as a new member of the G20, barely three months after India floated the idea of including the organisation. The development took place at the ongoing 18th G20 Heads of State and Government Summit in New Delhi.

What is the AU?

The AU is an intergovernmental organisation of the 55 member states located on the continent of Africa.
The grouping is guided by its vision of “An Integrated, Prosperous and Peaceful Africa, driven by its own citizens and representing a dynamic force in the global arena.
Although the AU was officially launched on 9 July 2002, its roots go back to the 1960s when the Organisation of African Unity (OAU) was established.
The OAU was also an intergovernmental organisation and it aimed to bring African nations together and resolve common issues through collective action.
Its main focus, however, was to help liberate the colonised countries in the continent. To do so, OAU mustered diplomatic support and provided logistical aid to liberation movements across Africa.
Notably, the man spearheading the idea of the AU was the Libyan dictator Colonel Muammar Gaddafi.
He also did more than any other leader to ensure the creation of the African Union (AU) in 2002, hosting several meetings, and forcing Nigeria and South Africa to react to his frantic drive towards creating a federal body, an analysis published in The Guardian said.
What are the objectives of the AU?

Unlike the OAU, the AU concentrates its energy and resources on achieving greater unity and solidarity between African countries and their people.
It seeks to accelerate the process of the political and socio-economic integration of the continent.
Moreover, the AU addresses the multifaceted social, economic and political problems that the African nations have been facing.
Its key objectives also include promoting peace, stability, and security across the region. Protecting and promoting human rights are also part of the agenda.
What are the notable achievements of the AU?

Many of the AU’s peacekeeping missions have helped governments tackle terrorism across Africa, from the Sahel to northern Mozambique. Over the years, the organisation’s interventions have prevented violence in countries like Burundi, the Central African Republic, Comoros, Darfur, Somalia, South Sudan, Sudan, and Mali.
AU’s diplomatic efforts have also resulted in resolving conflicts in Africa. Last year, it brokered a peace deal between the Ethiopian Government and the Tigray People’s Liberation Front (TPLF) in South Africa, almost two years after the two entities began fighting.
The establishment of the African Continental Free Trade Area (AfCFTA), which came into force in 2021, is yet another achievement of the organisation.
With 54 member countries as signatories, AfCFTA is the world’s largest new free trade area since the establishment of the World Trade Organization (WTO) in 1994.

#upsc #news #headline #newmember #G20 #internationalrelations #AU #newdelhi #africa #peaceful #prosperous #libyan #dictator #muammargaddafi #resources #unity #stability #peace #achivements #TPLF #AFCFTA #WTO #trade #area #social #economic #integration #resources #members