General Awareness

INTERNATIONAL AFFAIRS - August 2018

Aug 2018

Dec 17, 2024

UK Joins Indo-Pacific Bloc: A Post-Brexit Trade Milestone

The United Kingdom officially became the first European nation to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This significant move, a result of the UK's post-Brexit strategy, aims to boost the country's economy by providing new business opportunities and trade benefits across the Indo-Pacific region. The UK's entry into the bloc was formalised after the ratification of the accession treaty by most CPTPP members, with several more expected to follow.
The CPTPP is an economic partnership that originally started with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. After the US withdrawal from the Trans-Pacific Partnership (TPP) in 2016, the remaining countries established the CPTPP, reducing trade barriers on a wide range of goods and services. The bloc accounts for around 15% of global GDP and includes some of the fastest-growing markets globally.

Dec 16, 2024

ADB Approves $500 Million Loan for India's Sustainable Infrastructure

The Asian Development Bank (ADB) has recently approved a substantial loan aimed at boosting India's economic growth through sustainable infrastructure. This initiative targets critical sectors requiring investment and aims to promote eco-friendly practices within infrastructure development.
ADB has sanctioned a loan of $500 million to the India Infrastructure Finance Company Limited (IIFCL). This funding will be dedicated to enhancing long-term capital availability for various sustainable infrastructure projects across India.
The loan will support projects in key sectors including transportation, energy, urban development, education, and healthcare. These sectors have been identified as lacking adequate funding, making this financial support crucial for their development.
The objective of the loan is to improve IIFCL's capacity to incorporate green practices in infrastructure projects. This will involve establishing a dedicated sustainability unit within IIFCL to oversee the implementation of eco-friendly initiatives.

3rd India-UK Financial Markets Dialogue

The Dialogue was led by senior officials from the Indian Ministry of Finance and HM Treasury, with participation from Indian and UK regulatory agencies, including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), the Bank of England (BoE) and the Financial Conduct Authority (FCA).
The Dialogue opened with reflections on developments since the last meeting in April 2023, including the opportunity presented by India's intention to release a financial sector vision and strategy and the UK's commitment to publishing a financial services growth and competitiveness strategy. Both sides agreed to work to maximise synergies.
Delegates from India and the UK shared perspectives on priorities and ongoing reforms within their respective jurisdictions. The Dialogue focused on collaboration in evolving fields of financial regulation, noting the areas of mutual interest in both markets for increasing bilateral trade and investment between the financial sectors.

India and Portugal Strengthen Bilateral Ties

On 13^th December, 2024, External Affairs Minister Dr. S. Jaishankar held delegation-level talks with Portugal's Foreign Minister Paulo Rangel in New Delhi during the latter's four-day official visit to India.
Discussions covered trade, investment, defence, science and technology, tourism, culture, and people-to-people ties.
Both sides emphasised the growing potential for cooperation in IT, startups, renewable energy, green hydrogen, and mobility of skilled professionals.
The leaders exchanged views on global topics such as West Asia, Ukraine, and the Indo-Pacific, while reaffirming cooperation in multilateral fora, including the United Nations.
Both countries will celebrate the 50^th anniversary of diplomatic ties in 2025, agreeing to commemorate the milestone in a meaningful way.
The visit builds on recent interactions, including the meeting between Prime Ministers Narendra Modi and Luis Montenegro during the G20 Summit in Rio, Brazil.

Dec 15, 2024

Elon Musk Becomes First Person in History with $400 Billion Net Worth

SpaceX and Tesla CEO, Elon Musk, became the first person in history to reach $400 billion in net worth, after a recent insider share sale as well as the recent US elections results.
According to the Bloomberg Billionaires Index, an inside share sale of his company SpaceX boosted the business mogul's net worth by approximately $50 billion, bringing his total net worth to $439.2 billion.

Dec 12, 2024

IPBES UN Biodiversity Conference

The 11th meeting of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) is being held in Namibia from December 10 to 16, 2024. Over 850 scientists and representatives from more than 150 countries are in attendance, aiming to address the global biodiversity crisis.
Delegates will discuss the next Global Assessment of Biodiversity and Ecosystem Services. This assessment follows a 2019 report that indicated a million species face extinction risk. Pohamba Shifeta, Namibia's Minister of Environment, calls for increased international cooperation. He emphasises the importance of involving local communities in conservation. Recent discussions suggested five new topics for future IPBES assessments.

Mohammed al-Bashir Interim Prime Minister of Syria

The Syrian conflict marked a new phase with the appointment of Mohammed al-Bashir as the caretaker Prime Minister of Syria. Al-Bashir, previously the head of the Syrian Salvation Government (SSG) in Idlib province, has been tasked with leading the transitional government following the fall of President Bashar al-Assad. His role is crucial as Syria navigates the aftermath of the 12-day lightning offensive that toppled the Assad regime, ending more than five decades of Assad family rule.

Dec 10, 2024

Dubai Breaks Record with World's Largest Gold Bar, Weighing Over 300 KG

Dubai has unveiled the world's largest gold bar, setting a new Guinness World Record on December 7-8, 2024. Weighing 300.12 kg, the bar is valued at approximately $25 million (Rs. 211 crore). Displayed at the Dubai Gold Souk Extension, this monumental gold bar is a symbol of Dubai's commitment to excellence in the precious metals industry.
The Emirates Minting Factory, which crafted the bar, spent 8 to 10 hours creating it, ensuring it met Guinness standards. Visitors were able to capture the historic moment with a photo beside the gold bar, further enhancing Dubai's status as a global leader in gold and luxury trade.

President-elect Donald Trump Nominates Indian-origin Harmeet Dhillon as Assistant Attorney General

US President-elect Donald Trump on Monday announced that he nominated Indian American lawyer Harmeet K. Dhillon as assistant attorney general for civil rights at the department of justice. She is the fourth Indian-origin to be nominated in the Trump 2.0 cabinet.
She is a graudaute of Dartmouth College and the University of Virginia Law School, and clerked in the US Fourth Cricuit Court of Appeals. Harmeet is a respected member of the Sikh religious community.
Earlier she was in the news when Dhillon delivered an 'Ardas' prayer at the Republican National Convention, with Trump in attendance.

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