1. Global trade expected to grow 1.7% in 2023: WTO
Tags: Economy/Finance International News
The world trade organization (WTO) on 5th April revised its global trade growth outlook for 2023 upwards to 1.7% from last October’s estimate of 1%.
An overview of the news
The World Trade Organization said in its forecast that trade growth for 2024 is expected to be 3.2 percent.
However, the WTO said the forecast is highly uncertain and at a downside risk given the impact of ongoing global tensions, food supply problems and monetary policy tightening.
Global trade growth in 2023 is still projected to be low, despite a slight increase in gross domestic product (GDP) estimates since last fall.
Global commodity trade volumes are expected to grow by 1.7 percent this year, following a 2.7 percent increase in 2022, given the effects of the war in Ukraine, continuing high inflation, tight monetary policy and uncertainty in financial markets.
World Trade Organisation (WTO)
It was set up on 1st January 1995 replacing the General Agreement on Tariff and Trade (GATT).
Its main purpose is to promote rule based trading systems in the world and it also settles trade related disputes between the member countries.
The headquarters of WTO is in Geneva, Switzerland.
There are 164 member countries.
Director General of WTO : Dr Ngozi -Okonjo-Iweala of Nigeria
Report released by WTO : World Trade Report
2. Indian-American physician honoured with young urologist of the year award
Tags: Awards International News
Dr. Nitya Abraham, an Indian-American physician and professor, has been honored with the Young Urologist of the Year Award by the American Urological Association (AUA).
An overview of the news
She is an Associate Professor at Albert Einstein College of Medicine and Program Director for the Montefiore Urology residency programme.
Abraham has been chosen from the New York region for her accomplishments and contributions.
Abraham has done remarkable work for countless students, residents, fellows and junior faculty in the New York area and at his institution.
She is serving as the Chair of the Executive Curriculum Committee for the Albert Einstein College of Medicine.
She is a member of the Society for Urodynamics, Female Pelvic Medicine, and Urogenital Reconstruction (SUFU) Young Urologists Committee and Social Media Committee.
The award committee described her as a prolific researcher with clinical research on the impact of social determinants of pelvic floor health.
Young Urologist of the Year Award
The American Urological Association recognizes the hard work of young urologists across the country.
The award was established by Dr. Michael C. Ost, 2012-2013 AUA Young Urologist Committee (YUC) Chair.
The Young Urologist of the Year Award is presented annually to early-career members of the AUA for their progress in their field and commitment to furthering their efforts.
3. India elected to UN Statistical Commission for 4-year term
Tags: International News
India has been elected as a member of the UN Statistical Commission, the Commission on Narcotic Drugs and the Programme Coordinating Board of the Joint UN Programme on HIV/AIDS (UNAIDS) by the Economic and Social Council (ECOSOC) of the United Nations.
An overview of the news
India was elected to the highest statistical body of the United Nations for a term of 4 years starting from 1 January 2024.
India was elected as a member of this commission 20 years ago in 2004.
In the highly competitive election for membership of the Statistical Commission, India secured 46 out of 53 votes in a secret ballot.
India, along with South Korea, the United Arab Emirates and China, was in the fray for two seats in the Asia Pacific states category.
In the first round of voting, South Korea got 23 votes while China got 19 and the United Arab Emirates got 15 votes.
In the second round, China and South Korea got 25 votes each.
South Korea was elected for the second seat through a draw of lots after two inconclusive rounds of secret-balloting.
United Nations Statistical Commission
It was established in 1947.
It is the apex body of the global statistical system which brings together the chief statisticians of the member states around the world.
It is the supreme decision-making body for international statistical activities.
It is responsible for the establishment of statistical standards and the development of concepts and methods, including the implementation of statistical activities at national and international levels.
It oversees the work of the United Nations Statistics Division (UNSD), and is a functional commission of the United Nations Economic and Social Council.
UN Commission on Narcotic Drugs
It was established in 1946 by Resolution 9(I) of the Economic and Social Council (ECOSOC),
It assists ECOSOC in monitoring the application of international drug control treaties.
4. 7th India-Japan Defense Policy Dialogue held in New Delhi
Tags: International Relations International News
The dialogue on April 05, 2023 was co-chaired by Mr. Giridhar Armane, Defense Secretary of India and Mr. Oka Masami, Defense Minister of International Affairs of Japan.
An Overview of the News
The two countries discussed a wide range of issues, including service-level exercises and engagements, regional security issues and cooperation in defence equipment and technology.
Defense Secretary Shri Giridhar Armane stressed the need for both the countries to deepen cooperation between their respective defence industries.
He also invited Japanese defence industries to explore investment opportunities in India under the 'Make in India' initiative.
Both sides agreed to diversify cooperation in new and emerging domains such as the defence sector and cyber.
India and Japan reiterated their commitment to a strong defence partnership and agreed to explore opportunities to further enhance bilateral cooperation.
Defense Policy Dialogue is an institutional mechanism between India and Japan to discuss bilateral defence cooperation.
About Japan
It is also called Nihon or Nippon and is an archipelago in the western Pacific Ocean in East Asia.
It is made up of four main islands Hokkaido, Honshu, Shikoku and Kyushu and Honshu is the largest island of Japan.
Its highest mountain is Mount Fuji.
It is the third largest economy in the world after the United States and China.
Capital - Tokyo
currency - Yen
Prime Minister - Fumio Kishida
5. Bahrain Launches Golden License To Make Large-Scale Investments
Tags: International News
Bahrain launched the Golden License Initiative to encourage investment and job creation in the country and aims to provide streamlined services and benefits to local and foreign businesses with large-scale investment projects in Bahrain.
An Overview of the News
Companies with important strategic projects and investments of more than US$50 million or creating more than 500 jobs in Bahrain will be eligible for the licence.
The Golden License offers various benefits, including priority land allotment for investment, infrastructure services, utilities, and streamlined access to government services such as business licensing and building permit approval.
The licence will also provide support from Tamkin and the Bahrain Development Bank.
The initiative was launched by Bahrain's cabinet, chaired by Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, to attract local and international investment to create job opportunities.
India has the largest expatriate population in Bahrain, with around 350,000 Indians living in the country.
About Bahrain
It is an island country located in western Asia on the Persian Gulf and consists of 50 natural islands and 33 artificial islands, of which Bahrain Island is the largest.
The capital of Bahrain is Manama, which serves as the commercial and financial centre of the country.
The majority of the population is Muslim, with Sunni and Shia Muslims being the largest groups.
6. MF Hydra: World's first liquid hydrogen ferry
Tags: International News
Norwegian company Norld launched the world's first ferry to run on MF Hydra liquid hydrogen.
An Overview of the News
The vessel, named MF Hydra, is a hybrid and uses both batteries and liquid hydrogen fuel cells for power.
The Norwegian Maritime Authority (NMA) granted approval to operate the yacht.
An important step towards reducing greenhouse gas emissions in the marine industry.
Hydrogen fuel cells produce only clean water as a byproduct, making them an environmentally friendly option for powering ferries and other marine vessels.
The MF Hydra was to be delivered in 2021 and measures 82.4 metres in length, with a passenger capacity of 300 and a capacity to carry 80 vehicles.
It uses two 200 kW fuel cells, two 440 kW generators and two Shottel thrusters to reach a speed of 9 knots.
The hydrogen system was provided by Linde Engineering, the fuel cell by Ballard and the battery by Corvus Energy. The ferry was completed by Westcon and systems integrator SEAM.
About Norway
Capital- Oslo
Currency- Norwegian Krone
King- Harald V of Norway
7. NASA announces four-member team of astronauts to travel to the Moon
Tags: Science and Technology International News
For the first time in five decades, NASA announced a team of four astronauts for its human spaceflight mission to the Moon.
An overview of the news
The team of four astronauts will fly around the moon for a 10-day mission next year.
NASA has announced the four astronauts who will go to lunar orbit and return with the Artemis 2 mission.
Who are these Artemis 2 astronauts?
These four Artemis 2 astronauts are - Reid Wiseman, Victor Glover, Jeremy Hansen and Christina Koch.
NASA’s Reid Wiseman will be the commander of the Artemis 2 mission.
Victor Glover will serve as the pilot for Artemis 2. Glover was previously the pilot of NASA's SpaceX Crew-1 mission.
Jeremy Hansen will represent the Canadian Space Agency during the mission.
NASA astronaut Christina Koch will be the mission specialist for Artemis 3.
Koch visited the space station in 2019, where she was part of the first all-woman spacewalk in history.
The Artemis II flight team will have three American and one Canadian astronauts, the first since the historic Apollo mission ended in 1972.
Artemis 2 mission
The Artemis 1 mission will allow NASA to test the foundation of its latest human space exploration capabilities.
This includes the Space Launch System (SLS) rocket, the Orion spacecraft, and all associated ground systems.
Artemis 2 will be the first crewed mission to test all of these.
About NASA
NASA was formed under the National Aeronautics and Space Act on July 19, 1948, in place of its predecessor, the National Advisory Committee for Aeronautics (NACA).
NASA - National Aeronautics and Space Administration
Headquarters- Washington D.C.
Administrator - Bill Nelson
8. India, Netherlands hold first Ministerial-level meeting of Joint Working Group
Tags: International Relations International News
The 1st Ministerial-level meeting of the Joint Working Group between India and the Netherlands was held on 3 April in New Delhi.
An overview of the news
The meeting was held in the presence of Union Jal Shakti Minister Gajendra Singh Shekhawat and Minister for Infrastructure and Water Management, Government of the Netherlands, Mark Harbours.
The 'Strategic Water Partnership' was launched during a virtual meeting between the Prime Ministers of India and the Netherlands in April 2021.
The partnership provides the necessary impetus to expand bilateral water cooperation.
The Netherlands is associated with various states and municipalities, including Uttar Pradesh, Delhi, Gujarat, Punjab, West Bengal, Tamil Nadu, Kerala and Maharashtra, in various water resources projects.
River-city alliance between the two countries for river-sensitive cities and technologically driven nature-based solutions for river rejuvenation.
India-Netherlands Relations
India and the Netherlands enjoy long-standing warm and friendly relations based on shared values of democracy, rule of law, human rights and historical bonds of friendship.
Both countries share common ideals of democracy, pluralism and rule of law.
Bilateral relations have been marked by strong economic and commercial ties.
The Netherlands signed the Framework Agreement of the International Solar Alliance (ISA) and became the 64th signatory member country.
There are over 200 Indian companies operating in the Netherlands.
The total bilateral trade stood at US$ 6.28 billion in the financial year 2018-2019.
The Netherlands was India's fourth largest trading partner in the European Union after Britain, Germany and Belgium.
About Netherlands
The Netherlands, also known as Holland, is a country located in northwestern Europe.
Monarch: King Willem-Alexander
Prime Minister: Mark Rutte
Capital: Amsterdam
Currency: euro
9. India and Romania sign agreement for 'Practical Cooperation between Armed Forces'
Tags: International News
India and Romania signed a defence agreement during a meeting between Romania's Deputy Defense Minister Simona Cojocaru and India's Defense Secretary Giridhar Aramane in New Delhi.
An Overview of the News
This agreement is the first defence cooperation agreement between the two countries and is a practical cooperation between the armed forces of India and Romania.
The defence pact represents the basis for the establishment and expansion of military relations between the two countries. It will provide more opportunities to work together in various fields such as military education, training, cyber defence, military medicine, military history and other areas that can benefit both the countries.
Representatives from the Romanian Institute for Political Studies of Defense and Military History are part of the delegation accompanying Cojocaru, and they are set to collaborate with the Indian Manohar Parrikar Institute for Defense Studies and Analyses.
Romania and India have worked together in multinational environments such as UN missions, and both countries are making important contributions to enhancing stability and strengthening peace and security in regions marked by the horrors of war.
About Romania
It is located in southeastern Europe, bordering Hungary, Ukraine, Moldova, Bulgaria, and the Black Sea.
Its rich history includes influences from the Roman Empire, the Ottoman Empire and the Soviet Union. It gained independence in 1877 and became a republic in 1947 after World War II.
Most Romanians are Orthodox Christians, but there are also populations of Catholics, Protestants and Muslims.
The economy is mixed with manufacturing, agriculture and services as its main industries.
President - Klaus Iohannis
Capital - Bucharest
Official languages - Romanian, Romanian Sign Language
Government - republic, unitary state, parliamentary republic, semi-presidential system
Continent - Europe
Currency - Romanian leu
10. OPEC members announce cut in oil production exceeding one million barrels per day from next month
Tags: International News
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On April 2, Saudi Arabia and other OPEC Plus members announced that they would further reduce oil production amounting to around 1.16 million barrels per day.
An overview of the news
The move is aimed at bringing stability to the market.
The announcement was made at a virtual meeting of the OPEC Plus ministerial panel.
The unexpected cuts announced by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman will begin in May and last until the end of the year.
This would be the biggest reduction since oil producers cut two million barrels per day in October 2022.
The move follows a drop in oil prices last month (down to $70 a barrel) and concerns that the global banking crisis could hit demand.
Production cuts announced by OPEC Plus members, as per their official statements-
Russia - 500,000 bpd
Saudi Arabia -500,000 bpd
UAE - 144,000 bpd
Kuwait - 128,000 bpd
Kazakhstan - 78,000 bpd
Algeria - 48,000 bpd
Oman - 40,000 bpd
About OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organisation that was established in 1960 at the Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
The purpose of this organisation is to coordinate and integrate the petroleum policies of its member countries and to ensure the stabilisation of oil markets to ensure efficient, economic and regular supply of petroleum to the consumer.
Headquarters - Vienna (Austria).
Member Countries (15)- Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
OPEC plus
It is a coalition of OPEC members and the world's 10 major non-OPEC oil exporting countries.
Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
