1. India and Australia target $100 billion bilateral trade in next five years
Tags: Economy/Finance International Relations International News
Union Commerce and Industry Minister Piyush Goyal said on 11 March, Australia and India will target $100 billion trade in the next five years.
An overview of the news
Both the countries are currently dissatisfied with the $30 billion trade.
Both countries expressed their commitment to complete negotiations to expand the scope of the existing Free Trade Agreement by the end of this year.
He was addressing the media in New Delhi on the India-Australia 18th Joint Ministerial Commission along with Australian Trade and Tourism Minister Don Farrell.
On 29 December 2022 India and Australia implemented an economic cooperation and trade agreement (ECTA).
They are now negotiating to expand its scope for a comprehensive economic cooperation agreement (CECA).
Both sides are looking at firming up the ambitious CECA by 2023.
India-Australia Trade Relations
Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner.
India-Australia bilateral trade in goods and services is pegged at US$ 27.5 billion in 2021.
India's merchandise exports to Australia grew by 135% between 2019 and 2021.
India’s exports to Australia- Manufactured goods such as petroleum, medicaments, diamonds, jewellery, railway coaches and vehicles, milled rice and herbicides.
India’s imports to Australia - 82% of its imports from Australia are coal, gold, copper ore, aluminum oxide, liquified natural gas, manganese ore, aluminum waste, pigments, lentils, etc.
2. Indonesia moves capital from Jakarta to Borneo
Tags: International News
Recently, the Indonesian government unveiled the site of the country's new capital.
An overview of the news
The new capital, Nusantara, is located in the East Kalimantan province of Borneo, Indonesia.
The new capital city of the country will be called Nusantara.
The new capital will be asustainable forest city which will be developed keeping in mind the environment and will aim to achieve zero carbon emissions by the year 2045.
Why is Indonesia moving its capital?
Jakarta, the capital of Indonesia, has a population of about 10 million and three times the population of the greater metropolitan area.
It has been described as the world's fastest-sinking city and at the current rate it is estimated that a third of the city could be submerged by 2050.
The main reason for this is uncontrolled groundwater extraction, but the rising Java Sea due to climate change has increased this possibility.
Its air and groundwater are highly polluted, it floods regularly and its streets are so congested that its estimated congestion costs the economy $4.5 billion a year.
In view of all these problems, President Joko Widodo has envisioned the construction of a new capital, so that the country can have a "sustainable city".
About Indonesia
It was earlier known as Dutch East Indies (Netherland East Indies) and it became Independent from the Netherlands on 17 August 1945.
It is the world's largest archipelago consisting of 17,500 islands.
Borneo island of Indonesia is the third largest island in the world after Greenland and New Guinea.
There are more than 100 active volcanoes in the country and the most famous being Krakatoa and Mount Merapi.
It has the world’s largest muslim population .
Capital : Jakarta
Currency : Rupiah
President : Joko Widodo
3. India-US 5th Commercial Dialogue meeting held in New Delhi
Tags: International Relations International News
The India-US Fifth Commercial Dialogue meeting was held in New Delhi on 10 March.
An overview of the news
The meeting was attended by Union Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Gina Raimondo.
The two leaders acknowledged that bilateral goods and services trade is set to almost double since 2014, surpassing a recorded US$ 191 billion in 2022.
Both sides welcomed the steps taken to enhance their commercial cooperation and tap the market potential in several sectors.
Both sides welcomed the efforts being made to enable an environment for investment by small and medium-sized industries and startups.
Both ministers recognized that small businesses and entrepreneurs are the lifeblood of the US and Indian economies.
In this context, both sides announced the launch of a new working group on talent, innovation and inclusive growth under the Commercial Dialogue.
It will take forward cooperation on start-ups, SMEs, skill development and entrepreneurship, including digital and emerging technologies.
An MoU was signed between the two countries on establishing a semiconductor supply chain and innovation partnership under the framework of the Indo-US Commercial Dialogue.
India-US Commercial Dialogue
It aims to facilitate trade and maximize investment opportunities in a wide range of economic sectors.
The last India-US commercial dialogue was held in February 2019.
Since then, it could not be held due to the pandemic and other factors.
After a gap of three years, it is proposed to relaunch the commercial dialogue with a strategic approach with a focus on supply chain resilience and diversification and new emerging sectors.
India- US trade relation
According to the Ministry of Commerce and Industry, India is the ninth largest trading partner for the US, while the US is India's largest trading partner and largest export destination.
During the calendar year 2022, bilateral trade in goods is expected to increase significantly, crossing USD 131 billion, thus doubling from 2014 (in 8 years).
The US is also the third largest source of foreign direct investment (FDI) for India, and the US is among the top five investment destinations for India.
4. Arun Subramanian becomes first Indian-American to be Judge of Manhattan Federal District Court in New York
Tags: Person in news International News
The United States Senate has confirmed the appointment of Indian-American Arun Subramanian as the District Judge for the Southern District of New York.
An overview of the news
With this, Subramanian has become the first South Asian judge to serve on this bench.
The Senate confirmed Subramanian's nomination on March 7 by a vote of 58–37.
Earlier, in September 2022, US President Joe Biden had announced Subramanian's nomination to the United States District Court for the Southern District of New York.
President Biden's announcement brings the number of announced federal judicial officers to 143, according to an official White House statement.
Subramanian received his Juris Doctor (J.D) from Columbia Law School in 2004 and his BA from Case Western Reserve University in 2001.
He is a partner at Susman Godfrey LLP in New York where he has worked since 2007.
Subramanian has taken up matters relating to false claims, victims of child pornography trafficking, consumers and persons injured by unfair means.
5. 19th BIMSTEC Ministerial Meeting
Tags: International News
Minister of State for External Affairs and Education, Dr. Rajkumar Ranjan Singh participated in the 19th BIMSTEC Ministerial Meeting hosted by Chair Thailand virtually from Bangkok on 9 March.
An overview of the news
During the meeting, a number of documents including the Core BIMSTEC Working Mechanism, Regional BIMSTEC and Rules of Procedure for BIMSTEC External Relations were approved for submission to the 6th BIMSTEC Summit.
The meeting also approved a draft agreement on the establishment of the BIMSTEC Center for Weather and Climate in India.
Apart from this, BIMSTEC Bangkok Vision 2030 was also approved. This will be brought up at the 6th BIMSTEC Summit.
The leaders also approved the Administrative and Disciplinary Rules of the Secretariat and the Revised Financial Rules and Regulations of the BIMSTEC Secretariat, which will enable expenditure by the Secretariat throughout the financial year with an approved budget.
About BIMSTEC
BIMSTEC whose full form is 'Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation' is an international organization of seven South Asian and South East Asian countries.
It was established in 1997 to advance mutual trade, connectivity and cultural, technological and economic development in the region.
Out of its 7 member countries, 5 members – Bangladesh, Bhutan, India, Nepal and Sri Lanka are from South Asia and two countries – Myanmar and Thailand are from South-East Asia.
Initially, BIMSTEC included six areas - trade, technology, energy, transport, tourism and fisheries - for regional cooperation, which was later expanded to 14 areas, including agriculture.
Secretariat: Dhaka, Bangladesh
6. Ram Chandra Paudel elected as the new President of Nepal
Tags: Person in news International News
On 9 March 2023, senior Nepali Congress leader Ram Chandra Paudel has been elected as the new President of Nepal.
News Overview
Ram Chandra Paudel got votes by 214 MPs of Parliament and 352 Members of Provincial Assemblies.
The President is elected by an electoral college consisting of members of the provincial assemblies and the federal parliament.
The total number of electors for the presidential election in Nepal is 882, including 332 members of the parliament as well as 550 members of the provincial assemblies of the 7 provinces.
He will succeed Bidya Devi Bhandari as the head of state of Nepal.
About Ram Chandra Paudel
He also served as the Deputy Prime Minister, Cabinet Minister and President of Nepal.
He served as the Vice President of Nepali Congress Tanhu District Committee in 1980, General Secretary in 2005, Vice President in 2007 and Acting President of the party in 2015.
Ram Chandra Paudel served as Minister of Local Development in May 1991, Minister of Agriculture in 1992 and Speaker from December 1994 to March 1999.
About Nepal
The kingdom of Nepal was established by the Shah dynasty.
It is a landlocked country in South Asia.
Prime Minister: Pushpa Kamal Dahal
Capital: Kathmandu
Currency: Nepalese Rupee
7. Former Malaysian PM Muhyiddin Yassin arrested on corruption charges
Tags: Person in news International News
The Malaysian Anti-Corruption Commission on 9 March arrested former Malaysian Prime Minister Muhyiddin Yassin on the charges of corruption.
An overview of the news
Muhyiddin, who was Malaysia's prime minister for 17 months between 2020 and 2021, has been charged under laws related to abuse of power and money laundering.
He and his party have faced a corruption investigation after losing the November election to Prime Minister Anwar Ibrahim.
Prime Minister Ibrahim last year ordered a review of billions of dollars of government projects approved by Muhyiddin, including Covid-19 relief programmes, alleging that he did not follow proper procedures.
Muhyiddin, who is also chairman of Barsatu, a major opposition party in Malaysia's ruling coalition, would be the second former prime minister to be indicted.
Another former Malaysian prime minister, Najib Razak, is also serving a 12-year prison sentence for corruption.
About Malaysia
Prime Minister - Anwar Ibrahim
Capital - Kuala Lumpur
Currency - Malaysian ringgit
Official Language - Malay
Official Religion - Islam
8. UN inks first ‘High Seas Treaty’ in a bid to protect ocean bodies of the world
Tags: Environment International News
For the first time in history, the United Nations signed the 'High Seas Treaty' to protect the world's oceans located outside national boundaries.
An overview of the news
The treaty is the result of nearly a decade of negotiations on environmental concerns.
The treaty was agreed upon on 4 March after 38 hours of negotiations at the United Nations Headquarters in New York.
The last international agreement on ocean conservation was signed 40 years ago in 1982.
What is the UN High Seas Treaty?
The treaty will create a new body to manage the conservation of marine life and establish marine protected areas in the high seas.
The treaty brings 30 percent of the world's oceans into a protected area, spends more on marine conservation, and sets new rules for ocean mining.
The treaty aims to protect against potential impacts such as deep-sea mining.
The treaty would put restrictions on how much fish could be caught in the high seas.
What are High Seas?
International water bodies that cross the boundaries of nations are considered high seas.
They cover about two-thirds of the world's oceans.
These are water bodies where all countries have the right to fish, sail and conduct research.
But so far only about 1% of this water – known as the high seas – has been protected.
These are also important areas for exploration of valuable minerals, pharmaceuticals, oil and gas reserves.
Vulnerable marine species
According to the International Union for Conservation of Nature (IUCN), about 10% of marine species are at risk of extinction.
In addition, 41% of threatened species are affected by climate change.
Shellfish, sharks and whales are under particular pressure due to their use as seafood and medicines.
9. Belarus court jails Nobel Peace Prize winner Ales Bialiatski for 10 years
Tags: Person in news International News
A court in Belarus on March 3 sentenced 2022 Nobel Peace Prize winner and human rights activist Ales Bialiatski to 10 years in prison for financing protests and other crimes.
An overview of the news
He has been given this sentence in the case of activities disturbing public order, financing and smuggling.
A fine of 65 thousand US dollars has also been imposed on 60-year-old Bialiatsky.
He is co-founder of the Viasna human rights group.
In October 2022, he was awarded the Nobel Peace Prize for his work on human rights and democracy.
Along with Bialyatsky, representatives of the Vesna Human Rights Center, Valentin Stefanovich and Vladimir Labkovich, were also sentenced to 9 years and 7 years, respectively.
Investigation revealed that Ales Bialiatsky and other members received funds from various organizations in Lithuania during April 2016 to July 2021.
After this these funds were sent outside the Eurasian Economic Union with the help of many people.
According to the law of Belarus, this is a crime and the maximum punishment for this crime is 12 years.
Baliatsky, a Belarusian litterateur, school teacher and museum director, has been involved in pro-democracy protests since the 1980s.
He was an avid supporter of Belarus' independence from the Soviet Union in the early 1980s, organizing anti-Soviet protests across the country.
10. Jan Aushadhi Train flagged off by Mansukh Mandaviya and Ashwini Vaishnaw
Tags: National International News
Union Health and Family Welfare Minister Dr. Mansukh Mandaviya and Railway Minister Ashwini Vaishnav flagged off the Jan Aushadhi train (Chhattisgarh Sampark Kranti Express) in New Delhi on 3 March.
An overview of the news
The train is dedicated to the Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana (PMBJP).
The train has been wrapped with branding of Jan Aushadhi scheme to spread the awareness among public about generic medicines available at Jan Aushadhi centers.
Medicines are available at affordable prices in more than nine thousand Jan Aushadhi Kendras in India.
This train will travel through 184 stations covering more than four states in two months.
Jan Aushadhi Kendras provide quality and affordable medicines.
Indian Railways is also running a special campaign for promotion of affordable generic medicines to create awareness among the public.
The Ministry of Railways has decided to open Jan Aushadhi Kendras at some major railway stations which will prove beneficial for the passengers.
This train will travel to more than 4 states in 2 months.
About Jan Aushadhi Scheme
The Jan aushadhi scheme was launched in 2008 by the UPA government.
This scheme was relaunched in the year 2015, by the Prime Minister of India, Narendra Modi.
This campaign was started across the country by selling generic medicines through “Jan Aushadhi Medical Stores”.
In 2015, the name of 'Jan Aushadhi Yojana' was changed to 'Pradhan Mantri Jan Aushadhi Yojana' (PMJAY), but it was changed to "Pradhan Mantri Bhartiya Janaushadhi Yojana" in November 2016.
Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana (PMBJP) scheme was launched by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India with the objective of providing quality generic medicines available at affordable prices to all.
