1. Anupriya Patel represents India at the East Asia Summit Economic Ministers’ meeting in Cambodia
Tags: place in news Summits Person in news
Union Minister of State for Commerce and Industry, Anupriya Patel, attended the East Asia Summit Economic Ministers’ Meeting on 17 September 2022 in Siem Reap City of Cambodia.
She earlier attended the 19th India -ASEAN (Association of SouthEast Asian Nation ) economic ministers meeting held in Siem Reap City of Cambodia.
The East Asia Summit Economic Ministers’ Meeting from all 10 ASEAN countries as well as eight partner countries including Australia, China, India, Japan, New Zealand, South Korea, Russia and the US.
The Ministers exchanged views on global and regional economic developments including the outcomes of the 12th WTO Ministerial Conference, post-pandemic economic recovery efforts, measures adopted to mitigate the impact of global supply chains disruptions and strong inflation pressure.
IMPORTANT FACTS -
East Asia Summit :
- The East Asia Summit is a regional forum set up by ASEAN (Association of SouthEast Asian Nations) with Regional powers of the Asia-Pacific region Including United States and Russia to further cooperation on strategic and economic cooperation in the region.
- The EAS has 18 member countries. It includes all the 10 ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and Australia, China, India, Japan, New Zealand, South Korea, Russia and the US.
- Whichever ASEAN country is the chairman of ASEAN hosts the EAS related meeting in its country. Currently Cambodia is the chairman of ASEAN.
ADDITIONAL INFORMATION -
Kingdom of Cambodia :
- It was earlier called as Kampuchea
- It lies in South -East Asia
- Prime Minister: Hun Sen
- Capital: Phnom Penh
- Currency: Riel (KHR)
2. SCO summit 2022 : India to host SCO summit next year
Tags: International Relations Summits International News
The SCO summit was held two years later in Samarkand, Uzbekistan on 15 and 16 September. The next meeting of the SCO Council of Heads of State will be held in 2023 in India.
Agenda of the summit :
The technological and digital divide, continued turbulence in global financial markets, instability in supply chains, increased protectionist measures and uncertainty in the global economy.
Member States also highlighted the impacts of global climate change and the COVID-19 pandemic, which have posed additional challenges to economic growth, social welfare and food security.
Samarkand Declaration :
The leaders of the member states of the Shanghai Cooperation Organization (SCO) signed the Samarkand Declaration at a meeting of the Council of Heads of State.
The declaration states that the SCO will be headed by India for the next period.
In the declaration, the member states supported the efforts of the countries of the region to ensure prosperity, peace and sustainable development.
They advocated for strengthening the role of SCO in promoting stability and socio-economic development in the region.
IMPORTANT FACTS -
- The leaders stressed the need to adopt new approaches to promote more equitable and effective international cooperation and sustainable economic development.
Member States expressed deep concern over the security threat posed by terrorism, separatism and extremism and strongly condemned terrorist acts around the world.
They also resolved to take measures to contain the spread of terrorism, to eliminate terrorist financing channels.
They supported the establishment of Afghanistan as a free, neutral, united, democratic and peaceful state, free from terrorism, war and drugs.
Member States called for strengthening the effectiveness of the World Trade Organization as the principal forum for discussing the international trade agenda and adopting the rules of the multilateral trading system.
Member States have decided to set up an expert working group on start-ups and innovation, poverty reduction and traditional medicine.
PM Modi's participation in the Summit :
In the summit PM Modi said the Indian economy is expected to grow by 7.5 per cent this year and thus will be the highest among the largest economies in the world.
PM Modi holds bilateral talks with Russian President Vladimir Putin, Iranian President Ebrahim Raisi, Uzbek President Shavkat Mirziyoyev and Turkish President Recep Tayyip Erdogan.
ADDITIONAL INFORMATION -
Shanghai Cooperation Organization (SCO) :
It is a permanent intergovernmental international organization.
It was founded in 2001.
The SCO Charter was signed in 2002, and came into force in 2003.
It is a Eurasian political, economic and military organization.
Its aim is to maintain peace, security and stability in the region.
China, Russia and four Central Asian states – Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan – were founding members of the SCO.
Its members include China, Russia, India and Pakistan, as well as 4 Central Asian countries - Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan.
Official Languages - Russian and Chinese
Chairmanship - On the basis of rotation for a year by Member States
3. Nirmala Sitharaman calls for more women directors at the 2nd Women Director’s Conclave
Tags: place in news Economy/Finance Summits
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman called for increasing the representation of women in the company’s board of directors in India.
She was speaking at the 2nd ‘Women Director’s Conclave’ being held at Bombay Stock Exchange in Mumbai on 16 September.
IMPORTANT FACTS -
- The theme of the Conclave was: Celebrating Women Board Leaders'.
- Nirmala Sitharaman said that only three-fourths of the listed firms on the National Stock Exchange have appointed at least one woman as an independent director.
- The Security and Exchange Board of India (SEBI), in accordance with the Companies Act 2013, has mandated the appointment of one independent woman director in the board of listed companies.
4. 9th Session of ggoverning body of the ITPGRFA to be held in New Delhi
Tags: place in news Science and Technology Summits
The 9th Session of the Governing Body (GB9) of the 'International Treaty on Plant Genetic Resources for Food and Agriculture' (ITPGRFA) will be held in New Delhi from 19-24th September, 2022.
IMPORTANT FACTS -
- ITPGRFA is a legally binding comprehensive agreement adopted in November, 2001 at Rome during the 31st session of the Food and Agriculture Organization of the United Nations, which entered into force on June 29, 2004 and currently has 149 Contracting Parties, including India.
- The treaty provides solutions to achieve food and nutritional security as well as climate resilient agriculture. Countries are interdependent for PGRFA (Plant Genetic Resources for Food and Agriculture) and consequently a global order is essential to facilitate access and benefit sharing.
Theme of the GB9 :
- The GB9 is being held under the theme “Celebrating the Guardians of Crop Diversity: Towards an Inclusive Post-2020 Global Biodiversity Framework”.
5. 3rd Global Fintech Fest to be held in Mumbai
Tags: place in news Economy/Finance Summits
The 3rd edition of the Global Fintech Fest will be held in Mumbai, Maharashtra from 19-22 September 2022.
IMPORTANT FACTS -
- The 3rd Global Fintech Fest will be held in a hybrid mode.
- The Global Fintech Fest is being organised by National Payment Corporation of India (NPCI), Payment Council of India and the Fintech Convergence Council.
- The theme for Global Fintech Fes 2022 is: 'Creating A Sustainable Financial World - Global | Inclusive | Green'.
What is Fintech :
- It is composed of two words: Financial and Technology. It refers to the technological innovation in the design and delivery of financial products like saving accounts, loans, wealth management, investment in stock markets etc.
6. 19th ‘India-ASEAN’ Economic Ministers meeting 2022 held in Cambodia
Tags: place in news Summits
The 19th India -ASEAN (Association of South East Asian Nation) economic ministers meeting was held in Siem Reap City, Cambodia on 16 September 2022. Cambodia is currently the chairman of ASEAN.
The meeting was co-chaired by Anupriya Patel, Minister of State for Commerce and Industry and by the Commerce minister of Cambodia Pan Sorasak.
The meeting was attended by Economic Ministers or their representatives from all the 10 ASEAN countries namely, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam
The Ministers noted that trade and economic relations between ASEAN and India are starting to recover from the impact of the COVID-19 pandemic and the two-way trade between ASEAN and India reached USD 91.5 billion in 2021 increasing by 39.2 per cent year-on-year.
IMPORTANT FACTS -
India-ASEAN economic engagements :
- ASEAN is a focus area of economic diplomacy of India. The India-ASEAN Economic ministers meeting is the main body which discusses the trade and investment related issues between the two. The Commerce Minister of India and ASEAN attends these meetings.
Investment between the two :
- Between, 2000-2021, the cumulative Foreign Direct Investment (FDI) from ASEAN to India was $117.88 billion.
- These were mainly accounted for by Singaporean investments in India ($115 billion).
- Indian investment into ASEAN since April 2019 till March 2022 is US$ 55.5 billion out of which US$ 51.5 billion investment is in Singapore.
ADDITIONAL INFORMATION -
Association of South East Asian Nation (ASEAN) :
- It is considered to be one of the most successful regional groups in the world.
- It was set up in 1967 as a group of South-East Asian nations.
- At present there are 10 members in the group. They are:
- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
- The Headquarters of ASEAN: Jakarta, Indonesia.
7. 25th Energy Technology meet held in Mumbai
Tags: place in news Economy/Finance Summits
The 3 day (15-17 September 2022) , 25th Energy meet organised by the Centre for High Technology (CHT), under the aegis of Ministry of Petroleum & Natural Gas ,Government of India, in association with Hindustan Petroleum Corporation Ltd is being held in Mumbai .
The Energy meet was earlier called the Refining and Petrochemicals Technology Meet.
IMPORTANT FACTS -
- Theme of the 25th Energy meet: Refining in the new Energy era”
- The 25th Energy meet was addressed by the Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Union Minister of State for Petroleum and Natural Gas, Rameshwar Teli on 15 September 2022.
- Speaking on the occasion Rameshwar Teli said that the Government is committed to raise the share of Natural Gas in the country’s energy mix to 15% by 2030 from its current share of just above 6%.
- He added that the Government has decided to set up 18 thousand Compressed Natural Gas (CNG) stations in the country by 2030.
8. 26th meeting of FSDC held in Mumbai
Tags: place in news Economy/Finance Summits
The Union Finance Minister Nirmala Sitharaman chaired the 26th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on 15 September 2022.
The meeting, which was attended by the chief of various financial sector regulators, discussed important financial issues which can affect the country’s financial sectors and its stability.
IMPORTANT FACTS -
Financial issues discussed :
- It discussed the Early Warning Indicators for the economy and India’s preparedness to deal with them, improving the efficiency of the existing Financial/Credit Information Systems, issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, strengthening cyber security framework in the financial sector,etc.
The meeting was attended by :
- Dr. Bhagwat Kishanrao Karad, Minister of State for Finance ;
- Pankaj Chaudhary, Minister of State for Finance ;
- Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance;
- Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance;
- Shri Tarun Bajaj, Secretary, Department of Revenue, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance;
- Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance;
Head of Financial Sector Regulators :
- Shaktikanta Das, Governor, Reserve Bank of India;
- Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India;
- Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India;
- Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority;
- Ravi Mittal, Chairperson, Insolvency and Bankruptcy Board of India, Shri Injeti Srinivas, Chairperson, International Financial Services Centers Authority, and the
- Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance.
Financial Stability and Development Council (FSDC) :
- It was set up on the recommendation of the Raghu Ram Rajan committee on “Financial Sector Reform”.
- FSDC was set up by the Government of India in 2010.
Function of the FSDC :
- The Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.
- It also focuses on financial literacy and financial inclusion.
ADDITIONAL INFORMATION -
Sub-Committee of FSDC :
- The FSDC Sub-committee has also been set up under the chairmanship of Governor, RBI.
- All the members of the FSDC are also the members of the Sub-committee.
- All four Deputy Governors of the RBI are also the members of the Sub Committee.
Full Form :
- Financial Stability and Development Council
9. ANGAN 2022, International Conference held in New Delhi
Tags: place in news Summits
The three day (14-16 September) international conference ANGAN 2022 (Augmenting Nature by Green Affordable New-habitat) was held in New Delhi.
IMPORTANT FACTS -
- The international conference has been organized by the Bureau of Energy Efficiency (BEE) and the Indo-Swiss Building Energy Efficiency Project.
- The objective of ANGAN 2022 is to deliberate on various thematic tracks leading India on the road to Net Zero Energy and Low Carbon Buildings.
- India has committed itself to become net carbon zero by 2070. Globally, buildings consume 40% of energy and are responsible for 1/3rd of carbon emissions.
- Theme of the conference: Making the Zero-Carbon Transition in Buildings
- The Indo-Swiss Building Energy Efficiency Project (BEEP) is a bilateral cooperation between the Ministry of Power, Government of India and the Federal Department of Foreign Affairs of the Swiss Confederation.
10. 6th CICA summit to be held in Kazakhstan
Tags: Summits International News
Kazakhstan will be host the 6th Conference on Confidence Building Measures and Interaction in Asia (CICA) summit in October 2022.
The summit meeting will be held on 12-13 October 2022 at the Kazakhstan capital, Nur-Sultan.
The Conference on Interaction and Confidence Building Measures in Asia (CICA) is a multi-national forum for enhancing cooperation towards promoting peace, security and stability in Asia.
The idea of convening CICA was first proposed by the President of the Republic of Kazakhstan Nursultan Nazarbayev, on 5 October 1992, at the 47th Session of the United Nations General Assembly.
27 countries including India, China, and Pakistan are members of CICA.
IMPORTANT FACTS -
Summit meetings of CICA :
- The First summit meeting was held in Almaty, Kazakhstan on 4 June 2022. It was attended by Prime Minister Atal Bihari Vajpayee.
- The second CICA summit was held in Almaty, Kazakhstan on June 17, 2006
- The third CICA Summit was held in Istanbul, Turkey on 8 June 2010
- The Fourth CICA Summit, was held in Shanghai, China on 21 May 2014
- The Fifth CICA Summit was held in Dushanbe, Tajikistan, on 15 June 2019.
Full Form :
CICA : Conference on Interaction and Confidence Building Measures in Asia
