1. U.S. becomes India’s biggest trading partner at $119 billion
Tags: Economics/Business International News
In the year 2021-22, the US overtook China to become India's top trading partner, reflecting strong economic ties between the two countries.
As per commerce ministry data, bilateral trade between the US and India stood at $119.42 billion in 2021-22, as against $80.51 billion in 2020-21.
India's exports to the US increased to $76.11 billion in 2021-22 from $51.62 billion in the previous fiscal While imports increased to $43.31 billion in 2020-21 as compared to about $29 billion.
During 2021-22, India's two-way trade with China stood at $115.42 billion as compared to $86.4 billion in 2020-21.
During 2021-22, India's two-way trade with China stood at $115.42 billion as compared to $86.4 billion in 2020-21.
Exports to China marginally increased to $21.25 billion last fiscal year from $21.18 billion in 2020-21, while imports jumped to $94.16 billion from about $65.21 billion in 2020-21.
The trade gap widened to $72.91 billion in 2021-22 from $44 billion in the previous fiscal.
Reason of increasing bilateral trade with the US
Strengthening of economic ties between the two countries.
Global firms are reducing their dependence only on China for their supplies and diversifying business to other countries such as India.
India has joined the US-led initiative to establish the Indo-Pacific Economic Framework (IPEF) and the move will further boost economic ties.
Major export items from India to the US
Petroleum polished diamonds, pharmaceutical products, jewellery, light oils and petroleum, frozen shrimp, made ups etc.
Major import items from US to India
Petroleum, rough diamonds, liquified natural gas, gold, coal, waste and scrap, almonds etc
Important facts
China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21.
Before China, UAE was India's largest trading partner.
2. India, UAE sign MoU for climate action
Tags: International News
India and the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) on Climate Action on 26 May.
It aims to establish a framework to facilitate bilateral cooperation on climate action and contribute towards the implementation of the Paris Agreement 2015.
The MoU was signed between Environment, Forest and Climate Change Minister Bhupender Yadav and UAE Climate Envoy and Minister of Industry and Advanced Technology Dr Sultan Al Jaber in New Delhi.
In a bilateral meeting, both the leaders discussed issues related to climate change, hosting of COP 28 and other related matters.
Yadav stressed that issues of climate finance, adaptation, loss and damage require more attention on the way beyond COP26.
Paris Agreement 2015
It is an international agreement to combat climate change.
In December 2015, the governments of 195 countries gathered in Paris, France.
They discussed a possible new global agreement on climate change that aims to reduce global greenhouse gas emissions and tackle the dangerous climate change threat.
It came into force on 4 November 2016.
It is a legally binding international treaty on climate change that was adopted by 196 countries.
It comes under the United Nations Framework Convention on Climate Change (UNFCCC).
UNFCCC is a convention held in 1992 to combat climate change.
The Kyoto Protocol (1997) was another major international agreement under UNFCCC.
The aims of Paris Agreement
To keep the global temperature rise this century below 2 degrees Celsius above the pre-industrial level.
Trying to limit the temperature rise to 1.5 °C.
Strengthening the capacity of countries to deal with the effects of climate change.
3. Global Travel and Tourism Development Index
Tags: International News
India has slipped to the 54th position this year in the Global Travel and Tourism Development Index as compared to the 46th position in the year 2019.
India topped the list of South Asian countries.
Japan tops the global list. It was followed by the USA, Spain, France, Switzerland, Australia, UK, Singapore and Italy respectively.
117 economies have been included in the Travel and Tourism Development Index.
This index is released every two years by the World Economic Forum (WEF).
According to the data between January 2021 and January 2022, the number of international tourists has increased in 2022 instead of 2021.
About World Economic Forum (WEF)
The World Economic Forum is a non-profit organisation based in Switzerland.
It aims to set a global, regional and industrial direction by bringing together leaders in the world's business, political, educational and other fields.
Establishment- 1971
Headquarters- Cologny, Switzerland
CEO- Klaus M. Schwab
4. Gautam Adani in the list of 100 Most Influential People in Titans category
Tags: Person in news International News
Gautam Adani has been included in the list of 100 Most Influential People in Titans category along with personalities like Apple CEO Tim Cook and American host Oprah Winfrey.
On behalf of India, Supreme Court advocate Karuna Nandi and eminent Kashmiri human rights activist Khurram Parvez have also been included in this list.
Karuna Nandi and Khurram Parvez have been ranked in the Leaders category along with Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelensky.
In this list of Time magazine, US President Joe Biden, Chinese President Xi Jinping, European Commission President Ursula von der Leyen, tennis star Rafael Nadal, current Chief Justice of Pakistan Justice Omar Ata Bandiyal have also been included in different categories. .
This list is divided into six categories. These categories are Icons, Pioneers, Titans, Artists, Leaders and Innovators.
Key persons nominated in different categories
Titans- Gautam Adani, Tim Cook, Oprah Winfrey, Kristyl Lagarde, Kris Jenner, Andy Jessie, Sally Rooney, Elizabeth Alexander, David Jaslav and Megan Rapinoe, Becky Sorbrunn and Alex Morgan.
Leaders- Karuna Nandi, Khurram Parvez, Volodymyr Zelensky, Ketanji Brown Jackson, Joe Rogan, Xi Jinping, Ursula von der Leyen, Joe Biden, Yoon Suk-yeol, Vladimir Putin, Olaf Scholz, Samia Suluhu Hassan, Abiy Ahmed, Kirsten Cinema, Gabrielle Boric, Valerie Jaluzhni, Lynn Fitch, Omar Ata Bandial and Sun Chunlan.
Innovators - Taika Waititi, Miranda Lambert, Derrick Palmer and Chris Smalls, Josh Wardle, Michen Genre, Demna, Mike Cannon-Brooks, Bella Bajaria, Sevgil Musayeva, Francis Keir, David Velez, Michael Schatz, Karen Meiga, Evan Eichler and Adam Philippi .
Artists - Simu Liu, Andrew Garfield, Joe Kravitz, Sarah Jessica Parker, Amanda Seyfried, Quinta Branson, Pete Davidson, Channing Tatum, Nathan Chen, Mila Kunis, Jeremy Strong, Faith Ringgold, Ariana DiBose, Jasmine Sullivan and Michael R. Jackson.
Icons- Mary J Blige, Dmitry Muratov, Isa Ray, Keanu Reeves, Adele, Rafael Nadal, Maya Lin, John Batista, Nadine Smith, Peng Shuai, Hoda Silent.
Pioneers- Candace Parker, Frances Hogan, Ahmir 'Questalv' Thompson, Sonia Guzzara, Stephanie Bansell, Emily Oster, Eileen Gu, Nan Goldin, Meijen Darvish and Anwar Lal Bunny, Emmet Schelling, Christina Villarreal Velasquez and Ana Christina Gonzalez Velez and Gregory L. Robinson.
5. QUAD leaders launch Quad fellowship programme for graduate STEM degrees in the US
Tags: International News
A new Quad fellowship program has been launched by the leaders of Australia, India, Japan, and the US at the Quad Summit in Tokyo on 24 May.
Under the program, 100 students from member countries will be sponsored to study in the US for undergraduate degrees in science, technology, engineering and mathematics (STEM).
This fellowship will act as a bridge connecting the four countries and will empower these countries to provide leadership to address the many challenges faced by them in the Indo-Pacific region and around the world.
The Quad Fellowship application is live and will be open till June 30.
The first classes of Quad Fellows will arrive on campus in the autumn of 2023.
Each Fellow will receive a one-time award of $50,000 that can be used for tuition, research, fees, books and related educational expenses (eg, registration fees, research-related travel).
About Quad
This is known as the 'Quadrilateral Security Dialogue' (QSD).
It is an informal strategic forum comprising four nations - United States of America (USA), India, Australia and Japan.
It aims to work for a free, open, prosperous and inclusive Indo-Pacific region.
The first meeting of the Quad was held in 2007 on the sidelines of the Association of Southeast Asian Nations (ASEAN).
The Quad Summit provides an opportunity for leaders to exchange views on the development of the Indo-Pacific region and current global issues of mutual interest.
Japanese Prime Minister Shinzo Abe was the first to consider the formation of the Quad in 2007.
6. The fourth edition of the Jointly Coordinated Patrol (CORPAT) between the navies of India and Bangladesh
Tags: International Relations International News
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The fourth edition of the Jointly Coordinated Patrol (CORPAT) between the navies of India and Bangladesh was conducted in the North Bay of Bengal from 22-23 May.
The previous CORPAT between the two countries was held in October 2020.
In this exercise, indigenous warships INS Kora and INS Sumedha of the Indian Navy along with Bangladesh Navy warships BNS Ali Haider and BNS Abu Ubaidah and maritime patrol aircraft of both the navies participated in joint patrolling.
Maritime patrol aircraft of both the navies also carried out joint patrols along the International Maritime Boundary Line (IMBL) during the CORPAT.
COUNTRY | MILITARY EXERCISES |
FRANCE | Shakti Exercise, Varuna Military Exercise |
SRI LANKA | SLINEX, Mitra shakti |
SINGAPORE | Simbex, 'Bold Kurukshetra Exercise' |
About Bangladesh
Capital- Dhaka
President- Abdul Hameed
Prime Minister- Sheikh Hasina
Currency - taka
Bangladesh observes 26 March as its Independence Day every year.
7. India and US sign Investment Incentive Agreement in Tokyo
Tags: International Relations International News
Prime Minister Narendra Modi and US President Joe Biden on May 24 signed an Investment Incentive Agreement in Tokyo.
It is expected that the signing of this agreement will increase the investment support provided by the Development Finance Corporation in India which will help in the development of the country.
Various proposals worth $4 billion are being considered by the corporation to provide investment support in India.
The corporation has provided investment support in areas such as COVID-19 vaccine manufacturing, health care financing, renewable energy, financial inclusion and infrastructure.
The corporation or its predecessor agencies have been active in India since 1974 and have provided investment assistance of $5.8 billion to till date.
This incentive agreement will replace the earlier agreement signed between India and the US in 1997.
8. World Economic Forum launches alliance to supercharge India's climate action
Tags: International News
The World Economic Forum (WEF) on 23 May announced a new 'Alliance of CEO Climate Action Leaders India'. It will work towards fast-tracking India's net-zero carbon journey as well as decarbonisation.
The coalition will strive to achieve the goals set out in the White Paper Mission 2070, released last year, as part of the World Economic Forum's Climate Task Force.
It will bring together the government, corporations and other key players to help Prime Minister Narendra Modi meet his ambitious 'Panchamrut' target, which includes a net-zero target for the country by 2070.
The alliance is a collaboration between management consulting firm Kearney and Indian think tank Observer Research Foundation.
It will serve as a high-level platform to assist business leaders in developing and implementing plans and programs to meet climate goals, including net-zero economic growth.
About World Economic Forum (WEF)
Founded - 24 January, 1971 by German engineer and economist Klaus Schwab.
Headquarters - Cologny, Switzerland
Chairperson - Borge Brende
Purpose of Formation - International Organisation for Public-Private Cooperation
9. 75th session of the World Health Assembly organised in Geneva
Tags: Summits International News
The 75th World Health Assembly is being organised in Geneva, Switzerland from 22 to 28 May 2022.
This is the first individual health gathering since the start of the COVID-19 pandemic.
On behalf of India, the Union Minister of Health and Family Welfare, Dr. Mansukh Mandaviya addressed this 75th session.
He said that the figures released by WHO for India regarding covid deaths were quite disappointing and confusing.
Some time ago, a detailed report was released by WHO regarding corona deaths.
The report claimed that within two years, more than 47 lakh people died due to corona in India.
That report was rejected by the Indian government and questions were raised on the WHO model.
They called for strengthening the WHO to streamline the WHO approval process for vaccines and therapeutic devices and to create a more resilient global health security infrastructure.
He reiterated India's commitment to building a more resilient global health security infrastructure.
The theme of the year 2022: Health for peace, peace for health.
About 75th World Health Assembly
The World Health Assembly is the decision-making body of the WHO.
The Health Assembly is held annually in Geneva, Switzerland.
Functions of world health assembly
To determine the policies of the Organisation,
appoint the Director-General,
supervise financial policies, and review
approve the proposed programme budget.
About WHO
Founded - 7 April, 1948
World Health Day is celebrated Every year on 7 April.
It is the United Nations agency
It leads global efforts to extend universal health coverage.
It operates in 6 regions with 194 member states and over 150 locations.
Headquarters - Geneva, Switzerland
10. India joins Biden’s new trade initiative for Indo-Pacific
Tags: International Relations International News
US President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) along with 12 initial partners in Tokyo on May 23.
The initial partner countries are India, Australia, Japan, Brunei, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.
These 13 countries together represent 40% of the world's GDP.
About IPEF initiative
It is expected to focus on four main pillars including trade, supply chain resilience, clean energy and decarbonisation, and taxes and anti-corruption measures.
The group includes seven of the 10 members of the Association of SouthEast Asian Nations (ASEAN) and all four Quad countries and New Zealand.
India will work closely with other IPEF countries to build an inclusive and resilient Indo-Pacific Economic Framework.
The main roles of the IPEF in the Indo-Pacific will be to set and adhere to standards for the digital economy and cross-border data flows and data localization.
About Indo-Pacific
It covers half of the world's population and more than 60 percent of the global GDP.
It is a geopolitical region that spans two regions of the Indian Ocean and the Pacific Ocean.
Extending from the west coast of the United States of America to the west coast of India, the Indo-Pacific is a regional structure of 24 countries.
It includes the tropical waters of the Indian Ocean, western and central Pacific Ocean.
