1. India, EFTA take significant steps towards new Trade and Partnership Agreement
Tags: Economy/Finance International Relations
India and the European Free Trade Association (EFTA) states have recently taken important steps towards a new trade and partnership agreement.
An overview of the news
At the ministerial meeting held in Brussels on May 15, Commerce and Industry Minister Piyush Goyal held discussions with representatives of EFTA to work towards a comprehensive new Trade and Partnership Agreement (TEPA).
The Ministerial meeting marked an important milestone in taking forward the negotiations on TEPA between India and the European Free Trade Association.
Both sides stressed the importance of principles of good faith and respect for each other's sensitivities in order to achieve a fair, just and balanced settlement.
About India and the European Free Trade Association (EFTA)
EFTA has established bilateral relations and cooperation in the field of trade and commerce.
The objective of this cooperation is to strengthen economic ties and promote mutually beneficial trade between the two countries.
The EFTA is an intergovernmental organization consisting of four member states: Switzerland, Norway, Iceland, and Liechtenstein.
These countries have a strong tradition of trade and economic liberalization.
India and EFTA have engaged in negotiations to establish a comprehensive trade agreement.
The negotiations cover various aspects, including trade in goods, services, investment, intellectual property rights, and other trade-related issues.
2. India & Bangladesh launch '50 Start-ups Exchange Programme'
Tags: International Relations International News
India and Bangladesh have recently jointly launched the '50 Start-up Exchange Programme' to promote collaboration and exchange between the start-up ecosystems of the two countries.
An overview of the news
The objective of the program is to strengthen bilateral relations between India and Bangladesh by promoting cooperation in start-up and innovation sectors.
It provides a platform for entrepreneurs, investors and stakeholders from both the countries to connect and collaborate.
The '50 Start-up Exchange Program' facilitates knowledge sharing and learning opportunities between Indian and Bangladeshi start-ups.
It encourages exchange of ideas, best practices and expertise to foster innovation and growth.
The program provides mentorship and guidance to participating start-ups, connecting them with experienced entrepreneurs, industry experts and investors.
People’s Republic of Bangladesh
Capital: Dhaka
Prime Minister: Sheikh Hasina Wazed
President: Mohammad Shahabuddin
Currency: Taka
3. S Jaishankar meets Sweden’s Defence, Foreign Ministers during his Stockholm trip
Tags: International Relations International News
During his visit to Stockholm, Sweden, External Affairs Minister Dr. S. Jaishankar held a meeting with the Defense Minister and Foreign Minister of Sweden.
Purpose of meetings
Discuss bilateral relations
Strengthen diplomatic ties
To explore opportunities for cooperation between India and Sweden in defense and foreign affairs.
Highlights of the meeting
Bilateral Relations
Discussion on enhancing overall bilateral relations between India and Sweden including areas such as trade, investment, defense cooperation and cultural exchanges.
Defence Cooperation
Defense cooperation, joint military exercises, defense equipment procurement and sharing of defense technologies discussed in the meeting with the Defense Minister of Sweden.
Security Cooperation
The discussions included issues of regional and global security concern, counter-terrorism efforts and information sharing to address common security challenges.
Foreign Affairs and Diplomacy
Discussion on regional and global issues of mutual interest, multilateral cooperation and coordination on matters such as climate change, sustainable development goals and human rights.
Economic and trade relations
Ways were explored to enhance economic and trade ties between India and Sweden including investment opportunities, technology partnership and trade facilitation.
Cultural and people-to-people exchanges
The meetings emphasized the importance of cultural exchanges, academic cooperation and people-to-people interactions to deepen mutual understanding and strengthen ties between the two countries.
About Sweden
It is located on the Scandinavian Peninsula in northern Europe.
The ancient name of the country was Svitiod.
Prime Minister - Ulf Kristersson
Capital - Stockholm
Currency - Swedish krona
King - Carl XVI Gustaf
4. PM Modi meets Doug McMillan, CEO of Walmart
Tags: Economy/Finance International Relations
Prime Minister Narendra Modi held a meeting with Doug McMillan, CEO of American multinational retail corporation Walmart.
An overview of the news
The purpose of the meeting between PM Modi and Doug McMillan was to discuss and explore potential areas of collaboration, investment and partnership between the Government of India and Walmart.
The meeting reflects the importance of the economic relationship between India and Walmart. The discussions covered topics such as trade, investment opportunities and promoting a conducive business environment in India.
The meeting discussed opportunities to leverage digital technologies and innovation in the retail sector.
The discussion centered around sustainable business practices, environmental initiatives and social responsibility.
Significance of the meeting
The meeting between PM Modi and Walmart CEO Doug McMillan highlights the importance of promoting economic partnership and exploring investment opportunities between India and Walmart.
It highlights the potential for cooperation in various sectors, employment generation, economic growth and contribution to sustainable development in India.
About Walmart
It is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.
It was founded in 1962 by Sam Walton.
It has grown to become one of the world's largest retail chains.
It operates thousands of stores globally, serving millions of customers.
It offers a wide range of products, including groceries, apparel, electronics, household goods, and more.
5. Sarbananda Sonowal inaugurates Sittwe Port in Myanmar
Tags: International Relations International News
Union Minister for Ports, Shipping and Waterways and AYUSH Sarbananda Sonowal and Deputy Prime Minister of Myanmar Admiral Tin Aung San jointly inaugurated Sittwe Port in Myanmar on 9 May.
An overview of the news
Admiral Tin Aung San also received the first Indian cargo ship which was flagged off from Syama Prasad Mookerjee Port, Kolkata.
The development of Sittwe port will reduce the cost and time of movement of goods between Kolkata and Agartala and Aizawl by 50 per cent.
It will promote trade links and people-to-people ties between India and Myanmar and the wider region and help boost the economic development of the northeastern states.
About Sittwe port
The project was envisaged to provide alternative connectivity of Mizoram with Haldia, Kolkata or any Indian port through Kaladan River in Myanmar.
Sittwe Port has been developed as a part of the Kaladan Multi-Modal Transit Transport Project (KMTTP) funded under grant-in-aid assistance from the Indian government.
Once the waterway and road components of the KMTTP are fully operational, the east coast of India will be connected to the north-eastern states through the Sittwe port.
The commissioning of Sittwe port will increase bilateral and regional trade as well as boost the local economy of Myanmar's Rakhine state.
The greater connectivity provided by the Port will lead to employment opportunities and enhanced growth prospects in the region.
About Myanmar
It is a country located in Southeast Asia and is bordered by India, Bangladesh, China, Laos and Thailand.
The capital city of Myanmar is Naypyidaw, which was officially designated as the capital in 2005.
President - Myint Swe (Acting)
Prime Minister - Senior Gen. Min Aung Hlaing
Currency - Myanmar kyat
6. 6th India- Canada Ministerial Dialogue on Trade and Investment
Tags: International Relations International News
Sixth India- Canada Ministerial Dialogue on Trade and Investment (MDTI) held on 9th May in Ottawa.
An overview of the news
Union Minister of Commerce & Industry, Piyush Goyal along with Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada co-chaired the discussions.
The Ministers also reviewed the India-Canada CEPA (Comprehensive Economic Partnership Agreement) negotiations.
In the last MDTI meeting in March 2022, the two ministers launched CEPA negotiations with the possibility of having an interim agreement or EPTA (Early Progress Trade Agreement). Since then seven rounds of talks have taken place.
Goyal participated in various events to promote trade and investment in Toronto from 9 to 10 May 2023.
Piyush Goyal inaugurated the India Pavilion at SIAL Canada-2023, the largest food innovation trade show in North America with participation of over 1000 national and international exhibitors from 50 countries.
Topics of Dialogue
Strengthening bilateral trade relations between India and Canada
Investment Promotion and Cooperation
Green transition - discussions on critical minerals and promotion of new areas of cooperation such as B2B engagement.
About Canada
Canada, the second largest country in the world in area (after Russia).
Prime Minister - Justin Trudeau
Capital - Ottawa
Currency - Canadian dollar
King of Canada (British Monarch) - Charles III
Official Languages - English; French
7. Border Haat between India and Bangladesh inaugurated at Bholaganj in Sylhet
Tags: International Relations International News
On 6 May a new border-haat was inaugurated between India and Bangladesh at Bholaganj under Companyganj Upazila of Sylhet.
An overview of the news
Bangladesh's Minister for Migrant Welfare and Overseas Employment Imran Ahmed and India's Assistant High Commissioner Neeraj Kumar Jaiswal jointly inaugurated the border-haat.
The opening of the border haat at Bholaganj on the border between Sylhet in Bangladesh and the East Khasi Hills of Meghalaya was greeted with great enthusiasm by people on both sides of the border.
This is the fourth border haat in Sylhet division, out of which three are currently functioning. There are plans to open three more border haats in Sylhet division.
The Border Haat will open from 10 am to 4 pm on Wednesdays and Saturdays.
The Bholaganj Border Haat will have 26 stalls from India and 24 stalls from Bangladesh, where traditional items from both the countries will be sold duty free.
The first border haats were inaugurated in 2011 at Kalaichar in West Garo Hills district of Meghalaya and Kurigram in Bangladesh.
8. 21st meeting of Bangladesh-India Joint Steering Committee on Cooperation in Power Sector
Tags: International Relations International News
The 21st meeting of the Bangladesh–India Joint Steering Committee (BIJSC) on the power sector was held on 4th May at Khulna, Bangladesh.
An overview of the news
Bangladesh's Ministry of Power, Energy and Mineral Resources Secretary Habibur Rahman and his Indian counterpart Alok Kumar led their respective sides at the meeting.
The meeting reviewed the progress of ongoing activities related to mutual cooperation in the power sector between Bangladesh and India.
The meeting also examined the possibility of power generation projects in India through BIFPCL including power export from Bangladesh to India and setting up of solar power projects.
The delegation also discussed the signing of an agreement to import 500 MW of hydro power from Nepal by GMR to Bangladesh through India.
The progress in the management of the first unit and the implementation of the second unit of the 1320 MW Maitri Super Thermal Power Project construction project was also reviewed.
People’s Republic of Bangladesh
Capital: Dhaka
Prime Minister: Sheikh Hasina Wazed
President: Mohammad Shahabuddin
Currency: Taka
9. India and Israel sign MoU for cooperation on industrial research and development
Tags: International Relations International News
India and Israel signed a Memorandum of Understanding (MoU) to enhance industrial research and development cooperation in high-tech areas such as AI, quantum, semiconductors, healthcare, aerospace, sustainable energy and agriculture.
An Overview of the News
The partnership aims to facilitate collaborative initiatives for industrial research and development in a diverse range of high-tech domains, including artificial intelligence, quantum computing, semiconductor technology, synthetic biology, healthcare, aerospace, sustainable energy and agriculture.
The MoU will focus on specific projects and will be monitored by a Joint Steering Committee to ensure effective implementation.
Memorandum of Understanding (MOU):
It is a type of agreement between two or more parties that expresses a shared intention to take a common line of action.
Memoranda of Understanding can be used in situations where the parties do not intend a legal commitment or cannot form a legally enforceable agreement.
MOUs are often used by many companies and government agencies to define relationships between departments, agencies, or closely related companies.
About Israel
Israel is a Middle Eastern country on the Mediterranean Sea.
It is considered the Holy Land of the Bible by Jews, Christians and Muslims.
Tel Aviv is the financial centre of the country and is known for its beaches and Bauhaus architecture.
Capital and largest city - Jerusalem
Official language - Hebrew
Recognized Language - Arabic
Government - Unitary parliamentary republic
President - Isaac Herzog
Prime Minister - Benjamin Netanyahu
Chief Justice - Esther Hayut
10. India to build Harbour for Maldivian Coast Guard
Tags: International Relations International News
India and Maldives launched construction of ‘Ekatha Harbour' for the Coast Guard of the Maldives National Defence Force (MNDF).
An overview of the news
The foundation stone for the Coast Guard ‘Ekatha Harbour’ was laid by Defence Minister Rajnath Singh and his Maldivian counterpart, Mariya Didi, at Sifavaru in Uthuru Thila Falhu (UTF) atoll, where India is assisting in construction of a naval dockyard.
This is the biggest grant-in-aid project of India in Maldives.
UTF project
The UTF project, announced during External Affairs Minister S Jaishankar’s visit in February 2021, has been at the centre of a political controversy in the Maldives.
Allegations that the project was meant for Indian military presence in the Indian Ocean nation were part of an "India Out" campaign, which was supported by the country's opposition leader, Abdulla Yameen.
Last April, Maldivian President Ibrahim Solih banned anti-India protests as a threat to national security.
Anti-India campaigners allege that Indian troops were stationed in a fast patrol vessel India recently gifted to Maldives Coast Guard.
Recent gifts of India to Maldives
India gifted a Dornier aircraft to Maldives in 2020 and a patrol ship in 2019.
In 2022, India had also given Coastal Radar System to Male.
Last year, Modi had announced that India would provide 24 vehicles and a naval boat and build police facilities on the country's 61 islands.
