Daily Current Capsules
23rd November 2022

India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA).

 

 

What's the NEWS

 

• The trade with Australia has been ratified by the Australian Parliament on November 22
• IndAus ECTA which was signed on 2 April 2022, is now ready for ratification for its early implementation, with the Ind-Aus ECTA Bill and the DTAA amendment bill being passed by the Australian Parliament today and is being placed before Executive Council to get Royal Assent.
• The landmark bilateral trade pact is the second trade agreement India has signed this year after inking a similar deal with the United Arab Emirates in February.
• Australia is an important strategic partner of India and both the democracies are part of the four nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF).
• The trade relationship facilitated through ECTA will open a new chapter on India-Australia Comprehensive Economic Partnership

 

Other Highlights

 

• This will give a fillip to India's exports in the textiles, leather, gems, and jewellery sector
• For India, the ECTA with Australia is the first agreement with a large developed economy of the world after more than a decade.
• Australia is also the third OECD country after Japan and South Korea with which India has signed a Free Trade Agreement (FTA).
• It covers almost all the tariff lines dealt in by India and Australia respectively.
• India will benefit from preferential market access provided by Australia on 100% of its tariff lines.
• India will be offering preferential access to Australia on over 70% of its tariff lines.
• Under the agreement, Indian graduates from STEM (Science, Technology, Engineering and Mathematics) will be granted extended post-study work visas.
• It will provide zero-duty access to 96% of India's exports to Australia and will give about 85% of Australia's exports zero-duty access to the Indian market
• It will boost bilateral trade in goods and services to USD 45-50 billion over five years, up from around USD 27 billion, and generate over one million jobs in India

 

 

INDO-PACIFIC REGIONAL DIALOGUE 2022 (IPRD)

 

 

What's the NEWS

• The 2022 edition of the Indo-Pacific Regional Dialogue (IPRD-2022) is appropriately centered upon the IPOI and its operationalization, with particular but not exclusive focus upon the pillars of ‘Maritime Security'
• The fourth edition of IPRD is scheduled to be held from 23 to 25 Nov 22.
• The theme of IPRD-2022 is ‘Operationalising the Indo-Pacific Oceans Initiative (IPOI)

Know! about IPRD

• The IPRD is an apex level international annual conference of Indian Navy, and is principal manifestation of Navy's engagement at the strategic-level.
• The National Maritime Foundation (NMF) is Navy's knowledge partner and chief organizer of each edition of the event.
• The IPRD seeks to foster exchange of ideas and promote deliberations on regionally relevant maritime issues.
• The first two editions of IPRD were held in 2018 and 2019 respectively at New Delhi.
• The third edition of IPRD was held in 2021 in online mode.
• The aim of each successive edition of the IPRD is to review both opportunities and challenges that arise within the Indo-Pacific.
• Through this annual dialogue, the Indian Navy and the NMF, continue to provide a platform for incisive discussions pertaining to the geopolitical developments affecting the maritime domain of the Indo-Pacific.

 

Know! about IPOI

• The IPOI Is a comprehensive and inclusive construct for regional cooperation that is focused on seven interconnected spokes or pillars:Maritime Security, Maritime Ecology, Maritime Resources, Disaster Risk-reduction and Management, Trade-Connectivity and Maritime Transport, Capacity-building and Resource sharing, and Science, Technology and Academic Cooperation.

 

India-ASEAN Defence Ministers' Meeting

 

What's the NEWS

• The maiden India-ASEAN Defence Ministers' Meeting was held in Cambodia to commemorate the 30th Anniversary of India-ASEAN relations in 2022, which has also been designated as ‘ASEAN-India Friendship Year'.
• India-ASEAN relationship was elevated recently to Comprehensive Strategic Partnership during the ASEAN-India Summit held in Cambodia on November 12, 2022.

Initiatives proposed during the meeting

• One of the initiatives proposed by Raksha Mantri was the ‘India-ASEAN Initiative for Women in UN Peace Keeping Operations' which includes conduct of tailor-made courses for women peacekeepers of ASEAN Member States at the Centre for United Nations Peacekeeping in India and conduct of a ‘Table Top Exercise' in India for women officers from ASEAN incorporating facets of UN peacekeeping challenges.
• The second initiative announced by Shri Rajnath Singh was ‘India-ASEAN Initiative on Marine Plastic Pollution' which includes channelising of the energy of the youth towards addressing the critical issue of marine pollution.
• He also proposed establishment of an India-ASEAN Marine Pollution Response Centre at Chennai by the Indian Coast Guard to address and supplement regional efforts to deal with marine pollution incidents.

 

 

Global Partnership on Artificial Intelligence (GPAI)

What's the NEWS

• Ministry of Electronics & Information Technology virtually participated at the Summit held in Tokyo where India assumed the Chair of the GPAI, an international initiative founded in 2020 to support responsible and human-centric development and use of Artificial Intelligence (AI).

Know! about GAPI

• GPAI is a congregation of 25 member countries, including the US, the UK, EU, Australia, Canada, France, Germany, Italy, Japan, Mexico, New Zealand, Republic of Korea, and Singapore. India had in 2020 joined the group as a founding member.
• It works in collaboration with partners and international organisations, leading experts from industry, civil society, governments, and academia to collaborate to promote responsible evolution of AI and guide the responsible development and use of AI, grounded in human rights, inclusion, diversity, innovation, and economic growth.
• India joined the GPAI in 2020 as a founding member.
• Artificial Intelligence is expected to add 967 billion US dollars to the Indian economy by 2035.
• It is also expected to add 450 to 500 billion US dollars to India's GDP by 2025 accounting for 10 per cent of the country's 5 trillion dollar GDP target.
• India occupying the chair also signifies how the world today perceives it as a Trusted Technology partner and one that has always advocated for the ethical use of technology for transforming citizens lives.

 

Climate Change Performance Index (CCPI, 2023) 

What's the NEWS

• India has been ranked amongst top 5 countries in the world, and the best among the G20 countries, based on its Climate Change performance.
• India jumps 2 spots higher, and is now ranked 8th as per Climate Change Performance Index (CCPI, 2023) published by German Watch, New Climate Institute and Climate Action Network International based in Germany.
• The latest report of CCPI, released at COP 27 in November 2022, shows Denmark, Sweden, Chile and Morocco as the only four small countries that were ranked above India as 4th, 5th, 6th and 7th respectively.
• The first, second and third ranks were not awarded to any country.
• In effect therefore, India's rank is the best amongst all large economies.

Know! about CCPI

• The CCPI aims to enhance transparency in international climate politics and enables comparison of climate protection efforts and progress made by individual countries.
• Published annually since 2005, the Climate Change Performance Index (CCPI) is an independent monitoring tool for tracking the climate protection performance of 59 countries and the EU.
• Every year, the CCPI sets off important public and political debates within the countries assessed.
• The climate protection performance of these 59 countries, which together account for 92% of global greenhouse gas (GHG) emissions, is assessed in four categories: GHG Emissions (40% of overall score), Renewable Energy (20% of overall score), Energy Use (20% of overall score) and Climate Policy (20% of overall score).
• India earned a high rating in the GHG Emissions and Energy Use categories, while a medium for Climate Policy and Renewable Energy.
• The aggressive policies of India towards rapid deployment of renewables and robust framework for energy efficiency programs have shown considerable impact.
• As per the CCPI report, India is on track to meet its 2030 emissions targets (compatible with a well-below-2°C scenario).
• The ranking given by CCPI places India as the only G-20 country in the top 10 rank.

 

KEEP Learning KEEP Evolving
TEAM CL