🔆The EU and India conducted their first joint naval exercise in the gulf of Guinea


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🔆How China is using scientific terrorism to assert his rights over Arunachal region, is a matter of concern for India


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🔆India-US Bilateral Relations

Trade & Economic Relations

✅ The U.S. has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.

✅ In 2022-23, the bilateral trade between India and the USA stood at a record US$ 191 billion as against US$ 119.42 billion in 2021-22.o In 2022-23, India had a trade surplus of US$ ~30 billion with the US.

✅ In FY 2020-21, India received the highest ever FDI amounting to US$ 81.72 billion.

✅ USA became India’s second largest source of FDI during 2020-21 with inflows of US$ 13.82 billion.

✅ US is one of the top 5 investment destinations for Indian FDI.

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India - Myanmar relationship

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🔆 India and neighbours

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🔆How India's engagement with South Asian countries is significant ?

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🔆India resumes e visa for Canada citizens

✅It enables the prospective visitor to apply for an Indian Visa from his/her home country online without visiting the Indian Mission and also pay the visa fee online.

✅The e-visa system is an innovation introduced by the government in 2014. The facility was expanded in 2017-2018.

✅The process has its roots in the 2010 Tourist Visa on Arrival (TVOA) scheme for Japan, Singapore, Finland, Luxembourg and New Zealand. The government merged the TVOA with Electronic Travel Authorisation, thereby creating the e-visa.

✅Five Categories: An e-visa also called Electronic Visa is provided in five categories—tourist, business, conference, medical, and medical attendant.

✅This facility is available to Foreigners whose sole objective of visiting India is recreation, sight-seeing, short duration medical treatment, casual business visit, etc. and not valid for any other purpose/activities.

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🔆What is the Migration and Economic Development Partnership?

Hours after the United Kingdom’s Supreme Court ruled that the government’s plan to send asylum seekers to the African country was unlawful, Prime Minister Rishi Sunak promised to introduce emergency legislation that confirms that Rwanda is a safe country.

On 14 April 2022, the UK government announced a new agreement with the Government of Rwanda, called the new Migration and Economic Development Partnership. Under this arrangement, asylum-seekers in the UK may be transferred to Rwanda before their claims for asylum are heard

The Universal Declaration of Human Rights (Article 14), which states that everyone has the right to seek and enjoy asylum from persecution in other countries. The 1951 UN Refugee Convention , which protects refugees from being returned to countries where they risk being persecuted.

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🔆Where does India stand on Israel Hamas war?

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🔆To Beat China, India Must Engage with APEC

The 2023 Asia Pacific Economic Cooperation (APEC) summit was held in San Francisco last week. The US hosted APEC after a gap of 12 years.
Despite being in the same region, India is not a part of APEC but India needs to engage with aspects of APEC so that its economic goals can be met.

📍The Asia Pacific Economic Cooperation (APEC)

✅The APEC is a regional economic forum that was formed in 1989.The objective of the grouping is to leverage the growing interdependence of the Asia-Pacific and create greater prosperity for the people of the region through regional economic integration.
✅It has been operating based on non-binding commitments with decisions taken through commitments and consensus undertaken on a voluntary basis.
✅Currently, APEC has 21 members. The criterion for membership, however, is that each member must be an independent economic entity, rather than a sovereign state.

📍Significance of APEC

✅APEC accounts for nearly 62 per cent of global GDP and nearly half of global trade.
✅Since its formation, the grouping championed the lowering of trade tariffs, free trade, and economic liberalisation.
✅As per the US State Department, during its first five years of operation, APEC established its core objectives.
✅In the Seoul Declaration (1991), APEC member economies proclaimed the creation of a liberalised free trade area around the Pacific Rim as the principal objective of the organisation.

📍Reason Why India is Not a Member of APEC

✅APEC’s Resistance to Protectionism
Although many members have been in favour of the inclusion of India, some opposed the idea citing the economic reforms which took place in the country and claiming that it has 'protectionist instincts'.
APEC’s guiding motive was to resist protectionist policies by individual member states, and the promotion of trade liberalisation and economic cooperation within the affiliated Asia-Pacific economies.
By that description, India did not seem to fit in.
✅India’s Record on Economic Reforms and WTO Engagement: The main impediment has been the opposition of some participants who have held India’s record on economic reforms and WTO engagement to be unsatisfactory.
✅Membership freeze: Another reason for not making India part of the grouping was a membership freeze which came into force in 1997. However, it was not extended in 2012.

📍Why India Must Engage with APEC?

✅Strength of the grouping: The grouping represents more than a third of the world population, 47% of global trade and 60% of world GDP.
✅To Fulfil its Aspirations
🔰India aspires to become a $5 trillion economy and requires $1 trillion for investment in infrastructure.
✅Outside the west Europe, most of the capital surplus nations are in Asia Pacific which can quench India’s thirst for investment.
✅Natural Corollary to Act East Policy: Indian has already become a member of SCO and joining APEC is a natural corollary to Act East Policy of India.
✅Can Expand Economic Opportunities for India
India's potential entry into APEC opens significant trade and investment avenues.
✅APEC presents an extensive market of over 2.9 billion consumers across 21 economies.
✅This membership promises to elevate India's export capabilities and attract foreign investment, fostering economic growth.
✅Can Minimise Trade Obstacles
APEC member nations have pledged to promote trade liberalisation, resulting in reduced tariffs and non-tariff barriers.
✅India stands to benefit from its entry into APEC markets, translating to lower costs and heightened competitiveness in the global trade landscape.
✅India Can Benefit from Streamlining Trade Processes
APEC has successfully implemented initiatives aimed at simplifying customs procedures, optimising border processes, and enhancing overall supply chain efficiency.
✅India's involvement in APEC would allow it to adopt these proven strategies, leading to reduced trade costs and improved logistical operations.
✅India Can Tap into Global Knowledge Pool
APEC serves as a valuable platform for the exchange of knowledge and best practices among member economies.
✅By joining APEC, India gains access to a wealth of expertise in crucial areas such as trade policy, technology, and economic development.
✅This knowledge-sharing aspect holds the potential to significantly benefit India's economic and technological advancement.

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