What is the News ?

Trade and Investment Ministers of G20 nations agreed recently to map global value chains, integrate small businesses with them and ease trade documentation. 

Facts About:

What are important parts of outcome document from Trade and Investment Ministers of G20 nations?

1. Comprehensive framework within the G20 context for the purpose of mapping out global value chains is suggested.

The objective is to comprehend the existing issues and identify the necessary actions to enhance the inclusivity, sustainability, and resilience of these value chains.

2. It focuses on MSMEs. The declaration from Jaipur emphasizes the imperative of reinforcing the capabilities of MSMEs.

Due to their small scale, MSMEs face limitations in accessing critical information, financial resources, and market-related data points.

A worldwide trade assistance platform, overseen by theInternational Trade Centre, will be consistently upgraded through consultation with UNCTAD and the World Trade Organisation (WTO). 

This evolution aims to make the platform more inclusive and to offer comprehensive data to MSMEs.

3. The principles associated with the digitization of trade documents is important part of outcome document. The aim is to minimize the reliance on paper documents and remove obstacles that hinder the seamless movement of goods and services.

Source: https://indianexpress.com/article/business/g20-trade-meet-ends-ministers-priority-areas-value-chains-msmes-8909647/

What is the News ?

The 13th Expert Group Meeting (EGM) on the China-Bhutan boundary issues was held recently.

Facts About:

• A joint press release from Beijing and Thimphu said the 13th Expert Group Meeting (EGM) was held in Beijing 
• It described as an “important outcome” the setting up of a Joint Technical Team on the Delimitation of the China-Bhutan Boundary, which held its first meeting along the sidelines of the EGM. 

• The two sides had talks on 
  1. continuously implementing the MOU on the Three-Step Road Map for Expediting the China-Bhutan Boundary Negotiations 
  2. agreed to expedite and take simultaneous steps to implement the Three-Step Road Map
  3. agreed upon keeping the positive momentum of frequent Expert Group Meetings
  4. holding the 14th Expert Group Meeting on the China-Bhutan Boundary Issues as soon as possible 
  5. maintaining communication on holding the 25th Round of China-Bhutan Boundary Talk
• It did not, however, announce a date for the already much delayed 25th round of boundary talks, which have not been held since 2016.
• In recent months, both sides have portrayed the long-running talks as picking up speed and nearing a possible solution, which would have ramifications for India. 
• While there was a two-year gap between the 10th round of the EGM held in April 2021 and the 11th round of the EGM held in January 2023, the last two rounds have been held in relatively quick succession.

Impact on India

• Experts in India have said any deal between Beijing and Thimphu that accedes to a “swap arrangement” between areas to the North (Jamparlung and Pasamlung valleys) with Doklam to the West would be of concern to India, given the proximity to India’s narrow “Siliguri corridor” that connects northeastern States with the rest of India. 
• India and China were involved in a stand-off in Doklam near the India-China-Bhutan trijunction in 2017. 
• In March, the Bhutanese Prime Minister said in an interview that the process of “demarcating territories” and “drawing a line” could be completed “after one or two more meetings”.

Conclusion

The boundary talks between Bhutan and China began in 1984, and the 24th round was held in 2016. 

The talks have largely focused on disputed areas to Bhutan’s north, and to its west, abutting the Doklam plateau. 

However, these have been stalled since 2016, especially after the 2017 Doklam stand-off.

Source: https://www.thehindu.com/opinion/interview/post-covid-necessary-for-neighbours-to-work-together-bhutan-fm-on-china-bhutan-boundary-talks/article65646740.ece

What is the News ?

As per the chief executive of the Global Environment Facility (GEF) in a plenary session, it will likely to work more closely with civil society organisations in the future.

Facts About:

About: Environmental leaders from 185 countries will gather in Vancouver, Canada for the Seventh Assembly of the Global Environment Facility from August 22-26, 2023.

Global Environment Facility (GEF): The GEF Assembly, which meets every 4 years, is the global body that coordinates financing for international efforts to address climate change, biodiversity loss, pollution, and factors inhibiting land and ocean health.

Points of discussion:

• Building on recent diplomatic breakthroughs on biodiversity loss, toxic chemicals, and the high seas, the GEF Assembly will be a critical stocktaking for 2030 goals to end pollution and nature loss, combat climate change, and propel inclusive, locally-led conservation.
• GEF would work directly with non-governmental organisations that work at the convention level.
• It is set to include the launch of the Global Biodiversity Framework Fund, a new source of funding for protecting species and ecosystems globally.
• The fund will open new avenues for private sector and philanthropic support to enable rapid implementation of the historic Global Biodiversity Framework agreed at COP15 in Montreal, December 2022, and of the high seas treaty adopted in New York City, in June 2023.

Need of such an initiative:

• Biodiversity funding needs differ between recipient countries, for example between countries with key areas for biodiversity (often large emerging countries such as Brazil and Indonesia) and the least developed countries (LDCs) or Small Island Developing States (SIDS), for which it is more difficult to access funds.

Global Biodiversity Framework:

• It contains goals to be achieved by 2050 focus on ecosystem and specieshealth including;
  • To halt human-induced species extinction,
  • The sustainable use of biodiversity,
  • Equitable sharing of benefits, and
  • On implementation and finance to include closing the biodiversity finance gap of $700 billion per year.

Source: https://update-mac.com/?tid=103&tag_id=1528a5df-4f9e-4046-9232-3361bc5f2c12&cnv_id=e891de8lpg6sc0b4c&placement=20427977&sub1=726006&clickcost=0

What is the News ?

India and Iran have agreed to pursue arbitration under rules framed by the UN Commission on International Trade Law (UNCITRAL) and will not go for commercial arbitration in foreign courts.

Facts About:

UN Commission on International Trade Law (UNCITRAL):

It is a subsidiary body of the UN General Assembly, established in 1966.

Mandate: To further the progressive harmonisation and unification of the law of international trade. 

Membership:

• The Commission is composed of 60 member States elected by the General Assembly.
• The 60 member States include 14 African States, 14 Asian States, 8 Eastern European States, 10  Latin  American and Caribbean States and 14 Western European and other States. 
• The General Assembly elects members for terms of six years; every three years, the terms of half of the members expire. 

• India is a founding member of this organisation.

Key facts about Chabahar Port

• It is a seaport in the Sistan-Balochistan province of Iran, on the Gulf of Oman, at the mouth of the Strait of Hormuz. 
• It is a deep-water port with direct access to the Indian Ocean that is outside the Hormuz Strait.
• Its geographic proximity to countries such as Afghanistan, Pakistan, and India, as well as its status as a key transit centre on the burgeoning International North-South Transport Corridor.

Source: https://www.thehindu.com/news/national/india-and-iran-drop-foreign-court-arbitration-for-chabahar-port/article67234071.ece