EU Current Affairs

Enter Your Email Address To Subscribe Current Affairs Daily Digest, Daily Quiz and other updates on Current Affairs:

India rejects attempts of EU, Canada for global investment agreement

India, along with Brazil, Argentina and some other nations rejected an informal attempt of European Union (EU) and Canada to work towards a global investment agreement at World Trade Organisation (WTO)-level.

The EU and Canada proposed agreement incorporates a contentious Investor-State Dispute Settlement (ISDS) mechanism. They wanted their investment pact to be the template for a similar multilateral agreement.

What is Investor-State Dispute Settlement (ISDS) mechanism?

The ISDS mechanism permits companies to drag governments to international arbitration without exhausting the local remedies. It also allows them to claim huge amounts as compensation citing losses they suffered due to reasons, including policy changes. The contentious ISDS mechanism already has been incorporated by investment pact by the EU and Canada.

What is India’s position?

India has rejected such mechanism. It clearly held that only after all local options have been exhausted for settling disputes between a corporate and a government, then the issues can be taken up in international arbitration tribunals. It also held that such provisions could be a part of bilateral agreements but they can’t be allowed in a multilateral agreement.

Tags:

EU, Canada sign CETA

The European Union (EU) and Canada have signed Comprehensive Economic and Trade Agreement (CETA), a landmark trade deal.

The deal was signed by Canadian Prime Minister Justin Trudeau and top European Union officials in Brussels, Belgium. Now all 28 European Union states are required to endorse it.

What is Comprehensive Economic and Trade Agreement (CETA)?

  • CETA is a free free-trade agreement (FTA) between Canada and the EC. It aims to revoke roughly 9,000 tariffs, covering many industrial goods and agricultural and food items.
  • It links single European Union market with Canada, world’s 10th largest economy. It will add around €11.6 billion to the EU economy and around €8.2 billion to Canada’s economy
  • It also promises to open up competition and cooperation in the services sector ranging from regulations, to financial services, and telecoms.
  • It remove customs duties, open-up the services market, end restrictions on access to public contracts, offer predictable conditions for investors and help prevent illegal copying of EU innovations and traditional products.

Tags:

EU, Turkey Agreement to tackle migrant crisis comes into effect

The agreement between the European Union (EU) and Turkey to tackle the migrant crisis has formally come into effect.

Under this agreement, migrants arriving in Greece will be sent back to Turkey if their asylum claim is rejected.

Key features of agreement

  • All irregular migrants into Greece crossing from Turkey from 20 March 2016 will be sent back. Henceforth migrants’ arrival will be individually assessed by the Greek authorities.
  • The EU will resettle Syrian migrant for each Syrian returned to Turkey. In this case priority will be given to those who have not tried to illegally enter the EU.
  • By June 2016, it will be mandatory for Turkish nationals to have access to the Schengen passport-free zone. It will not be applicable to non-Schengen countries like Britain.
  • The EU is to speed up the allocation of €3 billion ($3.3 billion) in aid to Turkey to help migrants’ crisis.
  • Both signatory sides have agreed to re-energise Turkey’s bid to join the European Union (EU) bloc. In this regard formal talks will begin in July, 2016.

Since January 2015, millions of migrants and refugees have entered the EU by boat from Turkey to Greece via Mediterranean Sea route. Thousands are stuck in Greece as their route north has been blocked. This deal ensures Turkey, which houses nearly 3 million Syrian refugees to get financial aid.

Tags:

Advertisement

12345...8