International Organisations Current Affairs

India to join Global Foreign Exchange Committee

India will soon join Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent foreign exchange (Forex) market.

The committee has been set up under guidance of the Bank for International Settlements (BIS), an international financial organisation.

About Global Foreign Exchange Committee (GFXC)

The GFXC was established in London during a meeting in May 2017 of public and private sector representatives from the foreign exchange committees (FXCs) of 16 international forex trading centres.

The newly expanded and formalised GFXC, replaces a similar but more informal organisation of eight FXCs from Australia, Euro area, Canada, Hong Kong, Japan, Singapore, UK and US. It will now also include representatives from existing, or soon to be established FXCs or similar structures in China, India, Brazil, Korea, Mexico, South Africa, Sweden and Switzerland.

The objectives GFXC: (i) Promote collaboration and communication among the local FXCs and non-GFXC jurisdictions with significant FX markets (ii) Exchange views on trends and developments in global FX markets, including on the structure and functioning of those markets, drawing on information gathered at the various FXCs; (iii) Promote, maintain and update on a regular basis the FX Global Code (the Code) and consider good practices regarding effective mechanisms to support adherence.

It will also maintain and update ‘Global Code of Conduct for the Foreign Exchange Markets’ issued by Bank for International Settlements (BIS). 

Bank for International Settlements (BIS)

BIS is an international financial organisation owned by 60 member central banks, representing countries from around the world including India. It fosters international monetary and financial cooperation and serves as a bank for central banks. It carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. Its headquarter is in Basel, Switzerland.

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Union Cabinet approves Collaboration Agreement to support Belmont Forum Secretariat

The Union Cabinet has given its approval for signing of the Collaborative Agreement with French National Research Agency (ANR), France.

The MoU will be signed for supporting the Belmont Forum Secretariat from January, 2015 to December, 2017 at a total estimated expenditure of 40,000 Euros. The Cabinet also approved continued financial support to Belmont Forum Secretariat beyond 2017.

About Belmont Forum

  • Belmont Forum is a high level group of the world’s major and emerging funders of global environmental change research and international science councils. It was established in 2009.
  • It aims to accelerate delivery of the environmental research needed to remove critical barriers to sustainability by aligning and mobilizing international resources.
  • It provides an opportunity to identify study and deliver international environmental research priorities through trans­national research collaboration between natural and social scientists.
  • Members: India, Australia, Brazil, Canada, European Commission, France, Germany, Japan, Netherland, South Africa, UK and US etc. India is represented by the Union Ministry of Earth Science (MoES) since 2012.
  • Belmon Secretariat: It is hosted by one of the Belmont forum member on rotational basis. ANR, France is hosting the Secretariat from January, 2015 to December, 2017.
  • Expenditure for hosting the Secretariat is borne by Belmont Forum member countries in kind or cash contribution.
Comment

The signing of the MoU will help to maintain a certain degree of continuity in the operations of the Belmont Forum and also help in smooth coordination of the activities of it.  Indian scientific community will ultimately benefit from this agreement as India already is participating in four Collaborative Research Actions (CRAs) of the Forum.

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