International Current Affairs - 2020

Latest International Current Affairs 2019 with news summaries and current events in International developments, geopolitical, organizations, groupings and fora related updates for India and world with all important national news updates and events for the year 2019.

India and China celebrate their 70th anniversary of Diplomatic Relations

India and China postponed all the events planned to celebrate the 70th anniversary of their diplomatic relations due to the COVID-19 pandemic. However, the leaders exchanged congratulatory messages.

Highlights

India was the first non-communist country in Asia to establish diplomatic relations with People’s Republic of China. Today the countries have strong trade relations despite of small irritants like border issues. In 2019, India-China trade reached 90.1 billion USD. Also, India has been pressing China to open its markets for Indian pharmaceuticals and IT companies. This is being done by India to reduce the trade deficit of 57 billion USD with China.

Informal Summit

In November 2019, as a part of commemorating 70 years of diplomatic ties, the countries agreed to finalise 70 activities. This was done during the Second Informal summit of President Xi Jing Ping and PM Modi. The 70 celebrated activities included trade promotion events, military exchanges and cultural and religious activities.

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G20 Finance Ministers Meet: Nirmala Sitaraman represents India

On March 31, 2020, Nirmala Sitaraman represented India to attend the second G20 Finance Minister Meet. The virtual meet was chaired by Saudi Arabia.

Highlights

During the first Extraordinary Virtual meet, the finance ministers of the member countries decided to meet on a regular basis. The ministers are currently in the process of framing a “G20 Action Plan” in response to COVID-19.

Suggestions made by India

India made prompt interventions to review using IMF toolkits. Rather, India suggested to develop indigenous tool kits. India also suggested to make bilateral swap arrangements.

Background

The G20 leaders recently met under the chairmanship of the Saudi king. PM Modi represented India at the video conferencing. The leaders pledged to invest 5 trillion USD into the Global Economy. This was done to reduce the global recession induced by the Lock Down imposed in several countries due to the threat of COVID-19.

Later a ministerial level video conferencing was held that was attended by Union Minister Piyush Goyal. India pushed for affordable access to drugs during the meet.

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