International Current Affairs 2018
Latest International Current Affairs 2018 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 2018. A PDF compilation of latest 300 updates can be downloaded from This Link
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The British Parliament has rejected the Brexit deal proposed by the Prime Minister Theresa May. The British House of Commons voted 432 -202 against the deal struck between Britain’s government and the EU in November.
The conservative objectors who were supporters of Brexit have also voted against the deal fearful of the “backstop” provisions. As per the Backstop provisions, Britain would leave the EU in March 2019, single market in December 2020, but stay in the customs union for longer.
The Backstop provisions would keep trade rules between the world’s fifth-biggest economy and its largest export market almost unchanged for a transition period running to the end of 2020. The conservatives fear that these provisions would keep the UK too closely bound by EU regulations.
The UK has now three options to choose from since UK is bound to leave EU by March. The options are:
- UK can now to reach to EU to further modify the agreement. But this doesn’t seem likely because EU leaders have made it clear that it was the best compromise available.
- The other option is the exit without any deal. This would be a doomsday scenario which would trigger a massive recession in Britain and markedly slow the European Union’s economic growth. This doomsday scenario would become inevitable if British parliament votes against the deal
- There could be another referendum on Brexit deal in Britain. Demands for another referendum is also gaining momentum since the previous one favoured the Brexit with a narrow 52 to 48 per cent
The best possible practical option which is now doing rounds in Britain is to extend Britain’s departure date. But the EU diplomats warn that extension would only be for a few months.
The Global Risks Report 2019 of the World Economic Forum (WEF) describes changes occurring in the global risks landscape from year to year and identifies global catastrophic risks. The report also examines the interconnectedness of risks and considers how the strategies for the mitigation of global risks might be structured.
Findings of the Report
The Global Risks Report 2019 was prepared based on the survey of nearly 1,000 experts and decision-makers from across the world. The findings of the Global Risks Report 2019 are:
- The top-five risk trends identified by the Survey are changing climate; rising cyber dependency; increasing polarisation of societies; rising income and wealth disparity; and increasing national sentiment.
- The list of biggest risks to likelihood is topped by extreme weather events such as floods and storms, followed by failure of climate-change mitigation and adaptation, major natural disasters like earthquake, tsunami, volcanic eruption and geomagnetic storms; the massive incident of data fraud/theft; and large-scale cyber attacks.
- The top-five risks by impact, facing the world are weapons of mass destruction; failure of climate-change mitigation and adaptation; extreme weather events; water crises; and major natural disasters.
- Rising geopolitical and geo-economic tensions are the most urgent risk in 2019.
- A darkening economic outlook partly due to geopolitical tensions would further reduce the potential for international cooperation in 2019.
- Environmental degradation is the long-term risk that defines the present age and four of the top five most impactful global risks in 2019 being related to climate.
- Rapidly evolving cyber and technological threats are the most significant potential blind spots. The world is still not fully appreciating the vulnerability of networked societies.
- The report warns about growth in 2019 getting held back by continuing geo-economic tensions, with 88 per cent of respondents expecting further erosion of multilateral trading rules and agreements.
The report calls to renew the architecture of international cooperation for tackling the global trade and economic growth risks. The report presses on the need of coordinated, concerted action to sustain growth and to tackle the grave threats facing the world today.