International Current Affairs - 2019
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.
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India has announced an immediate humanitarian assistance of $1 million to help people in The Bahamas affected by Hurricane Dorian. The disaster relief aid extended by India signifies that it stands in solidarity with The Bahamas in this difficult time.
Hurricane Dorian has caused a large scale destruction in The Bahamas.
As per reports, the death toll from naural calamity has risen to over 40 and is likely to increase even more, even as search and rescue teams are still trying to reach out to Bahamian communities isolated by floodwaters and debris in wake of Hurricane Dorian.
About Hurricane Dorian
It was an extremely powerful and destructive Category 5 hurricane. It was the first major hurricane of 2019 Atlantic hurricane season.
The hurricane devastated northwestern Bahamas, caused catastrophic damage to Grand Bahama and Abaco Island and also caused significant damage to Southeastern United States and Atlantic Canada.
About The Bahamas
It is a country within Lucayan Archipelago (or Bahama Archipelago), in Caribbean. Bahama Archipelago is an island group that comprises of Commonwealth of The Bahamas and British Overseas Territory of Turks and Caicos Islands.
It is located on the northwestern edge of West Indies.
The Bahamas was formerly a British colony and became an independent country within the Commonwealth in 1973.
The 7th Regional Comprehensive Economic Partnership (RCEP) ministerial meeting of 10 members of ASEAN countries and their six FTA (free trade agreement) partners is being held in Bangkok, Thailand from 8-10 September 2019.
Key Highlights of Meet
Participants: Along with 7th RCEP Ministerial Meeting 7th East Asia Economic Ministers Summit and 16th ASEAN India Economic Ministers (AEM) meeting are also being held in Bangkok from 8-10 September 2019, which will be attended by Economic Ministers and senior leaders of 10 ASEAN member countries and 8 East Asia Summit (EAS) countries. EAS meeting will discuss regional and global economic developments and ASEAN’s outlook on Indo-Pacific regions.
Union Minister of Commerce & Industry and Railways, Piyush Goyal is representing India at the meet. He will also hold bilateral meetings with his counterparts from Russia, Japan, China, Singapore, Indonesia, Thailand, Australia, New Zealand.
Discussion and Deliberations:
Participants emphasized that the ongoing global uncertainties have added to urgency to conclude mega free trade agreement (FTA) between these nations.
As per the joint statement issued after the meeting, which reviewed RCEP negotiations on 8 September (in Bangkok), the 16 negotiating partners agreed that they should not lose long-term vision of deepening and expanding value chains in RCEP.
Matters related to promotion of trade and investment among partner countries will be discussed in India ASEAN AEM and EAS-EMM meetings.
India’s engagement with ASEAN is at core of ‘Act East’ policy of India. ASEAN is the gateway to Indian Ocean region (IOR) and as close partners, there is convergence of views in India’s and ASEAN outlook in region.
Trade and investment relations: India and ASEAN’s trade relation continue to grow as India’s bilateral trade jumped threefold from $21 billion in 2005-06 to $96.7 billion in 2018-19. Also, in 2018-19 ASEAN countries together emerged as largest trading partner of India (followed by USA), with a share of 11.47% in India’s overall trade on the other hand India was ASEAN’s 6th largest trading partner in 2018.
Investment flows between Indian and ASEAN are also substantial. In between April 2018 to March 2019 the Foreign Direct Investment (FDI) inflows into India from ASEAN was about $16.41 billion (which is about 36.98 % of total FDI flow into India) and FDI inflows from India to ASEAN in 20018 amounted to $1.7 billion, placing India as ASEAN’s 6th largest source of FDI.
About Regional Comprehensive Economic Partnership (RCEP)
It is a proposed free trade agreement (FTA) between 10 member states of Association of Southeast Asian Nations (ASEAN) and its 6 free-trade agreement (FTA) partners- India, China, Japan, South Korea, Australia and New Zealand. ASEAN members countries are Cambodia, Brunei, Indonesia, Vietnam, Laos, Malaysia, Philippines, Singapore, Thailand and Myanmar.
RCEP negotiations were formally launched in November 2012 at ASEAN Summit held in Cambodia.
Tags: 16th ASEAN India Economic Ministers (AEM) meeting • 7th East Asia Economic Ministers Summit • 7th RCEP Ministerial Meeting • Bangkok • India-ASEAN • nion Minister of Commerce & Industry and Railways • Piyush Goyal • Regional Comprehensive Economic Partnership • Thailand