Current Affairs – October, 2016

Latest Current Affairs October, 2016 with Current Affairs, news summary on current events of National and International importance of October, 2016 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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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.

Union Government reconstitutes Inter-State Council

The Union Government has reconstituted the Inter State Council (ISC) and the Standing Committee of the ISC under Clause 2 of the Inter State Council order,1990.

The Inter-State Council is a constitutional body to facilitate coordination between states and the centre. It will be headed by the Prime Minister Narendra Modi.

Composition of reconstituted Inter State Council (ISC)

  • Members: Chief Ministers of all states and Union Territories (having legislative Assembly), Six Union Ministers.
  • Besides, administrators of Union Territories which do not have legislative Assembly are also members of the Council.
  • Six Union Ministers: Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Defence Minister Manohar Parrikar, External Affairs Minister Sushma Swaraj, Minister for Information and Broadcasting M Venkiah Naidu and Road Transport Highways and Shipping Minister Nitin Gadkari.

The Standing Committee of the Inter State Council will be headed by Union Minister of Home Affairs Rajnath Singh

What is the inter-state council?

  • The Inter-State Council is a constitutional body to facilitate coordination between states and the centre.
  • It is a recommendatory body to investigate and discuss subjects, in which some or all of the states or the Central government have a common interest.
  • It is set up on the basis of provisions in Article 263 of the Constitution of India by a Presidential Order, 1990 based on the recommendation of Sarkaria Commission.

Not a permanent constitutional body

The Inter-state council is not a permanent constitutional body for coordination between the states and Central government. Rather, President can establish it at any time if it appears to him that the public interests would be served by the establishment of such a council.

What is the composition of the inter-state council?

The Council is headed by Prime Minister (Chairman).  Besides, Chief Ministers of all states and UTs (having legislative Assembly) are its members. Six Union ministers of cabinet rank nominated by the Prime Minister are also members.

For more information: Inter-state council