Current Affairs – October, 2018

Latest Current Affairs October, 2018 with Current Affairs, news summary on current events of National and International importance of October, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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First India-US tri-services exercise to be held in 2019

The first India-United States tri-services exercise is likely to take place in 2019 in India. It will include all services of both countries and talks are on to include special forces. US will second country after Russia with whom India conducts tri-services exercise.

Key Facts

The Indo-US joint tri-services drill was formally announced after first 2+2 dialogue between principals of External Affairs and Defence Ministries of two countries which was held in New Delhi in September 2018. The drill will focus on United Nations-based scenario and overarching mission of humanitarian assistance, disaster relief measure. It will be also in line with India’s ambition of being natural humanitarian disaster relief hub in the Indo-Pacific region.

Background

The three forces of India and US already take part in multiple bilateral exercises separately. Moreover, armies of both countries are also participating in annual drill called Yudh Abyaas, whose latest edition took place in September 2018, and Air Forces take part in bilateral drill called Cope India. Navies of both countries also participate in exercise called Malabar which also involves Japan. But this will be first time, three services of India and US will participate in drill together. Indian Army has Para SF, Navy has Marcos while Air Force has Garud as their respective special forces.

6th RCEP Inter-sessional Ministerial Meeting held in Singapore

The 6th Interregional Ministerial Meeting of Regional Comprehensive Economic Partnership (RCEP) was held in Singapore. The meeting was reviewed after 6th RCEP ministerial meeting held in August 2018. In this meeting, all partner countries agreed to finalize trading deal by the end of this year. From Indian side, Minister of State (MoS) for Commerce & Industry and Consumer Affairs, Food and Public Distribution C. R. Chaudhary had attended the meeting.

Regional Comprehensive Economic Partnership (RCEP)

RCEP is a proposed proposed free trade agreement (FTA) or comprehensive regional economic integration agreement between the 10-ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, New Zealand, India, China, Japan and Korea).

The negotiations for this mega trade deal were formally launched at 2012 ASEAN Summit in Cambodia. It aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights under its ambit.

Till 2017, 16 RCEP member states accounted for population of 3.4 billion people with total GDP (in terms of PPP) of $49.5 trillion, approximately 38% of the world’s GDP (combined GDPs of China and India makes up more than half that amount) and 29% of world trade.

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