Economy. International Grouping Current Affairs - 2019

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PM Modi to attend BRICS

PM Modi is to attend the 11th BRICS summit that is to be conducted in Brazil on November 13, 2019.  He will be accompanied by a large business delegates during the visit. The theme of 2019 BRICS summit is Economic Growth for an Innovative Future

Highlights

  • PM is to attend restricted sessions during the visit. The sessions will focus on opportunities and challenges for the national sovereignty in the world.
  • BRICS Plenary session is to be held where the leaders are to discuss BRICS cooperation for economic development of member nations
  • Meeting of BRICS Business Council is also planned during the summit. During the session the MoUs between the BRICS countries and Investment Promotion agencies are to be signed
  • A joint Declaration will be issued at the end of the summit.

About BRICS

BRICS comprises of 5 major economies namely Brazil, Russia, India, China and South Africa. The member countries of BRICS grouping hold 42% of world’s population, 17% of world trade and 23% of world GDP. In 2018, BRICS commemorated its 10th anniversary in Johannesburg. The two main pillars of BRICS are

  • It helps to consult on issues of mutual interests through meetings
  • Also it helps to promote several sectors like agriculture, education, health, finance, trade, technology and communication.

ASEAN leaders sign declaration for launching ASEAN Economic Community

Association of Southeast Asian Nations (ASEAN) leaders have signed a declaration for launching ASEAN Economic Community (AEC) which would be similar to European Union (EU)-style regional economic bloc.

In this regard, Kuala Lumpur declaration on the establishment of the AEC was signed by the leaders of 10-nation grouping chaired by Malaysian Prime Minister Najib Razak at its 27th Summit held in Kuala Lumpur, Malaysia.

It was signed in front of world leaders including Indian Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.

About ASEAN Economic Community

  • AEC would make ASEAN a single market with a free flow of goods, capital and skilled labour in the region.
  • Integrate Southeast Asia’s diverse 10 economies which has combine population of 620 million people and a combined gross domestic product (GDP) of 2.4 trillion US dollars.
  • Abolish tariffs on imports within the bloc member countries and promote the liberalization of service industries such as retailing and tourism.
  • Calls for more free movement of and skilled labour within the region including of doctors, architects and others with special skills.
  • Focus on creating an integrated and well-connected economy of ASEAN member countries which would be business-friendly, trade-facilitative and market-driven.
  • The new economic bloc will be launched in December 2015 and would make ASEAN’s growing GDP, 4th-biggest in the world.

ASEAN 2025 declaration

Apart from this AEC, ASEAN leaders also adopted the declaration on “ASEAN 2025, forging ahead together”. The ASEAN 2025 document charts the path for building AEC over the next 10 years.

The declaration calls for ASEAN members to work towards building a community that is politically cohesive, economically integrated and socially responsible. ASEAN 2025 declaration calls to work with external partners to strengthen cooperation in combating non-traditional security challenges like terrorism, human trafficking, drug related crimes and maritime issues through various initiatives and projects.

About Association of South East Asian Nations

  • ASEAN is a group of 10 South Asian nations which was brought into existence on August 8, 1967 after ASEAN declaration (also known as Bangkok declaration).
  • Motto: “One Vision, One Identity, One Community”
  • 10 Members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
  • Founder countries of ASEAN were: Malaysia, Indonesia, Singapore, Philippines and Thailand
  • Enlargement: The group was expanded by adding 5 more nations which are Brunei Darussalam, Lao PDR, Cambodia, Myanmar and Vietnam. Cambodia was the latest entry in the group in 1999.