International Grouping Current Affairs - 2020

India to attend G20 Digital Ministers Meet

On July 22, 2020, the Union Minister of Information Technology Shri Ravi Shankar Prasad is to attend G20 Digital Ministers’ Meet.

Highlights

The Digital Economy Ministers Meet is hosted by Saudi Arabia. The Saudi Arabia Presidency has chosen the theme as

Theme: Realizing Opportunities of the 21st century for all

Under the theme, the ministers representing the G20 member countries will discuss the following

  • Empowering people by creating conditions where all people especially the youth and women can live, work and thrive
  • Safeguard the planet by fostering collective efforts to protect our global commons
  • To shape new frontiers by adopting long term strategies and share innovation and technological advancements.

G20

In order to achieve global economic growth, countries contributing more than 80% of global GDP came together in 2009 for international economic cooperation. The leaders met at Pittsburg. They held s Summit on Financial Markets and world Economy. It is now known as G20 Summit.

India revives Preferential Trade Agreement with South African Customs Union

The South African Customs Union (SACU) comprises of South Africa, Namibia, Lesotho, Botswana and Eswatini. India and the South African Customs Union held a virtual meeting to discuss the aspects of Preferential Trade Agreement.

Highlights

India during the meet revived its Preferential Trade Agreement with the grouping. Under the PTA, India is supporting manufacturing and industries in the countries. This mainly includes agriculture, irrigation, ICT, renewables, pharmaceuticals.

The trade between India and Africa as a whole is 66.7 billion USD. Of this, India and SACU trade stands at 10.9 billion USD.

India-Namibia

The bilateral trade between India and Namibia in 2018-19 was 135.92 million USD. Namibia is rich in Uranium, copper, phosphates, diamonds, copper.

India-South Africa

The trade between India and South Africa stood at 10, 584 million USD in 2018-19. The exports from India to South Africa includes drugs, transport equipment, pharmaceuticals, footwear, dyes, gems, jewellery, textiles and rice.