International Organisations Current Affairs

Nobel Peace Prize 2017 awarded to International Campaign to Abolish Nuclear Weapons

Norwegian Nobel Committee has selected Geneva-based International Campaign to Abolish Nuclear Weapons (ICAN), a coalition of non-governmental organisations from over 100 countries around globe for 2017 Nobel Peace Prize.

The Norwegian Nobel Committee honoured ICAN for its decade-long campaign to get rid the world of atomic bomb and for its work to draw attention to catastrophic humanitarian consequences of any use of nuclear weapons and its ground-breaking efforts to achieve treaty-based prohibition of such weapons.

International Campaign to Abolish Nuclear Weapons (ICAN)

ICAN is a global civil society coalition of 468 partner organizations from 101 countries working to promote adherence to and full implementation of Treaty on Prohibition of Nuclear Weapons. It is a leading civil society actor which has taken efforts to achieve a world without nuclear weapons. Its headquarters are in Geneva, Switzerland.

ICAN’s mission is to shift disarmament debate to focus on humanitarian threat posed by nuclear weapons, draw attention to their unique destructive capacity, their catastrophic health and environmental consequences, debilitating impact of detonation on medical infrastructure and relief measures and long-lasting effects of radiation on surrounding area.

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India to join Global Foreign Exchange Committee

India will soon join Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent foreign exchange (Forex) market.

The committee has been set up under guidance of the Bank for International Settlements (BIS), an international financial organisation.

About Global Foreign Exchange Committee (GFXC)

The GFXC was established in London during a meeting in May 2017 of public and private sector representatives from the foreign exchange committees (FXCs) of 16 international forex trading centres.

The newly expanded and formalised GFXC, replaces a similar but more informal organisation of eight FXCs from Australia, Euro area, Canada, Hong Kong, Japan, Singapore, UK and US. It will now also include representatives from existing, or soon to be established FXCs or similar structures in China, India, Brazil, Korea, Mexico, South Africa, Sweden and Switzerland.

The objectives GFXC: (i) Promote collaboration and communication among the local FXCs and non-GFXC jurisdictions with significant FX markets (ii) Exchange views on trends and developments in global FX markets, including on the structure and functioning of those markets, drawing on information gathered at the various FXCs; (iii) Promote, maintain and update on a regular basis the FX Global Code (the Code) and consider good practices regarding effective mechanisms to support adherence.

It will also maintain and update ‘Global Code of Conduct for the Foreign Exchange Markets’ issued by Bank for International Settlements (BIS). 

Bank for International Settlements (BIS)

BIS is an international financial organisation owned by 60 member central banks, representing countries from around the world including India. It fosters international monetary and financial cooperation and serves as a bank for central banks. It carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. Its headquarter is in Basel, Switzerland.

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