International Trade Current Affairs - 2020

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8th Foundation Day of Land Port Authority of India held in New Delhi

On March 2, 2020, the eighth foundation day of the Land Port Authority of India was celebrated. The event discussed various aspects of land ports such as cargo operations at Integrated Check Ports and other border infrastructure.

Land Port Authority of India

The Land Port Authority of India is responsible for managing border infrastructure. It creates, upgrades and maintains the integrated check posts and also border infrastructure.

The Inland Custom Ports and Kartarpur Sahib Corridor were also constructed by Land Port Authority of India.

Functions

The Authority works to provide secure and efficient systems of cargo and passenger movements across international borders. It also works to reduce the dwell time and trade transaction time and costs. It promotes people-to-people contact.

Legislation

The Land Port Authority of India is a statutory body. It was established under Land Ports Authority of India Act, 2010. Under the act, it has powers to undertake joint ventures to discharge its functions. It functions under Ministry of Home Affairs.

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India International Trade Fair Begins

The 39th India International Trade Fair is to begin in New Delhi on November 14, 2019. Around 25,000 people are expected to visit the fair.

Theme: “Ease of Doing Business”

The theme is inspired from India’s 63rd rank in the World Bank’s Ease of Doing Business.

Highlights

  • The Fair is to serve as a convergence point for the government agencies, non-government institutions and private sector enterprises
  • Countries including Vietnam, UK, Turkey, Tunisia, Thailand, Nepal, Myanmar, Iran, Indonesia, Hong Kong, Egypt, China, Bhutan, Bangladesh, Australia and Bahrain are to participate in the fair
  • The preferences are given to Bihar and Jharkhand states this year
  • The fair is to offer equal opportunities to large corporations, MSME, artisans and self-help groups to promote their products

Significance

  • With India growing as a hotspot of startups, giving equal opportunities to them in these fairs will boost their growth and eventually will boost the growth of the economy. Such steps by the government shows the importance given to the startups in its governing actions. These steps fetch an increased growth rate predictions for the country in 2020-21 by organizations like IMF, World Bank, G20 though they pin down the current growth rate of the country
  • With increased importance to artisans and MSME along with large corporates will help boost GoI recent schemes aiming on increasing exports and reducing imports especially in the field of handicrafts.

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