International Trade Current Affairs - 2019
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US President Donald Trump announced that USA will not abide by and will never ratify Arms Trade Treaty (ATT), a UN treaty aimed at regulating global arms trade.
Arms Trade Treaty (ATT)
With aim of regulating international trade in conventional arms (from small arms to battle tanks, combat aircraft and warships), it was entered into force in 2014. It establishes common standards for international trade of conventional weapons so as to reduce illegal arms trade.
The member nations are required to keep records of international trade of weapons and prohibit cross-border shipments that can be used for human rights violations or attacks on civilians. It was originally signed by 130 countries but currently only 101 have ratified and joined it. India is not a signatory.
Arguments by US
ATT is misguided and is encroachment on US sovereignty. It does not place any restrictions on types or quantities of arms bought, sold, or possessed by states. It also does not impact state’s domestic gun control laws or other firearm ownership policies.
India was the focus country of 87th Izmir International Trade Show held in Izmir, third most populous city in Turkey, after Istanbul and Ankara from 7th to 11th September, 2018. Trade Promotion Council of India (TPCI) had led 75-member Indian delegation for this trade show.
Source India pavilion
In this tradeshow, India also had displayed mega business standalone pavilion ‘Source India’. This pavilion had hosted 75 Indian companies with aim of tie-ups in order to increase India’s exports to Turkey and other neighbouring countries. It had showcased multi-product pavilion, including companies displaying products like ceramics, cereals and mechanical appliances. This pavillion was part of series of Source India pavilions that TPCI is hosting in important tradeshows across the world for boosting India’s exports.
TPCI: It is trade and investment promotion organization of Department of Commerce, Union Ministry of Commerce & Industry. It works to open new areas for co-operation in trade and investment between India and rest of the world.