Paris Current Affairs - 2019

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INSTEX : Iran Trade Promotion Plan

INSTEX acronym of Instrument in Support of Trade Exchanges is a project of the three governments of UK, France and Germany to bypass US sanctions on Iran.

INSTEX

INSTEX is a special payment system which will help to save the Iran nuclear deal by allowing Tehran to keep trading with EU companies despite Washington re-imposing sanctions.

INSTEX is registered at Paris with an initial 3,000 Euros in the capital and a supervisory board with members from France and Germany and chaired by the UK. INSTEX will support legitimate European trade with Iran, focusing initially on the sectors most essential to the Iranian population such as pharmaceutical, medical devices and agri-food goods. INSTEX is primarily aimed at small and medium-sized companies.

In future, INSTEX will also be opened to third countries wanting to trade with Iran. INSTEX to be operational requires Iran to set up a parallel structure of its own.

Protecting against US Sanctions

INSTEX would receive payments from companies that want to trade with Iran, either by receiving waivers for oil imports or permissible trade in goods like food and medicine. As a result, there would be no direct transfer of funds between Iran and European companies. This would theoretically insulate firms from U.S. penalties.

Month: Categories: InternationalUPSC

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Paris Pact on Water and Climate Change Adaptation announced

Paris Pact on Water and Climate Change Adaptation has been announced by a broad coalition of nations, river basin organizations, business and civil societies from across the globe.

It was announced during the on-going 2015 United Nations Climate Change Conference, Conference of Parties (COP-21) in Le Bourget, Paris, France.

The announcement was made as part of the Water Resilience Focus event under the Lima to Paris Action Agenda (LPAA) on climate change.

Paris Pact on water and climate change adaptation

  • Aims to make water systems which are very foundation of sustainable human development more resilient to climate change impacts.
  • It involves a wide geographic coalition of national and cross-border river basin organisations along with governments, local governments, funding agencies, companies and civil society
  • Highlights other key partnerships and coalitions to make river basins, aquifers, lakes and deltas more resilient to climate change and reduce human interference with oceans.
  • It encompasses individual commitments to implement adaptation plans, strengthening water monitoring and measurement systems in river basins.
  • It also seeks at promoting financial sustainability and new investment in water systems management.

It was signed by almost all countries and have committed for over one billion dollars. India also has agreed to contribute 20 million dollars to build climate resilience through improved groundwater management.

About Lima to Paris Action Agenda (LPAA)

  • The LPAA on climate change is a joint undertaking of the Peruvian and French COP (conference of parties) presidencies, UNFCCC Secretariat and the Office of the Secretary-General of UN.
  • Aims to strengthen climate action through 2015 and beyond by mobilizing robust global action towards low carbon and more climate resilient societies.
  • It seeks to provide enhanced support to the existing initiatives and help to mobilize new partners by providing them a common platform for the visibility of their commitments, actions and results in the run up to COP21.

Month: Categories: Environment

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