Trade Current Affairs - 2020

India-Central Asia Business Council launched in New Delhi

The Ministry of External Affairs along with FICCI (Federation of Indian Chambers of Commerce and Industry) recently launched the India-Central Asia Business Council. They were joined by 5 countries namely Tajikistan, Uzbekistan, Turkmenistan, Kazakhstan and Kyrgyz Republic. The Council will act as a common platform for the businesses of Central Asia and India.


According to the External Ministry trade between the countries stand at 2 billion USD. The Council discussed on making the Chabahar port commercially attractive. The Council will also aim at promoting trade and investment between India and the four countries. They will focus on oil and gas, renewable and non-renewable energy, life sciences, pharmaceutical, agro-food processing, IT, urban infrastructure, tourism and transport.


The Council is the outcome of India and Central Asia Dialogue that was held in Samarkand, Uzbekistan in 2019. The Dialogue and the Council formed are part of India’s Central Asia Policy. Under Central Asia Policy India aims to build strong political relations and will aim to strengthen security cooperation.

Corona virus: WHO increases global risk from moderate to high

On 27 January, 2020, the World Health Organization arrived in China to discuss the ways the Corona Virus is spreading. The death toll due to the virus has reached 106 and around 4,000 people have been infected so far.


The WHO had earlier reported that the spread of the virus is moderate. However, it has now changed its status of risk of the virus as “high”.

Spread of the Virus

The virus has spread to France, China, Canada, US, Japan, Thailand, Sri Lanka. In India, an Indian medical student (Rajasthan) who recently travelled from China has been quarantined.

Effects of the virus

Several countries like US, Canada, India, France have warned against travel to China. The Global stocks have fell down and Chinese Yuan has dipped to its weakest level in 2020. The oil prices have hit a three-month low as China is making moves to keep its citizens at home. China has extended its Lunar New Year holiday to restrict people mobility in the country.

Chinese New Year

The Chinese follow a lunisolar calendar. The first day of the Chinese New Year always begins as a New Moon Day. The Lunisolar calendar divides a year into 24 solar terms.