9 September 2023 : Daily Current Affairs
Daily Current Affairs
9-September-2023
Daily Current Affairs For UPSC ,Daily Current affairs of The hIndu and Indian Express.
1) G20: History, purpose, significance of the world’s premier economic forum.
Topic: GS2-IR and Institutions
Context:
- Leaders of the world’s most powerful economies are meeting for the Group of 20 (G20) Heads of State and Government Summit in New Delhi on September 9-10.
- The Summit, the culmination of India’s year-long Presidency of the G20, will conclude with the adoption of a G20 Leaders’ Declaration.
What is the G20 and what does it do?
- The G20 comprises 19 countries — Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
- The G20 represents around 85% of global GDP, more than 75% of global trade, and is home to about two-thirds of the world’s population.
- Some of its major objectives are to:
- Coordinate policy among members to achieve global economic stability and sustainable growth.
- Promote financial regulations that reduce risks and prevent future financial crises.
- Create a new international financial architecture.
When and why was the G20 created?
- In 1997, some of the fastest-growing economies in East Asia were hit by the Asian financial crisis, which soon spread to Latin America.
- It was in the context of this crisis that the G22, G20’s earliest iteration, was set up in1998.
- In late 1999, the G20 was founded with its current composition as an informal forum for Finance Ministers and Central Bank Governors of its members to meet annually.
How does this group of 20 members work?
- The G20 is an informal grouping, which means it has no permanent secretariat or staff.
- The Presidency rotates annually among its members, and is responsible for bringing together the G20 agenda, organising its workings and hosting summits.
- The Presidency is supported by the two other members of the “troika”— the previous and incoming presidencies.
- India holds the Presidency from December 1, 2022, to November 30, 2023, and the troika comprises Indonesia (the previous Presidency), India, and Brazil (the incoming Presidency).
- The G20 is also informal in the sense that while its decisions are important, they are not implemented automatically.
- Rather, it is a forum where leaders discuss various issues and make pronouncements, which signal their intentions which are then implemented by relevant nations or international organisations (such as the World Trade Organization, etc.).
What does the Presidency of the G20 entail?
- The presidency is responsible for setting the G20 agenda for the year, which is done in consultation with other members, and in the light of pertinent global developments.
- The Presidency hosts various meetings and the G20 Leaders’ Summit, which is the culmination of all the work done by the group at lower levels through the year.
- It is in charge of all logistics, and provides the human and material resources to successfully conduct the workings of the forum for the year.
- It is the prerogative of the Presidency to send invitations to other guest countries and organisations to take part in G20 processes for the year. In short, the G20 Presidency is a major honour and responsibility, one which allows the country to determine the workings of the group for a year.
What is the theme of the G20 this year?
- The theme of India’s Presidency is “Vasudhaiva Kutumbakam—One Earth, One Family, One Future”, which is drawn from the wisdom of the Upanishads.
- “Essentially, the theme affirms the value of all life and human, animal, plant, and microorganisms and their interconnectedness on the planet Earth and in the wider universe,”.
- According to the government, “The G20 logo draws inspiration from the vibrant colours of India’s national flag. It juxtaposes planet Earth with the lotus, India’s national flower that reflects growth amid challenges.
- The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature.
2) India and US take their Washington pact forward in Delhi.
Topic: GS2-IR
Context:
- Prime Minister Narendra Modi and visiting US President Joe Biden made progress in a sweeping range of areas they had flagged last June starting from space research and cancer to critical tech and small modular nuclear reactors.
Details:
- Their 29-paragraph joint statement focused exclusively on the bilateral agenda.
- However, it made no mention of regional and global issues, counter-terrorism or situation in the neighbourhood including Afghanistan, Pakistan and Myanmar.
- While there was no mention of the Russia-Ukraine conflict, there was a reference to a “free, open, inclusive, and resilient Indo-Pacific” which was an oblique reference to China’s aggressive behaviour.
- On the GE jet engines deal, the leaders welcomed the completion of the Congressional Notification process and the commencement of negotiations for a commercial agreement between GE Aerospace and Hindustan Aeronautics Limited (HAL) to manufacture GEF-414 jet engines in India.
- On small n-reactors, both sides took the commitment forward by flagging “intensified consultations between the relevant entities.” Launching of the Initiative on Critical and Emerging Technology (iCET) as a major milestone in India-U.S relations, both sides decided on a midterm review of iCET in September 2023 and to work towards an annual review, co-led by the National Security Advisors of both countries, in early 2024.
- The new element this time was the decision to increase coordination on “planetary defence” and the protection of “Earth and space assets from the impact of asteroids and near-Earth objects.”
- An India-US Cancer Dialogue will be launched in November 2023 and the US-India health dialogue in October 2023 in Washington DC.
- India’s National Investment and Infrastructure Fund and the US Development Finance Corporation exchanged letters of intent to provide up to $500 million towards an investment fund.
3) Philippines and Australia upgrade ties to strategic partnership
Topic: GS2-IR, Prelims
Context:
- Australia and the Philippines on agreed to hold annual defence ministers’ meetings as the two nations upgraded bilateral ties to a strategic partnership amid rising security challenges in the region, including in the South China Sea.
What is meant by strategic partnership?
- A strategic partnership between two nations, though not a clearly defined term, is understood as referring to a bilateral partnership in strategic issues such as defence and security, but is not an actual alliance.
- It is a relationship more important than others, and may include economic interests as well, such as trade, investment, and banking.
- A strategic partnership offers avenues of further convergence in the designated issues, in case the geopolitical scenario changes or there is an increase in the geostrategic significance of the partner nation.
Asian Flashpoint:
- China and the Philippines, along with Vietnam, Malaysia, Taiwan and Brunei, have been locked in a decades long territorial standoff in the disputed waterway.
- It’s a key passage way for global trade and is regarded as an Asian flashpoint.
- The Philippines sought the arbitration after China forcibly took control of a disputed shoal after a tense 2012 sea standoff.
- China did not participate in the arbitration, rejected its outcome as a sham, and continues to violate it.
For Enquiry
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