International Trade: GK, Current Affairs, Questions, Trivia and News

UNCITRAL Model Law for Crossborder Insolvency Resolution

A committee set by the Ministry of Corporate Affairs has recommended the UNCITRAL model law for cross-border insolvency resolution. The committee makes the following recommendations for addressing the cross-border insolvency: Adopting the UNCITRAL or United Nations Commission on International Trade Laws on cross-border insolvency. The UNCITRAL model law envisages a balance between liquidation and reorganization ..

New Delhi is organizing 2019 World Trade Organisation (WTO) ministerial meeting of developing countries

On 13th May 2019, the World Trade Organisation (WTO) ministerial meeting of developing countries has started in New Delhi. The two-day meeting is being held at a time when the multilateral rule-based-trading system is facing serious and grave challenges. The meeting will provide an opportunity for the Ministers to discuss various issues and the way ..

India and Peru held the 4th round of FTA

India and Peru have held the 4th round of negotiations for a proposed Free Trade Agreement (FTA) in Lima, Peru. The agreement is aimed to boost the 2-way commerce between both the countries. Both the countries have negotiated a trade agreement covering goods, services, investment, movement of professionals, investments, dispute settlement, technical barriers to trade, ..

India’s Rising Trade Imbalance

The Free Trade Agreement (FTA) refer to the cooperation between at least two countries to reduce trade barriers like import quotas and tariffs to increase trade of goods and services with each other. How does FTA’s work? The free-trade agreement aims at reducing barriers to exchange so that trade can grow as a result of specialisation, division of labour, and most importantly ..

EU approves world’s largest free trade deal with Japan

On December 12, the European Parliament has approved the world’s largest free trade deal between Japan and the European Union (EU). The EU-Japan Economic Partnership Agreement will go into effect in February 2019. It will remove duties on almost all agricultural and industrial products as well as open up the service sector and procurement. It ..

Agriculture Export Policy, 2018

On 7th December, 2018 Union Cabinet has approved the Agriculture Export Policy, 2018. A Monitoring centre under the Ministry of Commerce would be established to oversee the implementation of the policy. Ministry of Commerce would be the nodal ministry for the implementation of the policy Need Government has committed to double the farmers income by ..

United States sign trade pact with Canada and Mexico to replace North American Free Trade Agreement (NAFTA)

The United States has signed trade pact with Canada and Mexico to replace the 24-year-old North American Free Trade Agreement (NAFTA) in Buenos Aires, Argentina. They signed an authorization for the deal on the sidelines of the Group of 20 (G20) summit 2018. The new US-Mexico-Canada Agreement (USMCA) has 34 chapters & is meant to ..

UNSC adopts Resolution 2428 to impose an arms embargo on South Sudan

The United Nations Security Council (UNSC) has adopted a resolution 2428 (2018) to impose an arms embargo on South Sudan. The measure will stop the flow of weapons to armed groups in the country. It is in addition to the current sanctions, till May 31, 2019. Under the terms of Resolution, all Member States must ..