Trade Deficit Current Affairs, GK & News

Why did India not sign the world largest RCEP trade deal?

On November 15, 2020, China and other fourteen Asian countries signed the world largest trade pact under the RCEP of ASEAN grouping. The agreement left the doors open for India. However, in 2019, India walked out of the agreement. Why did India not sign the agreement? According to India, the deal does not address its ..

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China imposes Visa restrictions on US individuals over Hong Kong

On June 29, 2020, China announced that it will impose Visa restrictions on US individuals who have “Egregious Conduct” related to Hong Kong issues. Highlights The United States had recently imposed sanctions against unnamed Chinese officials that US believe are responsible for curbing freedom in Hong Kong. What is the issue? The Parliament of China ..

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India restricts export ban of HCQ drug

On April 7, India announced restrictions on export of Hydroxychloroquine (HCQ) drug. What is the issue? India had imposed ban on export of HCQ drug to prevent the shortage of the drug in the country. The United States and 30 other countries including some of the SAARC countries have been pressuring India to remove the ..

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Gold Imports of 2019-20 dip by 8.86% narrowing Current Account Deficit to 143 billion USD

On March 16, 2020, the Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous year. Highlights India is the largest importer of gold in the world. As the gold imports of the country have been reduced, the trade deficit has reduced ..

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US removed “Developing” Tag for India: What are its implications?

Recently, the United States of America removed the “developing” tag for dozens of countries. India is one amongst them. These countries are to be classified as developed economies Highlights The “Developing” status for a country in the US is associated with US Trade Act, 1974. The act authorized General System of Preferences (GSP). The intention ..

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