International Current Affairs November 2020
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Latest International Current Affairs on 15th November 2020
15 nations sign RCEP, India remains out
15 Asia Pacific nations have signed the Regional Comprehensive Economic Partnership (RCEP) from which India pulled out in 2019. The RCEP 2020 is the world’s biggest free trade pact till date.
Date of Agreement- 15th November 2020
- The RCEP deal was signed during the 37th Association of South East Asian Nations (ASEAN) Summit 2020 held virtually, that was hosted by Vietnam.
- RCEP is a trade agreement between the member countries of ASEAN and the partners of Free Trade Agreement.
- In the RCEP 2020 deal, 10 member countries of ASEAN and 5 partners of Free Trade Agreement (FTA) have signed for promoting economic cooperation and trade in goods and services.
- RCEP was unveiled during the 19th ASEAN meet held in 2011.
- Free Trade Agreement includes China, Japan, South Korea, Australia and New Zealand.
- India pulled out of the RCEP in 2019 to stop the infusion of Chinese goods into Indian Market through the third world countries that are a part of RCEP. Government of India speculated that providing greater market access to the foreign manufacturers might harm the key manufacturing sectors and it might harm the local manufacturers.
- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam have signed the RCEP 2020 deal.
Latest International Current Affairs on 12th November 2020
2nd edition of World Health Expo held at Wuhan, China
The 2nd edition of World Health Expo has been held at Wuhan, China. The event has been scheduled from 11th to 14th November. The previous Expo was also held at Wuhan, China from 7th to 10th April 2019.
- The Expo is held at Hubei’s capital city, Wuhan.
- The Expo will exhibit most realistically restored anti-epidemic scenes and latest technology advancements in the field of fitness-sports.
- The Expo is being held at 12 venues for the audience to experience the frontier health related technologies.
- Wuhan is the largest and the most populous city in Hubei.
Latest International Current Affairs on 11th November 2020
Armenia- Azerbaijan Peace Deal
Armenia and Azerbaijan have signed a peace deal recently after the Russian peacekeepers intervened the clash between the two countries that started on 27th September 2020. As a result of the Russian intervention, a peace deal has been signed between Armenia and Azerbaijan.
Key Highlights of the Peace Deal-
- The President of Azerbaijan, Prime Minister of Armenia and the President of Russia have signed the Peace Deal.
- The deal intends to settle down the military conflict between Armenia and Azerbaijan over Nagorno-Karabakh.
- Both the countries will now maintain their current holding positions and will refrain from any advancement from their respective forward positions.
- Both the countries claimed the region of Nagorno-Karabakh, which was the prime cause of the conflict.
- As per the deal, 15-20% of the territory lost by Azerbaijan has been given back to them.
- All sorts of military operations have been suspended in the Nagorno-Karabakh region and the area has been declared a ‘No-Fly Zone’.
Key Highlights about the Armenia- Azerbaijan conflict-
- Azerbaijan is a Muslim-majority nation and Armenia is a Christian-majority country.
- The disputed Nagorno- Karabakh region lies between Western Asia and Eastern Europe. It is internationally known to be a part of Azerbaijan since the Soviet era.
- The Armenian-Christian separatists control the region of Nagorno-Karabakh and have declared the region as Nagorno-Karabakh Autonomous Oblast. The separatist believe that Karabakh was a part of the Kingdom of Armenia.
- During the collapse of Soviet Union in the late 1980s, Armenian Parliament demanded the transfer of Nagorno-Karabakh region to Armenia, which was turned down by the Soviet Authorities.
- The recognition of Nagorno-Karabakh region as a part of Azerbaijan started the conflict between Armenian separatists and Azerbaijani forces.
- A Peace deal was signed in 1994 to maintain ceasefire in the disputed region, but regular exchange of bullets have taken place since then.
- A small scale war also broke out between the two nations in 2016 that continued for 4 days, which was intervened by Russia.
- Organization for Security and Co-operation in Europe (OSCE) is also trying to settle down the conflicts permanently by reaching out to both the nations for several years.
- Another ceasefire agreement, mediated by Russia was signed between the two countries in October 2020, which completely failed after an exchange of firepower and invasion of airspace by the fighter aircrafts of both the countries.
Latest International Current Affairs on 4th November 2020
RBI Governor chairs the SAARCFINANCE Governors’ Meet
The 40th SAARCFINANCE Governors Group Meeting, held virtually on 4th November was chaired by the Governor of Reserve Bank of India (RBI). The meeting is held twice in a year.
About the Meeting- SAARCFINANCE Governors’ Group Meeting stated on 9th September, 1998. This meeting is attended by the Governors of the Central Banks of the SAARC Nations. SAARC stands for South Asian Association for Regional Cooperation and the member countries are – India, Bangladesh, Bhutan, Nepal, Maldives, Pakistan, Sri Lanka and Afghanistan.
- SAARCFINANCE was started to share experiences on issues of macro-economic policies among the member countries
- Governors of Bangladesh Bank, Central Bank of Sri Lanka, Da Afghanistan Bank, Maldives Monetary Authority, Nepal Rastra Bank, Reserve Bank of India, Royal Monetary Authority of Bhutan, State Bank of Pakistan.
- Current SAARCFINANCE initiative were discussed in the meeting
United States of America formally exits Paris Climate Agreement
United States of America (USA) has formally pulled-out from Paris Climate Agreement after an agreement that took place three years back in June 2017. It is the first nation to formally exit the Paris Climate Agreement.
Date of Announcement- 4th November 2020
About Paris Climate Agreement- It is an intergovernmental agreement between 195 countries to mitigate global warming and to put a limit on carbon emissions. It was signed in December 2015 at the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC) held in Paris. The Paris Agreement intends to keep the increase in temperature in the century to less than 2˚C.
- The agreement stated that the developed countries will have to compulsorily contribute $ 100 billion every year from 2020 in the Climate Finance for the developing countries for helping them reduce their carbon emissions. This decision was’nt welcomed by the US President Donald Trump, that eventually led USA pull-out from the Agreement.
- USA is the second largest emitter with 25 % of the global green house gas emissions after China.
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