Showing posts with label International Grouping. Show all posts

Nov 23, 2015

ASEAN leaders sign declaration for launching ASEAN Economic Community

11/23/2015
 
ASEAN leaders have declared the establishment of an European Union style regional economic bloc, the ASEAN Economic Community (AEC).
The declaration, signed by all ten members during the on going ASEAN summit in Kuala Lumpur will create a community of a single market with a free flow of goods, capital and skilled labour in the ASEAN region. 
It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of USD 2.4 trillion. Prime Minister Narendra Modi was one among the East Asia Summit leaders who witnessed the historic moment.

About ASEAN Economic Community

  • AEC would make ASEAN a single market with a free flow of goods, capital and skilled labour in the region.
  • Integrate Southeast Asia’s diverse 10 economies which has combine population of 620 million people and a combined gross domestic product (GDP) of 2.4 trillion US dollars.
  • Abolish tariffs on imports within the bloc member countries and promote the liberalization of service industries such as retailing and tourism.
  • Calls for more free movement of and skilled labour within the region including of doctors, architects and others with special skills.
  • Focus on creating an integrated and well-connected economy of ASEAN member countries which would be business-friendly, trade-facilitative and market-driven.
  • The new economic bloc will be launched in December 2015 and would make ASEAN’s growing GDP, 4th-biggest in the world.

ASEAN 2025 declaration

Apart from this AEC, ASEAN leaders also adopted the declaration on “ASEAN 2025, forging ahead together”. The ASEAN 2025 document charts the path for building AEC over the next 10 years.
The declaration calls for ASEAN members to work towards building a community that is politically cohesive, economically integrated and socially responsible. ASEAN 2025 declaration calls to work with external partners to strengthen cooperation in combating non-traditional security challenges like terrorism, human trafficking, drug related crimes and maritime issues through various initiatives and projects.

About Association of South East Asian Nations

  • ASEAN is a group of 10 South Asian nations which was brought into existence on August 8, 1967 after ASEAN declaration (also known as Bangkok declaration).
  • Motto: “One Vision, One Identity, One Community”
  • 10 Members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
  • Founder countries of ASEAN were: Malaysia, Indonesia, Singapore, Philippines and Thailand
  • Enlargement: The group was expanded by adding 5 more nations which are Brunei Darussalam, Lao PDR, Cambodia, Myanmar and Vietnam. Cambodia was the latest entry in the group in 1999.

Nov 19, 2015

Union Cabinet gives nod to Tripartite Agreement of IBSA Fund for the Alleviation of Poverty and Hunger

11/19/2015
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of the Tripartite Agreement on the IBSA Fund for the Alleviation of Poverty and Hunger.
The IBSA fund for the Alleviation of Poverty and Hunger was set up in 2004 by three member countries India, Brazil and South Africa for South-South cooperation.
 
Points to note
  • The IBSA Fund undertakes development projects in third countries and the first project under it will be financed for the support of agriculture and livestock development.
  • Contribution of IBSA countries: Each member country will contribute US$ 1 million annually for the IBSA Fund.
  • Till January 2015 the total amount accumulated in the fund was 28.2 million US dollars. So far, India on its part has contributed total 9.1 million US dollars to the Fund.
  • The total fund used for implemented or approved projects is around 26.2 million US dollars. Remaining 2.09 million US dollars is available for programming.
  • The fund is one of the three pillars of cooperation under the IBSA Dialogue Forum for South-South cooperation. The other two pillars are consultation and coordination on global political issues and trilateral collaboration in concrete areas and projects.
The IBSA Fund was awarded with South-South Partnership Award at the 2006 UN Day in December 2006. The award indicates the importance of the IBSA Fund in the context of South-South developmental cooperation.
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