- Current Affairs February 2019
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Current Affairs Feb 2019 - Foreign Affairs
1 - Prince Albert II of Monaco Visited India
On February 5, 2019, Prince Albert II of Monaco has arrived India as part of his official visit. Prince Albert II came to India with senior officials of the Monaco government and a group of business delegation. He was respectfully invited by the Hon’ble President of India.
India and Monaco have had very close and multi-faceted relation. On the other hand, the visit of Prince Albert II will definitely provide an opportunity for the two nations to review progress in bilateral cooperation. It will also create niche to discuss ways to further expand the multi-faceted partnership in areas of mutual interest. However, among significant discussion, economic and technical cooperation are the major facets of existing bilateral relations.
2 - For Capacity Building, Bangladesh Signed MoU with India
To strengthen the two neighborhood nations’ bilateral relations, India and Bangladesh have signed four Memoranda of Understanding (MoUs). The major areas include capacity building, anti-corruption issues, and medicinal plants.
From India side, the agreement was signed between the Central Bureau of Investigation (CBI) and from Bangladesh side, the Anti-Corruption Commission (ACC). They were aimed to share their expertise and develop anti-corruption mechanism. Besides, India and Bangladesh have signed the agreement also for the providing training to Bangladesh Civil Servants at the National Centre for Good Governance.
3 - India Signed MoU with US Firm for Assault Rifles
On February 12, 2019, the Indian Army has signed a contract with the United States’ Sig Sauer for 72,400 SIG 716 assault rifles. The rifle would be given to the frontline soldier deployed in operational areas.
The most interesting parameters for the assault rifle are its effective range of 500 metres and less than 3 kg weight.
Out of the 72,400 rifles, 66,400 will be given to Army, 4,000 will be given to the Indian Air Force, and remaining 2,000 will be given to the Indian Navy. The deal will be accomplishing within 12 months from the date of signing the agreement.
4 - India Withdrew MFN Status to Pakistan
Immediately after the incident of Pulwama (attack) in which 40 Central Reserve Police Force (CRPF) personnel lost their lives in a suicide bombing attack, the Indian government, has withdrawn the “Most Favoured Nation” (or MFN) Status to Pakistan.
Arun Jaitley, the Finance Minister, has confirmed that the Ministry of External Affairs soon will imitate all possible and necessary steps to ensure complete isolation from the international community of Pakistan.
Besides, India also increased the Customs Duty 200% on goods imported from Pakistan.
What is Meaning of MFN Status?
Most Favoured Nation or simply MFN is a special commercial relationship, which is shared among the World Trade Organization (WTO) members (countries). Such relationship ensures no discrimination in export-import of goods and services (trading relation) among the partners of WTO.
The country that provides MFN status to another country essentially needs to provide concessions, privileges, and immunity in conducting the trade and trade agreements.
5 - IOC Signed Deal Worth $1.5 Bn to Buy US Crude Oil
On February 18, Indian Oil Corporation (IOC) has signed an annual deal worth $1.5 Billion to import 3 million tonnes of crude oil. First time, Indian refiner has signed an annual contract.
The contract term follows IOC signing up to buy crude oil from the US through a term-tender deal committed in the month of August 2018. At that time, about 6 million barrels crude oil was bought from the US under the single tender. The oil was delivered between November 2018 and January 2019.
IOC and other state firms including Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) enter into annual term import deals with national oil companies of mostly Middle East countries.
6 - India and Sri Lanka Signed MoU to Set up Business Centre for ICT Incubators in Jaffna
On February 21, India and Sri Lanka have signed a Memorandum of Understanding (MoU) to set up a business centre for ICT incubators in Jaffna. For this project, an amount of 25 crore Sri Lankan rupees was granted from India.
The agreement was signed by Taranjit Singh Sandhu, the High Commissioner of India to Sri Lanka and S. T. Kodikara, Secretary, Ministry of Development Strategies and International Trade in Colombo. However, Sri Lankan Prime Minister Ranil Wickramsinghe was also present there. As per the report, the centre would provide opportunities and promote the environment for Information Communication Technology (ICT) and other professional services in the Northern regions.