Weekly Current Affairs (8th to 14th July 2024) | Current Affairs: Daily, Weekly & Monthly - CLAT PDF Download

Philippines, Japan Sign Key Military Cooperation Deal

Japan and the Philippines have signed a significant security agreement to enhance military cooperation amid rising tensions in the Indo-Pacific region. This new deal facilitates mutual military access, thereby strengthening their strategic partnership.

About the Agreement

• Philippine Defense Minister Gilberto Teodoro and Japanese Foreign Minister Yoko Kamikawa signed the deal in Manila, witnessed by Philippine President Ferdinand Marcos Jr. This agreement marks Japan's first security pact of its kind in Asia. It is pending approval from lawmakers in both countries before it can be fully implemented.

Background of Regional Tensions

• In 2016, an international court invalidated China's extensive claims in the South China Sea, a decision China outrightly rejected. Japan faces its own strategic challenges with China over territorial claims in the East China Sea. In December 2023, Japan announced a significant military expansion, departing from its post-World War II pacifist policies, largely in response to perceived threats from China.

About Philippines-Japan Cooperation

• Historical Ties and Aid: Post-World War II, Japan provided substantial aid to the Philippines. The Japan International Cooperation Agency (JICA) focused on infrastructure development and disaster risk reduction, laying the foundation for decades of diplomatic and economic support.
• Economic and Security Partnerships: The 2016 Joint Declaration between the Philippines and Japan aimed to bolster economic and security ties, particularly in maritime defense. Japan's funding of the Metro Manila Subway exemplifies this cooperation, improving urban mobility.
• Cultural and Regional Development: Annual events like the Philippines-Japan Friendship Month promote cultural understanding. Japan also supports development in Mindanao, reflecting its commitment to regional peace.

India and Russia Aim for $100 Billion Trade Target by 2030

During the 22nd annual summit in Moscow, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi announced a plan to enhance their strategic economic cooperation. This significant development comes as trade between the two countries rapidly increases. They have set an ambitious goal of achieving $100 billion in trade by 2030.

Expansion of Trade and Investments

• The leaders signed nine Memorandums of Understanding (MoUs) covering various sectors. One key agreement focuses on boosting trade and joint business ventures in Russia’s resource-rich Far East. The agreements also aim to capitalize on opportunities by developing the Vladivostok-Chennai corridor, accelerating the integration of the International North-South Transport Corridor (INSTC), and maximizing the Northern Sea Route.

Technological and Financial Integration

• Key aspects of economic cooperation include adopting digital financial assets and establishing a bilateral settlement system using national currencies. These measures could mitigate the impact of Russia's exclusion from SWIFT. Additionally, India's RuPay and Russia's MiR card systems are mutually recognized, facilitating easier and faster money transfers between the two countries.

Energy and Resource Collaboration

• The agreements highlight increased collaboration in critical energy sectors, including nuclear energy. Discussions also focused on increasing the flow of coking and anthracite coal from Russia to India, enhancing India’s energy security and meeting industrial demands.

Focus on Arctic and Eurasian Connectivity

• Indian and Russian leaders have agreed to develop and open shipping routes through the Arctic’s Northern Sea Route to boost trade and stabilize Eurasian transportation routes. As part of the partnership, they are establishing stable supply and demand chains across the region, potentially counterbalancing Chinese efforts in Eurasia.

India to Ratify High Seas Treaty: Recent Agreement and Significance

The Indian government has announced its intention to sign and approve the High Seas Treaty, a landmark international agreement aimed at safeguarding marine biodiversity and ensuring sustainable use of ocean resources. This treaty, achieved after nearly two decades of negotiations, focuses on protecting areas of the high seas, which are beyond any single nation's jurisdiction.

Treaty Overview

• Formally known as the Agreement on Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction (BBNJ), the treaty seeks to address ocean conservation and pollution concerns. It covers areas beyond national exclusive economic zones (EEZs), which constitute approximately 64% of the world’s oceans.

Importance of the Treaty

• Comparatively significant to the 2015 Paris Agreement, the High Seas Treaty addresses critical issues such as overexploitation of resources, loss of biodiversity, and pollution, including marine plastic debris. It serves as an operational component of the 1982 United Nations Convention on the Law of the Sea (UNCLOS), which establishes guidelines for maritime activities but lacks specific provisions for biodiversity protection.

Core Objectives and Mechanisms

The key objectives of the treaty include:

• Establishing Marine Protected Areas (MPAs) to preserve and safeguard marine life, restricting activities that could harm the environment.
• Ensuring equitable sharing of benefits derived from marine genetic resources, which are valuable for scientific research and commercial purposes.
• Mandating environmental impact assessments (EIAs) for activities that may impact the high seas, including those planned within national jurisdictions but affecting international waters.

Ratification and Implementation

• For the treaty to enter into force, it requires signatures from at least 60 countries. Once this threshold is met, it becomes international law 120 days thereafter. Ratification entails legal commitment by each participating country, which can occur through legislative approval or executive decision, depending on national legal frameworks. Presently, 91 countries have signed the treaty, and eight have already ratified it. This collective global effort aims to ensure responsible stewardship of ocean resources for long-term ecological balance and sustainability.

About the High Seas Treaty

• The UN High Seas Treaty, signed in 2023, aims to protect 30% of the world’s oceans by 2030 through the establishment of marine protected areas outside national jurisdictions covering two-thirds of the ocean. It enhances international cooperation on ocean conservation, mandates environmental assessments for commercial activities, promotes equitable sharing of marine genetic resources, and encourages capacity-building and technology sharing among nations. Achieving the requisite ratifications will establish a comprehensive legal framework to address global ocean governance challenges effectively.

Lt Gen Shankar Narayan Assumes Command at Army Hospital

On July 10, 2024, Lieutenant General Shankar Narayan assumed leadership at Army Hospital (Research & Referral), Delhi, marking a significant milestone in his distinguished military medical career.

Educational and Professional Background

• Lt Gen Narayan graduated from the Armed Forces Medical College, Pune, as part of the 1982 ('U') class. He holds specialized training in pediatrics and neonatology from the All India Institute of Medical Sciences (AIIMS), New Delhi, and has completed pediatric liver transplant training at King’s College Hospital, London.

Professional Expertise and Vision

• Widely recognized for his expertise in patient care, clinical services, and medical management within military healthcare, Lt Gen Narayan is committed to advancing the hospital's care standards, training programs, and research initiatives. He aims to integrate cutting-edge tools and technologies to enhance patient outcomes.

Strategic Goals and Future Outlook

• Under Lt Gen Narayan's leadership, Army Hospital (R & R) is poised to uphold its reputation for excellence in medical education and research. The hospital's role in advancing healthcare for Armed Forces personnel and their families is expected to expand significantly, contributing to national health and security.

About Army Hospital (Research & Referral)

• Established in 1953, Army Hospital (Research & Referral), located in New Delhi, is a pivotal healthcare institution within the Indian Armed Forces. Renowned for its comprehensive care, educational programs, and research initiatives, the hospital underwent significant upgrades in 2007. It specializes in neurology, cardiology, gastroenterology, and has served prominent figures like former Prime Ministers Atal Bihari Vajpayee and Manmohan Singh for various surgical procedures.

Gagan Narang Appointed Chef-de-Mission for Paris 2024 Olympics

In a recent development within the Indian sports administration, Gagan Narang, a renowned shooter and Olympic bronze medalist, has been named as the Chef-de-Mission for the Indian team at the 2024 Olympics in Paris, succeeding MC Mary Kom who stepped down for personal reasons.

Role and Significance of Chef-de-Mission

• The role of Chef-de-Mission holds significant importance during the Olympics as the official spokesperson and representative of the country's team. Responsibilities include overseeing team preparations, coordinating between athletes, coaches, and organizers, and handling operational and logistical matters throughout the Games. The Chef-de-Mission also represents the team at various official functions and seminars.

About Gagan Narang

• At 41 years old, Gagan Narang has a distinguished career in shooting sports, highlighted by his bronze medal in the men’s 10m Air Rifle event at the 2012 Olympics. His prior role as Deputy made him a logical choice for the Chef-de-Mission position within the Indian Olympic Association.

Reasons & Expectations Behind the Appointment

• Dr. PT Usha, President of the Indian Olympic Association, emphasized the decision to appoint an Olympic medalist like Gagan Narang to lead the team. Narang’s experience and skills are seen as instrumental in guiding and motivating the Indian team effectively for the Paris 2024 Olympics. His appointment is crucial not only for managing India’s participation logistics but also for boosting morale and optimizing athlete performance on the global stage.

First Budget of NDA 3.0 – Current Updates (July 2024)

Finance Minister Nirmala Sitharaman is preparing to present her seventh Union Budget during the monsoon season, symbolizing a time of natural renewal. This event underscores the stability and strength of India’s government, particularly highlighting the significance of women in pivotal decision-making roles.

Context and Significance of the Current Budget

• This upcoming budget marks the first under NDA 3.0, reflecting the government's intent to introduce substantial reforms while maintaining continuity. Emerging from the challenges posed by the Covid pandemic and global uncertainties, the budget aims to support India’s long-term aspiration of achieving “Viksit Bharat” by 2047.

Expectations from the Union Budget

• The budget is poised to prioritize policies that impact four key segments of society: the economically disadvantaged (Garib), youth (Yuva), farmers (Annadata), and women (Nari). It aims to fortify the economic framework, bolstered by a robust financial stability matrix highlighted by the Reserve Bank of India, suggesting favorable conditions for implementing significant economic reforms.

Focus Areas and Strategic Initiatives

• The Banking, Financial Services, and Insurance (BFSI) sectors are anticipated to receive enhancements, particularly in digitalization, security, and accessibility of services. Favorable policies are expected for Fintech and Non-Banking Financial Companies (NBFCs) to broaden financial inclusion and stimulate innovation. Special attention is directed towards micro and small enterprises, pivotal in contributing to GDP, with supportive measures to facilitate easier access to funds and compliance requirements.

Challenges in Real Estate and Healthcare

• In efforts to revitalize the real estate sector, tax incentives are proposed to stimulate both construction and property transactions, aiming to stabilize prices. Increased investments are earmarked for expanding healthcare infrastructure, especially in non-metropolitan areas, alongside advancements in pharmaceuticals leveraging technologies such as AI and IoT.

About Union Budget

• Historically presented on the final day of February, the Union Budget was moved to February 1st in 2017 to streamline fund allocation processes.
• The “Halwa ceremony” marks the commencement of the budget drafting process, during which Finance Ministry officials are sequestered to maintain confidentiality.
• India's first Union Budget as an independent nation was introduced by R. K. Shanmukham Chetty in 1950.
• Previously, the Railway Budget was separate until its amalgamation with the Union Budget in 2016 for cohesive fiscal planning.
• Mandated by Article 112, the Union Budget is also referred to as the “Annual Financial Statement.”
• In 2019, a traditional ledger (bahi-khata) replaced the briefcase traditionally used to transport Budget documents to Parliament.
• The budget formulation process typically begins approximately six months ahead of its presentation.
• The term “black budget” famously refers to the 1973–74 budget under Indira Gandhi, focused on addressing national debt concerns.
• The Union Budget comprises the Revenue Budget and the Capital Budget, delineating income and expenditure allocations respectively.
• Arun Jaitley holds the distinction of presenting the Union Budget most frequently in the 21st century.