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  • US, UK seek to sign New Atlantic Charter

    US President Joe Biden and British Prime Minister Boris Johnson seeks to sign a new Atlantic Charter.

    What is Atlantic Charter?

    • The Atlantic Charter was a statement issued on 14 August 1941 that set out American and British goals for the world after the end of World War II.
    • The charter’s adherents signed the Declaration by United Nations on 1 January 1942, which was the basis for the modern United Nations.
    • The charter inspired several other international agreements and events that followed the end of the war.
    • The dismantling of the British Empire, the formation of NATO, and the General Agreement on Tariffs and Trade (GATT) all derived from the Atlantic Charter.

    Why sign new charter?

    • At their meeting, the two leaders plan to sign what they’re calling a new Atlantic Charter, pledging to “defend the principles, values, and institutions of democracy and open societies.”
    • US hopes to reassure European allies that the US had shed the transactional tendencies of Donald Trump’s term and is a reliable partner again.
    • The US staunchly opposed the Brexit movement, the British exodus from the European Union that Mr. Johnson championed, and has expressed great concern with the future of Northern Ireland.
    • Biden once called the British leader a “physical and emotional clone” of Trump.

  • [pib] QS World University Rankings 2022

    The Prime Minister has congratulated IIT Bombay, IIT Delhi and  IISc Bengaluru for top-200 positions in QS World University Rankings 2022.

    QS World University Rankings

    • QS World University Rankings is an annual publication of university rankings by Quacquarelli Symonds (QS).
    • It comprises the global overall and subject rankings (which name the world’s top universities for the study of 51 different subjects and five composite faculty areas).
    • It announces ranking for five independent regional tables (Asia, Latin America, Emerging Europe and Central Asia, the Arab Region, and BRICS).

    Highlights of the 2022 Report

    • IIT Bombay ranks joint-177 in the world, having fallen five places over the past year.
    • IIT Delhi has become India’s second-best university, having risen from 193 ranks in last year’s ranking to 185 in the latest ranking. It has overtaken IISc Bangalore, which ranks joint-186.
    • The Indian Institute of Science (IISc), Bengaluru, has been ranked the “world’s top research university.
    • The top three institutions globally are — Massachusetts Institute of Technology (MIT), University of Oxford, and Stanford University ranked at number one, two, and three respectively.

  • BRICS

    As India is gearing up to host this year’s BRICS summit, the grouping is facing fresh challenges, from disputes among member countries to tackling COVID-triggered crises and opportunities.

    What is BRICS?

    • To be clear, BRICS was not invented by any of its members.
    • In 2001, Goldman Sachs’ Jim O’Neill authored a paper called “Building Better Global Economic BRICs”, pointing out that future GDP growth in the world would come from China, India, Russia and Brazil.
    • Significantly, the paper didn’t recommend a separate grouping for them, but made the case that the G-7 grouping, made up of the world’s most industrialized, and essentially Western countries, should include them.
    • O’Neill also suggested that the G-7 group needed revamping after the introduction of a common currency for Europe, the euro, in 1999.
    • In 2003, Goldman Sachs wrote another paper, “Dreaming with BRICs: Path to 2050”, predicting that the global map would significantly change due to these four emerging economies.
    • In 2006, leaders of the BRIC countries met on the margins of a G-8 (now called G-7) summit in St. Petersburg, Russia, and BRIC was formalized that year.

    Issues in its consolidation

    • Common ground for the members was built by ensuring that no bilateral issues were brought up, but the contradictions remained.
    • Many economists soon grew tired of “emerging” economies that didn’t reach the goals they had predicted.
    • Others saw India’s closer ties with the US after the civil nuclear deal as a sign its bonds with BRICS would weaken.
    • Meanwhile, Russia, which had hoped to bolster its own global influence through the group, had been cast out of the G-7 order altogether after its actions in Crimea in 2014.
    • China, under Xi Jinping, grew increasingly aggressive, and impatient about the other underperforming economies in the group, as it became the U.S.’s main challenger on the global stage.

    Long-term prospects

    • China’s decision to launch the trillion-dollar Belt and Road Initiative in 2017 was opposed by India, and even Russia did not join the BRI plan, although it has considerable infrastructure projects with China.
    • South Africa’s debt-laden economy and the negative current account have led some to predict an economic collapse in the next decade.
    • Brazil’s poor handling during the Covid-19 crisis has ranked it amongst the world’s worst-affected countries, and its recovery is expected to be delayed.
    • India’s economic slowdown was a concern even before Covid-19 hit, and government policies like “Aatmanirbhar” were seen as a plan to turn inward.

    Issues with BRICS nations

    • Concerns about aggressions from Russia in Ukraine and Eastern Europe and China in the South China Sea, the border with India and internally in Hongkong and Xinjiang are clear visible.
    • There is creeping authoritarianism in democracies like Brazil and India have made investors question long-term prospects of the group.
    • In the market, BRICS has been mocked for being “broken”, while others have suggested it should be expanded to include more emerging economies like Indonesia, Mexico and Turkey, called the “Next-11”.

    A roadmap to progress

    • BRICS is an idea that has endured two decades, an idea its members remain committed to, and not one has skipped the annual summits held since 2009.
    • Along the way, BRICS has created the New Development Bank (NDB) set up with an initial capital of $100 billion.
    • There is a BRICS Contingent Reserve Arrangement fund to deal with global liquidity crunches, and a BRICS payment system proposing to be an alternative to the SWIFT payment system.

    Reforming the multilaterals

    • The BRICS ministerial meeting held this week sent several important signals to that end, issuing two outcome documents.
    • It included the first “standalone” joint statement on reforming multilateral institutions, including the UN and the UNSC, IMF and World Bank and the WTO.
    • It remains to be seen how far countries like China and Russia, which are already “inside the tent” at the UNSC, will go in advocating for the other BRICS members.
    • Another important agreement was the BRICS ministerial decision to support negotiations at the WTO for the waiver of trade-related intellectual property rights (TRIPs) for vaccines and medicines to tackle the Coronavirus.

    Way forward

    • What appears clear is in the post-Covid world, priorities for all economies will change, and offer up a churning in the world of the kind seen two decades ago, when the idea of a grouping of emerging economies was first floated.
    • For BRICS, the next few months could crystallize that idea, or sink it further, leaving others to wonder whether the “Rise of the Rest” as it was once called, is an idea whose time will ever come at all.

  • Colombo Port City Project and Chinese involvement

    Sri Lanka recently passed the controversial Colombo Port City Economic Commission Bill, which governs the China-backed Colombo Port City project worth $1.4 billion, amid wide opposition to the creation of a “Chinese enclave” in the island nation.

    Colombo Port City Project

    • The Colombo Port City has grabbed headlines in Sri Lanka in recent months even as the relentless third wave of the COVID-19 pandemic sweeps through the country.
    • Almost an artificial island, the territory coming up on 2.69 square kilometers of land reclaimed from Colombo’s seafront has stirred controversy since its inception.
    • Those backing it see in that patch of land their dream of an international financial hub — a “Singapore or Dubai” in the Indian Ocean.

    When was it launched?

    • The project was launched in September 2014 by Chinese President Xi Jinping during a visit to the island nation under the Mahinda Rajapaksa administration’s second term.
    • After President Mahinda Rajapaksa was ousted in January 2015, the successor “national unity” government of Maithripala Sirisena and Ranil Wickremesinghe went ahead with the project after briefly halting it.
    • On returning to power in November 2019, the Rajapaksas vowed to expedite the project. The Sri Lankan government says the project will bring in around 83,000 jobs and $15 billion initially.

    Issues with the project

    • But skeptics claim that it could well become a “Chinese colony”, with the Bill, which is now an Act.
    • The law provides China substantial “immunity” from Sri Lankan laws, besides huge tax exemptions and other incentives for investors.

    What is the extent of China’s involvement?

    Effectively, China has substantial control over two key infrastructure projects in Sri Lanka for a century.

    • The port city project is financed chiefly through Chinese investment amounting to $1.4 billion.
    • In return, the company will receive 116 hectares (of the total 269 hectares) on a 99-year lease.
    • The city separates from but located adjacent to the Colombo Port, the country’s main harbor — is the third major port-related infrastructure project where China has a significant stake.
    • China Merchants Port Holdings has an 85% stake in the Colombo International Container Terminal under a 35-year ‘Build Operate and Transfer’ agreement with the Sri Lanka Port Authority.
    • In 2017, the Sirisena-Wickremesinghe administration, unable to repay the Chinese loan with which it was saddled by the previous government, handed over the Hambantota Port to China on a 99-year lease.

    Concerns from within Sri Lanka

    • Since its launch, the Colombo Port City project has faced opposition from environmentalists and fisherfolk, who feared that the project would affect marine life and livelihoods.
    • However, in the absence of wider political and societal support, their resistance did not dent successive governments’ resolve to pursue the project.
    • The more recent opposition was specific to the Colombo Port City Economic Commission Bill.
    • The resistance came from Opposition parties and civil society groups, including many who do not oppose the project per se, but rather its governance by “an all-powerful commission answerable to no one”.
    • Significantly, a section of Buddhist monks, wielding much influence in Sri Lankan politics and the Sinhala society, also opposed the Bill and said that it eroded Sri Lanka’s sovereignty.

  • G7 members endorse global minimum tax

    Finance Ministers from the Group of Seven (G7) rich nations have reached a landmark accord setting a global minimum corporate tax rate, an agreement that could form the basis of a worldwide deal.

    Why a global minimum?

    • Major economies are aiming to discourage multinationals from shifting profits — and tax revenues — to low-tax countries regardless of where their sales are made.
    • Increasingly, income from intangible sources such as drug patents, software and royalties on intellectual property has migrated to these jurisdictions, allowing companies to avoid paying higher taxes in their traditional home countries.
    • With its proposal for a minimum 15% tax rate, the Biden administration hopes to reduce such tax base erosion without putting American firms at a financial disadvantage, allowing competition on innovation, infrastructure and other attributes.

    Where are the talks at?

    • The G7 talks feed into a much broader, existing effort.
    • The OECD has been coordinating tax negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion, including a global corporate minimum tax.
    • The OECD and G20 countries aim to reach a consensus on both by mid-year, but the talks on a global corporate minimum are technically simpler and less contentious.
    • If a broad consensus is reached, it will be extremely hard for any low-tax country to try and block an accord.

    How would a global minimum tax work?

    • The global minimum tax rate would apply to overseas profits.
    • Governments could still set whatever local corporate tax rate they want, but if companies pay lower rates in a particular country, their home governments could “top-up” their taxes to the minimum rate.
    • This would eliminate the advantage of shifting profits.

    What about that minimum rate?

    • Talks are focusing on the U.S. proposal of a minimum global corporation tax rate of 15% – above the level in countries such as Ireland but below the lowest G7 level.
    • Any final agreement could have major repercussions for low-tax countries and tax havens.
    • The Irish economy has boomed with the influx of billions of dollars in investment from multinationals.
    • Dublin, which has resisted EU attempts to harmonize its tax rules, is unlikely to accept a higher minimum rate without a fight.
    • However, the battle for low-tax countries is less likely to be about scuppering the overall talks and more about building support for a minimum rate as close as possible to its 12.5% or seeking certain exemptions.

    Back2Basics: G7

    • The G7 or the Group of Seven is a group of the seven most advanced economies as per the International Monetary Fund (IMF).
    • The seven countries are Canada, USA, UK, France, Germany, Japan and Italy. The EU is also represented in the G7.
    • These countries, with the seven largest IMF-described advanced economies in the world, represent 58% of the global net wealth ($317 trillion).
    • The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.
    • The requirements to be a member of the G7 are a high net national wealth and a high HDI (Human Development Index).

  • SCO Agreement on Mass Media Cooperation

    The Union Cabinet has accorded an ex post facto approval for signing and ratifying an agreement on cooperation in the field of mass media between all member states of the Shanghai Cooperation Organization (SCO).

    Highlights of the Agreement

    • The agreement, which was signed in June 2019, would provide an opportunity for the member states to share best practices and new innovations in the field of mass media.
    • It aims to promote equal and mutually beneficial cooperation among associations in the field of mass media.
    • The main areas of cooperation in the agreement are the creation of favorable conditions for the wide and mutual distribution of information through mass media in order to further deepen the knowledge about the lives of the peoples of their states.
    • It will assist in broadcasting television and radio programmer and those, distributed legally within the territory of the state of the other side.

    What is SCO?

    • After the collapse of the Soviet Union in 1991, the then security and economic architecture in the Eurasian region dissolved and new structures had to come up.
    • The original Shanghai Five were China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
    • The SCO was formed in 2001, with Uzbekistan included. It expanded in 2017 to include India and Pakistan.
    • Since its formation, the SCO has focused on regional non-traditional security, with counter-terrorism as a priority.
    • The fight against the “three evils” of terrorism, separatism and extremism has become its mantra. Today, areas of cooperation include themes such as economics and culture.

    Try this PYQ now:

    Q. In the context of the affairs of which of the following is the phrase “Special Safeguard Mechanisms” mentioned in the news frequently?

    (a) United Nations Environment Programme

    (b) World Trade Organization

    (c) ASEAN- India Free Trade Agreement

    (d) G-20 Summits

    India’s entry to the SCO

    • India and Pakistan both were observer countries.
    • While Central Asian countries and China were not in favor of expansion initially, the main supporter — of India’s entry in particular — was Russia.
    • A widely held view is that Russia’s growing unease about an increasingly powerful China prompted it to push for its expansion.
    • From 2009 onwards, Russia officially supported India’s ambition to join the SCO. China then asked for its all-weather friend Pakistan’s entry.

  • World Employment and Social Outlook: Trends 2021

    The report titled World Employment and Social Outlook was recently released by the International Labour Organization (ILO).

    About the report

    • The report analyses the impact of the crisis on the labour market across the world.
    • It offers projections for recovery and gives details of the unequal impact of the crisis on different groups of workers and enterprises and calls for a broad-based human-centred recovery.

    Findings of the report

    • There has been an unprecedented disruption to labour markets worldwide due to the COVID-19 pandemic, which has affected the lives of the younger generation and brought about disruption to their education.
    • Also made it more difficult for them to enter the labour market and hold on to their jobs.
    • The pandemic worsened long-standing inequalities with many women workers dropping out of the labour force.
    • For informal and low-skilled workers, working from home was not an option.
    • Many had to face huge health risks to keep their jobs, often with no access to social security benefits.

    Major highlights of the report

    • Global unemployment is expected to be at 205 million in 2022, surpassing the 2019 level of 187 million.
    • The jobs shortfall induced by the novel coronavirus disease (COVID-19) pandemic was 75 million in 2021 and is expected to be 23 million in 2022.
    • An estimated additional 108 million workers and their family members now live in poverty.

    The long road to recovery

    • The recovery would remain fragile in many countries due to the uneven rollout of vaccination campaigns and higher levels of public debt and deficits that would make it difficult to tackle the effects of the pandemic.
    • There is an urgent need to build back better — create productive employment opportunities and foster long-term labour market prospects for the most vulnerable.
    • There is a need to strengthen social protection schemes like the MGNREGS in India and make sure nobody is left behind.
    • This would require strong institutions and social dialogue and strong international cooperation to fight global disparities.

  • International Nitrogen Initiative (INI)

    The United Nations (UN) Sustainable Development Goals (SDGs) are the main focus of the eighth triennial conference of the International Nitrogen Initiative (INI) being held virtually this week.

    International Nitrogen Initiative

    • INI is an international program, set up in 2003 under the sponsorship of the Scientific Committee on Problems of the Environment (SCOPE) and from the International Geosphere-Biosphere Program (IGBP).
    • The key aims of the INI are to:
    1. optimize nitrogen’s beneficial role in sustainable food production, and
    2. minimize nitrogen’s negative effects on human health and the environment resulting from food and energy production.

    Answer this PYQ in the comment box:

    Q.Which of the following adds/add nitrogen to the soil?

    1. Excretion of Urea by animals
    2. Burning of coal by man
    3. Death of vegetation

    Select the correct answer using the code given below:

    (a) 1 only

    (b) 2 and 3 only

    (c) 1 and 3 only

    (d) 1, 2, and 3

    Why nitrogen?

    • Reactive nitrogen compounds like NOx, ammonia and the greenhouse gas nitrous oxide impact air, water and soil quality, health, biodiversity and climate change, among others.
    • These compounds are lost from fertilizers, manures, and sewage as well as from fuel burning in transport and industry.
    • Assessing and managing them sustainably will be crucial to achieving the 17 UN SDGs targeted for 2030.

    Also read:

    [Burning Issue] Nitrogen Pollution in India

    Back2Basics: Nitrogen Pollution

    • While nitrogen is the dominant gas in the atmosphere, it is inert and doesn’t react.
    • However, when it is released as part of compounds from agriculture, sewage and biological waste, nitrogen is considered reactive.
    • It may be polluting and even exert a potent greenhouse gas effect.
    • Nitrous oxide (N2O) is 300 times more potent than carbon dioxide but isn’t as prevalent in the atmosphere.
    • Other than air pollution, nitrogen is also linked to the loss of biodiversity, the pollution of rivers and seas, ozone depletion, health, economy, and livelihoods.
    • Nitrogen pollution is caused, for example, by emissions from chemical fertilizers, livestock manure and burning fossil fuels.
    • Gases such as ammonia (NH3) and nitrogen dioxide (NO2) contribute to poor air quality and can aggravate respiratory and heart conditions, leading to millions of premature deaths across the world.
    • Nitrate from chemical fertilizers, manure, and industry pollute the rivers and seas, posing a health risk for humans, fish, coral, and plant life.

  • Economic Community of West African States (ECOWAS)

    West African leaders were due to meet in Ghana to discuss a response to Mali’s second coup in nine months.

    • Since 1960, when Mali gained independence from France, there have been five coups — and only one peaceful transition from one democratically elected president to another.
    • But on Monday, soldiers detained transitional President Bah Ndaw and Prime Minister Moctar Ouane, releasing them on Thursday while saying that they had resigned.

    Recent coup

    • Nine months ago, President Ibrahim Boubacar Keita was overthrown in the wake of mass anti-government protests.
    • Last week, the announcement of a new cabinet was made that excluded two key military leaders. Following this, the army has detained the President and the Prime Minister.

    About ECOWAS

    • The Economic Community Of West African States (ECOWAS) is a regional group of fifteen countries, founded in 1975 via the treaty of Lagos.
    • Mission: To promote economic integration in “all fields of economic activity, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters.
    • Vision: Creation of a borderless region where the population has access to its abundant resources and is able to exploit same through the creation of opportunities under a sustainable environment.
    • ECOWAS can be divided into two sub-regional blocs:
    1. West African Economic and Monetary Union – established in 1994
    2. West African Monetary Zone (WAMZ) – established in 2000
    • ECOWAS is meant to be a region governed in accordance with the principles of democracy, rule of law and good governance.
    • The member countries of ECOWAS comprises: Benin, Burkina Faso, Cape Verde, Cote d’ Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Sierra Leone, Senegal and Togo.

  • What are Neglected Tropical Diseases (NTD)?

    The ongoing World Health Assembly has declared January 30 as ‘World Neglected Tropical Diseases (NTD) Day’.

    Neglected Tropical Diseases

    • NTDs are a group of infections that are most common among marginalized communities in the developing regions of Africa, Asia, and the Americas.
    • They are caused by a variety of pathogens such as viruses, bacteria, protozoa, and parasitic worms.
    • These diseases generally receive less funding for research and treatment than malaises like tuberculosis, HIV-AIDS and malaria.
    • Some examples of NTDs include snakebite envenomation, scabies, yaws, trachoma, Leishmaniasis and Chagas disease.

    Significance of global recognition

    • NTDs affect more than a billion people globally, according to the WHO. They are preventable and treatable.
    • However, these diseases and their intricate interrelationships with poverty and ecological systems — continue to cause devastating health, social and economic consequences.
    • A major milestone in the movement to recognize the global burden of these diseases was the London Declaration on NTDs that was adopted January 30, 2012.
    • The first World NTD Day was celebrated informally in 2020. This year, the new NTD road map was launched.