G-20, WTO, UNCTAD - Current Affairs Questions and Answers

ANSWER: JS Deepak

Explanation:
Telecom Secretary JS Deepak has been appointed India's permanent representative to World Trade Organization (WTO).

Mr. Deepak will take over his new assignment from June 1, 2017 and till then he will be Officer on Special Duty (OSD) in the Department of Commerce in the Ministry of Commerce and Industries with immediate effect.

The Appointments Committee of the Cabinet (ACC) headed by the Prime Minister Narendra Modi issued the order on March 1, 2017.

Previously, as Additional Secretary in the Ministry of Commerce, Deepak, a 1982-batch IAS of UP cadre, handled WTO and other international agencies.

With his transfer from the ministry, the government is expected to name a new secretary for the telecom as also for other ministries like tribal affairs and tourism.

Secretary, Culture, N.K. Sinha has been given the additional charge of Secretary, Tourism and Secretary, Social Justice and Empowerment G. Latha Krishna Rao has been given additional charge of Secretary, Tribal Affairs.

ANSWER: India

Explanation:
Moody has predicted India will be the fastest growing economy among G-20 countries clocking a 7.1 per cent growth in 2017.

The Indian economy had slowed in the fourth quarter of 2016 due to the withdrawal of 86 per cent of the currency in circulation, without an immediate replacement.

India is forecast to have the fastest growing economy among all G-20 countries with growth put at 7.1 per cent for 2017, down from a previous expectation of 7.5 per cent because of the effects of demonetisation.

With regard to global growth, Moody's said continuing cyclical recovery in global economic activity with growth in G-20 countries picking up modestly to 3 per cent in 2017 and 2018 from 2.6 per cent in 2016.

The potential shifts in US policy add uncertainty to this forecast.

There is unusually high uncertainty around our global forecasts due to the wide range of outcomes that could arise from significant shifts in US policy on a number of domestic and international issues, including trade and immigration.

The systemic risks to this forecast may stem from shifts in US trade policies, risks to global financial markets and emerging market economies if American interest rates were to rise faster than anticipated and/or the US dollar were to appreciate sharply.

Also there could be risks of a sudden and sharp deceleration in China and political and fragmentation risks in the EU and the euro area, Moody's indicated.

In the report titled 'Modest Acceleration in the Global Economy, but Shifting US Policies Inject Uncertainty', Moody's said there is a high risk of a significant protectionist shift in US trade policy and could inflict lasting damage to the global economy.

Regarding Asia, Moody's said China's economy stabilised around the official growth target of 6.7 per cent in 2016. It will likely continue to decelerate to 6.3 per cent and 6 per cent in 2017 and 2018.

Moody's expects that the US economy will get additional lift from a stimulative fiscal policy stance pushing growth above potential.

Accordingly, Moody's has revised its real GDP growth forecast to 2.4 per cent in 2017 and 2.5 per cent in 2018, from 2.2 per cent and 2.1 per cent, respectively.

Moody's forecast assumes the US Federal Reserve will raise the federal funds rate by 75-100 basis points in three to four rate hikes in 2017.

US Federal Reserve: Know More

• Chairperson: Janet Yellen
• Founder: United States Congress
• Founded: 23 December 1913
• Headquarters: Washington, D.C.
• Central bank of: United States of America

ANSWER: New Delhi

Explanation:

• The Doha Round of multilateral trade negotiations at WTO provides a unique opportunity to strengthen the rules on anti-dumping so that its application becomes fairer, objective and transparent.
• The Delhi Regional Anti-Dumping Workshop for Asian Investigating Authorities organised in New Delhi by the World Trade Organisation and the Centre for WTO Studies, Indian Institute of Foreign Trade brings together 37 senior officials from 18 investigating authority systems.
• Senior experts from developing countries in the Asian region, along with select developed countries like Australia, Canada, the EU, Japan and the United States are participating in the workshop.
• This Workshop is a unique and the only event of its kind globally.
• The Workshop aims to assist Asian developing WTO Members' investigating authorities to further enhance their technical capacity to conduct anti-dumping investigations in a fair and efficient manner, in conformity with WTO rules.

ANSWER: Pakistan

Explanation:
As per the MFN principle of the WTO General Agreement on Tariffs and Trade for which India is a signatory or contracting party, WTO said all members should treat others as MFN trading partners.
MFN status was accorded to Pakistan in 1996 as per India’s commitment to WTO.

• Pakistan did not reciprocate citing non-tariff barriers and huge trade imbalance
• PM Modi called for a meeting to review MFN status to Pakistan
• Currently , the level of bilateral trade is “very low” - representing a mere 0.4 percent of India’s overall goods trade worth USD 643.3 billion in 2015-2016.
• India could consider making use of a ‘security exception’ clause - Article 21(b)(iii) - in the GATT to deny the MFN status to Pakistan or bring in certain trade restrictions.
• However, there have been Article 21 disputes in the past between Czechoslovak (Socialist Republic) and the U.S. (1949); the U.S. and Nicaragua (1983 and 1985) and between the European Communities and former Yugoslavia (1992).

ANSWER: 76th

Explanation:
It aims at easing customs procedure to increase commerce. Commerce and industry minister Nirmala Sitaraman indicated the move was part of ongoing reforms in India

• India is the 76th WTO member to accept the TFA
• The TFA will enter into force once two thirds of the WTO 162 members were formally accepting the agreement
• Agreement aims at expediting the movement and clearance of goods including goods in transit.
• Implementation of the TFA has the potential to increase international merchandise exports by close to USD 1 trillion per year according to a WTO report.

ANSWER: All of the above

Explanation:

• Under the WTO norms, subsidies refer to financial contribution (loan, loan guarantee, grant, import duty exemption, equity infusion, fiscal incentives and purchase of goods) by the government or state agencies resulting in advantages to those players availing it. Action against subsidies is meant to level the playing field.
  
• The government has set up a special cell to compile information on subsidies given by other countries to their industry.
• The constitution of the special cell — as well as proposed measures including changes in laws such as Customs Act —is also aimed at indirectly helping India Inc file applications before the government seeking imposition of anti-subsidy duties on subsidised imports of items, such as steel, harming local industries.
• The development comes in the backdrop of slowdown in global trade and measures taken (including against merchandise exports from India) by several countries such as the U.S. to protect their domestic industries from unfairly low-priced imports.
• Government also wishes to boost local manufacturing through initiatives such as Make In India, Start-up India and Digital India.

ANSWER: 3130 MT

Explanation:
Close to 95% of India’s trade (by value) and 68% in terms of value is by sea. UNCTAD has estimated that India with 11.7 million 20 foot equivalent units of container and a world share of 1.7% ranked 9th in 2015 in containership operations among developing nations. Cargo traffic of Indian ports rose by 8.2% to 1052.21 MT in 2014-2015. India’s Maritime Agenda envisages 3130 MT of port capacity by 2020.

ANSWER: Food security

Explanation:
Cabinet approves India’s stand on food security at WTO clearing the ex post facto stand taken by India for food security during the last WTO meeting at Nairobi. Cabinet has provided x post facto approval for approach adopted by India at Nairobi WTO meeting.

ANSWER: Trade Facilitation Agreement

Explanation:
India will pitch for a trade facilitation agreement in services at the WTO and other bilateral FTAs as the sector has massive potential and contributes to the economy of the country. India is forging ahead for a comprehensive trade pact in the services sector which is a key area of interest in the nation. This is with respect to the ongoing free trade agreement negotiations including RCEP/ Regional Comprehensive Economic Partnership and EU.

ANSWER: Benin, Burkina Faso, Chad, Mali

Explanation:
- Cotton-4 countries of WTO are West African coalition seeking cuts in cotton subsidies and tariffs.
- They composed of Benin, Burkina Faso, Chad, Mali