RCEP Indonesia Stance:
On August 25, 2021, India`s Trade Minister, Muhammad Lutfi, presented his case for ratification of the Regional Comprehensive Economic Partnership (RCEP) trade agreement to Indonesia`s lower house of parliament.
Highlights:
- In his statement to DPR Commission VI, Minister argued that the RCEP will benefit Indonesia.
- It also promises to strengthen its role in regional supply chains and improve the country`s economic performance in the midst of the covid-19 pandemic.
- The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement among Australia, Brunei, China, Cambodia, Japan, Indonesia, Laos, South Korea, Malaysia, New Zealand, Myanmar, Singapore, Thailand, the Philippines, and Vietnam.
- The RCEP excludes India and the United States. The 15-member block accounts for 30% of the global population and 30% of global GDP.
- India refused to join the RCEP, citing concerns that it would open the door to Chinese goods, increasing its trade deficit with China.
- Since 2012, the RCEP agreement has been in the works. India was also present at the talks. In contrast, India withdrew in 2019 due to concerns about lower tariffs.
- Prior to India, the United States had withdrawn from the Trans-Pacific Partnership (TPP) in 2017.
Aim
- To assist emerging economies in catching up with developed economies, tariffs will be reduced, trade in services will be opened up, and investment will be encouraged.
- Companies will save money and time as a result of the agreement, which allows them to export goods anywhere within the EU without having to follow separate rules for each country.
###Nuclear War UNSC Statement:
The Kremlin issued a UN Security Council declaration on nuclear war on January 3, 2022.
Highlights:
- Russia, China, the United Kingdom, the United States, and France stated in a joint declaration that further nuclear proliferation and a nuclear conflict should be avoided.
- These five countries are also concerned with avoiding nuclear war and minimising strategic risks. They also want to work with all countries to create a safe environment.
- Countries agreed in a joint statement that a nuclear war is unwinnable and should never be fought.
- They also stated that as long as nuclear weapons exist, they should be used for defence, conflict prevention, and aggression deterrence.
- In light of deteriorating bilateral relations between the United States and Russia, a joint statement was issued. The relationship between the two countries has deteriorated to its lowest point since the Cold War`s end.
- Relations between the United States and China are also at an all-time low.
EU Presidency For Six Months 2022: France
France has assumed the rotating presidency of the European Union Council as of January 1, 2022.
Highlights:
- The country will hold the EU presidency for the next six months, until June 30, 2022. For the 13th time, France will assume the rotating presidency.
- France`s motto as EU President is "recovery, strength, belonging."
- France will work to push digitalization and climate protection to the top of the continent`s priority list.
- The EU presidency is rotated every six months among the bloc`s 27 member states. After France`s six-month presidency ends, the Czech Republic will take its place.
- France`s capital is Paris and currency is the Euro.
- The Prime Minister is Jean Castex, and the President is Emmanuel Macron.
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