Since the failure of the negotiations under the WTO, the world is moving towards a new type of trade agreement, the mega trade agreement. Mega trade agreements are large-scale, comprehensive trade pacts involving multiple countries or regions, aimed at promoting trade liberalization and economic integration. These agreements cover goods, services, investments, intellectual property, and dispute…
Trade between countries has been an integral part of the relationship between two countries since ancient times. This can be seen from the trade relations that existed between the Indus Civilisation and Egypt, Mesopotamia, etc. Further, the Silk Route was established to promote trade between the East and the West. Trade was also a reason…
A regional trade bloc is a group of countries within a specific geographical region that form an agreement to reduce or eliminate trade barriers (such as tariffs, quotas, and regulations) among themselves. These agreements aim to promote economic integration and cooperation, fostering increased trade and investment within the bloc. The regional trade blocks encourage trade…
The World Bank is a multilateral international organization founded in 1944 with the aim of providing financial aid, advice, and research to less developed countries to promote their overall economic development. The World Bank is a group of five institutions that provide a wide range of financial products and technical assistance. These are: Since 1947,…
The International Monetary Fund (IMF) is an international financial institution founded by 190 member countries in 1944. It formally came into existence in 1945, with its headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments and a major supporter of exchange-rate stability. Mission of IMF The IMF…
One of the principal objectives of the UN is to solve economic, social, cultural and humanitarian issues through international cooperation. Several specialized agencies have been set up to achieve these goals. These agencies are autonomous organizations working with the UN. They may or may not have been originally created by the UN, but they are…
United Nations Security Council (UNSC) is the most powerful teeth of the UN, being the main decision-making body. It is a fifteen-member body, out of which five members (the permanent members, often referred to as the “P5”) hold a unique Veto power over the decisions made by the UNSC. When a complaint concerning a threat…
West Asia is a part of India’s extended neighbourhood. India has enjoyed exceptionally close historic and civilizational ties with West Asia. Centuries-old bilateral trade had benefited both sides greatly as it enhanced their knowledge and understanding of each other. India-West Asia Relations – Background For decades, India was a passive player in West Asia –…
Latin America denotes the region south of the United States i.e., Mexico, the Caribbean Islands, and South America. The name is given since the dominant languages spoken in the region are derived from Latin. Around 60% of the population speaks Spanish, and 30% speaks Portuguese. The region occupies almost 13% of the earth’s land surface….
India and Russia have maintained a consistently warm and cooperative relationship, unaffected by shifts in Indian politics or changes within the Russian Federation. “For us, Russia is a valued partner, a time-tested partner. It is a relationship from which both India and Russia have benefited enormously,” Foreign Minister Jaishankar said during his latest visit to…