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Posted 24 Apr 2024

8 min read

WTO Agreement on Safeguards

India and other members of the World Trade Organisation (WTO) criticised European Union’s decision to extend its existing safeguard measure on steel products.
Under WTO Agreement on Safeguards, members can temporarily restrict imports of a product if it threatens to cause serious injury to their domestic industry.

About WTO Agreement on Safeguards
- Agreement prohibits grey-area measures – using bilateral negotiations to pursue exporting countries to restrain exports voluntarily.
- It sets time limits on all safeguard actions, which should not last more than four years, although this can be extended up to eight years.

External Affairs Minister for India participated virtually in the first ‘ASEAN Future Forum’, held in Hanoi, Vietnam.
- ASEAN (Association of Southeast Asian Nations) is an intergovernmental organization aimed primarily at promoting economic growth and regional stability among its 10 members.

About ASEAN Future Forum
- It was proposed by Vietnam at the 43rd ASEAN Summit in 2023.
- It is a common platform for ASEAN member states as well as partner countries to share new ideas and policy recommendations.
- It aims to contribute to promoting and shaping ASEAN’s development path.

European Union (EU) has adopted new visa rules for Indian travellers to allow multiple-entry Schengen Visa with longer validity.

About Schengen area
- It is world’s largest free travel area comprising 27 countries.
- 27 countries include 23 of the 27 EU members and all members of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland).
- Started in 1985 as an intergovernmental project between 5 EU countries– France, Germany, Belgium, the Netherlands and Luxembourg

Embassy of Israel in India joined ‘Million Miyawaki’ project, a community-led initiative aimed at improving air quality in Indian cities through mass afforestation urban spaces.

About Miyawaki Method
- Based on work of Japanese botanist Akira Miyawaki, it enhances green cover within a limited area.
- It involves cultivating multi-layered forests that exhibit rapid growth and replicate natural biodiversity found in native forests.
- Such forests lack some qualities of natural forests, like medicinal properties and ability to bring rain.
- Benefits: Mitigate ecological impact of mining activities, creating carbon sinks, etc.

World Health Organization (WHO) has released the 2nd edition of its global sodium benchmarks for different food categories.

About Sodium Benchmarks
- Part of a broader WHO initiative to reduce sodium consumption and prevent chronic conditions related to high blood pressure and obesity.
- Benchmarks provide reference values for sodium content to assess progress in reducing sodium consumption.
- For adults, WHO recommends less than 2000 mg/day of sodium (equivalent to less than 5 g/day salt).

Competition Commission of India approved subscription to CCD of Napino Auto and Electronics Limited by International Finance Corporation (IFC).

About CCD
- CCDs are debt instruments that are convertible into equity at a specified time or on happening of specified event(s).
- These are hybrid securities as they initially behave like debt instruments but eventually convert into equity shares.
- It is often used by companies for raising long-term funds without immediately diluting equity shareholding of existing investors.

C-DOT and IIT Jodhpur signed an agreement for “Automated Service Management in Network of 5G and beyond Using AI” under the TTDF.

About TTDF
- Launched by the Universal Service Obligation Fund (USOF), a body under the Department of Telecommunications.
- Aims to fund R&D in rural-specific communication technology applications and form synergies among academia, start-ups, industry, etc. to build and develop the telecom ecosystem.
- The scheme entails grants to Indian entities to encourage and induct indigenous technologies tailor-made to meet domestic needs.

Tamil Nadu government is planning to denotify a sizeable area of Pulicat Lake Bird Sanctuary.

About Pulicat lake
- Located along the coast of Bay of Bengal at the border of Andhra Pradesh & Tamil Nadu.
- Second largest brackish water lake in Indiaafter Lake Chilika in Odisha.
- Sriharikota island separates lagoon from Bay of Bengal.
- It is fed mainly by the river Kalangi and the river Arani.
- Supports largest congregation of Flamingos.