India Hosts First BIMSTEC Business Summit (2024) PDF

**India hosted First BIMSTEC Business Summit in New Delhi** · **The Ministry of External Affairs of India, together with the Confederation of Indian Industries (CII),** is **organizined the first BIMSTEC Business Summit** on August 6, 2024, in New Delhi. This summit **aims to** **improve cooperat...

**India hosted First BIMSTEC Business Summit in New Delhi** · **The Ministry of External Affairs of India, together with the Confederation of Indian Industries (CII),** is **organizined the first BIMSTEC Business Summit** on August 6, 2024, in New Delhi. This summit **aims to** **improve cooperation among the countries** that are part of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). · **India's External Affairs Minister, Dr. S. Jaishankar, opened the summit**. There was an important speech by the Minister of Commerce and Industries, Shri Piyush Goyal. **The goal is to boost trade and investment** **relationships among the participating countries**. The event is expected to draw a diverse array of participants, including ministers from BIMSTEC member states responsible for trade, commerce, industry, and energy, along with high-ranking government officials, policymakers, entrepreneurs, and industry associations. The main topics discussed at the summit are: **Making trade easier, Improving regional connectivity, Ensuring energy** **security, Promoting inclusive growth and Encouraging sustainable development.** **The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC**) is an **international organisation of seven South Asian and Southeast Asian nations**, housing 1.73 billion people and having a **combined gross domestic product of \$3.8 trillion (2021). The BIMSTEC member states -- Bangladesh,** **Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand**-- are among the countries dependent on the Bay of Bengal. **Fourteen priority sectors of cooperation have been identified and several BIMSTEC centres** have been **established to focus on those sectors**. A BIMSTEC free trade agreement is under negotiation (c. 2018), **also** **referred to as the mini SAARC**. Leadership is rotated in alphabetical order of country names. **The permanent** **secretariat is in Dhaka, Bangladesh.** **India retains eighth position in global agriculture exports in 2023** · **Despite a drop in its agriculture exports in 2023 to \$51 billion from \$55 billion in 2022, India maintained its** **position as world's eighth largest exporter of agriculture products** in the year as seven of the top ten exporting nations witnessed a decline, per figures collated by the WTO. India had imposed a ban on export of wheat in May 2022, non-basmati rice in July 2023 and on sugar from October 2023. **The fall in agriculture** **exports in India can be attributed to geopolitical factors such as the Red Sea crisis and the continuing** **Russia-Ukraine war but the decline was largely across regulated commodities** such as rice, wheat, sugar, and onions, officials in India had earlier pointed out. · **The EU maintained its top position in 2023 by exporting agriculture produce valued at \$836 billion** **compared to \$799 billion in 2022. The US, too, continued at the second spot despite a drop in agriculture** **exports** in 2023 to \$198 billion as opposed to \$222 billion in the previous year. Brazil's agriculture exports increased to \$157 billion in 2023 from \$148 billion in 2022 while it retained the third spot. China was the fourth largest agriculture exporter in 2023 with shipments valued at \$95 billion which was marginally below exports worth \$96 billion in 2022. **World Trade Organization (WTO)** is an **intergovernmental organization** that **regulates and facilitates** **international trade between nations**. It officially **commenced operations on 1 January 1995, pursuant to the** **1994 Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT**), which was **established in 1948**. The WTO is the **world's largest international economic organization**, with **164 member** **states representing over 96% of global trade and global GDP**. **The WTO is headquartered in Geneva,** **Switzerland**. **Ngozi Okonjo-Iweala** is the current **Director-General of the World Trade Organization**. She has **become the first woman and the first African to hold the office**. **National Commission for Women Inaugurates Digital Shakti Center in New Delhi** · **The National Commission for Women has inaugurated the Digital Shakti Center to combat cyber-crimes** **against women** in New Delhi. The centre is a dedicated facility that **aims at raising awareness about cybercrimes**. It will provide essential technical support for registering and addressing complaints. · The commission emphasised that with the **alarming rise in cyber-crimes such as identity theft, cyberstalking,** **and sexual exploitation**, this initiative is crucial in empowering women to navigate and protect themselves in the digital world. It said that building on the success of its Digital Shakti campaign, which was launched in 2018, the centre will offer expert guidance to ensure timely and effective resolution of cybercrime complaints. **The NCW** **added that the Digital Shakti campaign has reached millions of women, equipping them with the** **knowledge and tools to safeguard their digital spaces.** **The National Commission for Women (NCW) is a statutory body of the Government of India**, generally **concerned with advising the government on all policy matters affecting women**. It was **established on 31** **January 1992** under the provisions of the Indian Constitution, **as defined in the 1990 National Commission for** **Women Act. The first head of the commission was Jayanti Patnaik**. As of 16 August 2024, **Rekha Sharma is the** **chairperson.** The objective of the NCW is to **represent the rights of women in India and to provide a voice for** **their issues and concerns.** **Government of India approves 8 high-speed road corridor projects of Rs. 50,655 cr** · **The government of India approved eight national high-speed road corridor projects of length 936 km** **entailing investment of Rs. 50,655 crore** to improve logistics efficiency and connectivity across the country. **The implementation of these eight important projects will generate an estimated 4.42 crore mandays of** **direct and indirect employment.** · **The projects approved by the Cabinet Committee on Economic Affairs include 6-Lane Agra-Gwalior** **National High-Speed Corridor**, 4-Lane Kharagpur-Moregram National High-Speed Corridor, 6-Lane Tharad- Deesa-Mehsana-Ahmedabad National High-Speed Corridor, 4-lane Ayodhya Ring Road, 4-Lane Section between Pathalgaon and Gumla of Raipur-Ranchi National Highspeed Corridor, and 6-Lane Kanpur Ring Road. **The Ministry of Road Transport and Highways (MoRTH)** is a ministry of the Government of India that is the apex body for **formulation and administration of the rules, regulations and laws relating to road transport, transport** **research and in also to increase the mobility and efficiency of the road transport** system in India. **Nitin Jairam** **Gadkari** is an **Indian politician from Maharashtra who is serving as the 40th Minister of Road Transport &** **Highways** in the Government of India since 2024. He is also the **longest serving Minister for Road Transport &** **Highways, currently in his tenure for over ten years (2014-present),** and is the **only person to serve under a** **single portfolio for three consecutive terms. He earlier served as the President of the Bharatiya Janata Party** **(BJP). He currently represents the Nagpur constituency in the Lok Sabha** and is a lawyer by profession. **India and Vietnam Team Up to Preserve Maritime History with NMHC in Lothal, Gujarat** · **India and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to develop** **the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.** This partnership, rooted in centuriesold maritime connections, highlights the enduring bond between the two countries and their commitment to preserving and celebrating their shared heritage. A Memorandum of Understanding (MoU) was signed between India and Vietnam at Hyderabad House in New Delhi, in the presence of Prime Minister Narendra Modi and the Prime Minister of Vietnam Mr. Pham Minh Chinh.