On 2nd day of Vietnam visit, Vice President, calls for building a peaceful and prosperous Indo-Pacific regionContext:
- Well, the Vice President of India emphasized the importance of the building a peaceful and the prosperous Indo-Pacific region on the basis of the respect for the national sovereignty and international law and an expressed the hope that the concerned countries would be able to reach a consensus on Code of Conduct in the South China Sea.
Background Check: Indian Technical and Economic Cooperation Programme (ITEC):
- Describing Vietnam as a strategic pillar of India’s Act East Policy and our key interlocutor in ASEAN, the Vice President said India’s commitment to be a reliable development partner was stronger than before.
- In fact, both of the countries agreed to further strengthen bilateral cooperation in defence and the security, outer space, science and the technology, oil and gas, renewable energy, infrastructure development, agriculture and also innovation-based sectors.
- The VP said India was providing extensive training support to Vietnamese Armed Forces and the implementation of the Line of Credit of US Dollars 100 million for building high speed patrol vessels for Vietnamese Border Guards was progressing satisfactorily.
- Referring to bilateral trade, which stood at nearly US Dollars 14 billion last year having nearly doubled from US Dollars 7.8 billion three years ago, the Vice President expressed confidence of achieving bilateral trade target of US Dollars 15 billion by 2020.
- The Vice President assured that India would continue the long-term and short duration scholarships and training programmes provided under ITEC programme and by the Indian Council for Cultural Relations.
- These programmes have been most effectively used in the agriculture sector, making a tangible difference in the lives of the Vietnamese people.
- It is a bilateral assistance programme run by the Government of India.
- It is a demand-driven, response-oriented programme that focuses on addressing the needs of developing countries through innovative technological cooperation between India and the partnering nation.
- However, along with its corollary, the Special Commonwealth Assistance for an Africa Programme, ITEC covers approx 158 countries across the Asia, Africa, Latin America, Central and an Eastern Europe, and several Pacific and also the Caribbean nations.
- And, since its inception, the programme has spent over approx US$ 2 billion and also the benefited thousands of the students and the professionals from around the globe and also an annual expenditure on the programme has averaged US$ 100 million per annum in the recent years.
- Moreover, the ITEC was officially launched in 15 September in the year of 1964 but for decades it remained a marginal programme as India itself was dependent on international aid
WTO Ministerial Meeting of Developing Countries in New DelhiContext:
- A WTO Ministerial meeting of developing countries is being hosted by India in New Delhi on 13-14 May 2019.
- Well, the meeting is being held at a time when the multilateral rule-based-trading system is facing the serious and the grave challenges.
- In the recent past, there have been increasing unilateral measures and counter measures by members, deadlock in key areas of negotiations and the impasse in the Appellate Body, which threaten the very existence of the Dispute Settlement Mechanism of the WTO and also impacts the position of the WTO as an effective multilateral organisation.
- But, the current situation has given rise to demands from the various quarters to reform the WTO.
- This meeting at New Delhi is an effort to bring together the developing countries and Least Developed Countries on a platform for sharing common concerns on various issues affecting the WTO and work together to address these issues.
- The two-day meeting also provides an opportunity to the developing countries and LDCs to build consensus on how to move forward on the WTO reforms, while preserving the fundamentals of the multilateral trading system enshrined in the WTO.
- The twelfth Ministerial Conference of the WTO to be held in Kazakhstan on June in the year of 2020.
World Trade Organisation (WTO):
Moreover, it was established on 1 January in the year of 1995 and its official languages are English, French and also the Spanish. Read More: RSTV Summary Read More: AIR Summary
- WTO is an intergovernmental organization for governments to negotiate global trade agreements and progressively liberalizing trade.
- In fact, it operates system of trade rules that apply to all its members.
- Also, it is a place for the Member governments to settle their trade disputes.
- And, its headquarters are located in Geneva, in Switzerland.