1. India to join Global Foreign Exchange Committee.
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India will soon join Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent foreign exchange (Forex) market. The committee has been set up under guidance of the Bank for International Settlements (BIS), an international financial organisation.
The GFXC was established in London during a meeting in May 2017 of public and private sector representatives from the foreign exchange committees (FXCs) of 16 international forex trading centres.
The newly expanded and formalised GFXC, replaces a similar but more informal organisation of eight FXCs from Australia, Euro area, Canada, Hong Kong, Japan, Singapore, UK and US. It will now also include representatives from existing, or soon to be established FXCs or similar structures in China, India, Brazil, Korea, Mexico, South Africa, Sweden and Switzerland.
The objectives GFXC:
(i) Promote collaboration and communication among the local FXCs and non-GFXC jurisdictions with significant FX markets.
(ii) Exchange views on trends and developments in global FX markets, including on the structure and functioning of those markets, drawing on information gathered at the various FXCs.
(iii) Promote, maintain and update on a regular basis the FX Global Code (the Code) and consider good practices regarding effective mechanisms to support adherence.
It will also maintain and update ‘Global Code of Conduct for the Foreign Exchange Markets’ issued by Bank for International Settlements (BIS).
2. G-20 leaders adopt Hamburg Action Plan.
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The 12th G-20 summit concluded in Germany’s Hamburg city with adaptation of Hamburg Action Plan. It sets out the group’s strategy for achieving strong, sustainable, balanced and inclusive growth. The action plan aims to address major global challenges, including climate change, harnessing digitalisation, and to contribute to prosperity and well-being.
Tackle common challenges:
G20 members resolved to tackle common challenges to the global community, including terrorism, displacement, hunger, poverty and health threats, job creation, climate change, energy security and inequality including gender inequality, as a basis for sustainable development and stability.
Trade and globalisation:
They stressed on the importance of harnessing the benefits of globalisation, reaffirm the importance of transparency for predictable and mutually beneficial trade relations. They also underlined importance to boost employment by improving sustainable global supply chains, as an important source of job creation and balanced economic growth.
Continue to use all policy tools:
G20 members will use all policy tools such as monetary, fiscal and structural- individually and collectively to achieve the goal of strong, sustainable, balanced and inclusive growth, while enhancing economic and financial resilience.
Paris Agreement:
They agreed that the 2015 Paris Agreement is irreversible and reiterated the importance of fulfilment of the UNFCCC commitments by developed countries in providing means of implementation including financial resources to assist developing countries with respect to both mitigation and adaptation actions.
Sustainable livelihoods:
G-20 members are committed to increase innovation on sustainable and clean energies and energy efficiency, work towards low greenhouse-gas emission energy systems and harness digitalisation to achieve the goals of the 2030 Agenda for Sustainable Development.
Global Health systems:
G-20 members called for strengthening health systems and safeguarding against health crises. The leaders called on the UN to keep global health high on the political agenda and strive for cooperative action to strengthen health systems worldwide, including through developing the health workforce. The leaders also stressed on combatting Anti-Microbial Resistance (AMR), which is a growing threat to public health and economic growth.
3. India, US and Japan navies kick off 2017 Malabar Exercise.
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India, Japan and United States (US) navies have kicked off 2017 MALABAR trilateral naval Exercise near Chennai in Bay of Bengal. This year it is the 21st edition of the naval exercise.
In this edition of the exercise, total of around 15 warships, two submarines and scores of fighter jets, surveillance aircraft and helicopters from three navies will take part.
The 8 day long Malabar 2017 exercise consists of both ashore and at-sea activities. This year operations of the exercise include anti-submarine warfare, familiarization with inter-operability between maritime forces, search and rescue and seizure missions and many other drills.
One of the main goals of this edition of the exercise is “submarine-hunting”. The goal carries subtext given the ever-increasing and regular operation of Chinese Navy submarines in the Indian Ocean. This year, two aircraft carriers from India and US and a Japanese helicopter destroyer form part of the warships that will join the naval drills.
Participants from US Navy include the Nimitz-class aircraft carrier USS Nimitz with embarked Carrier Air Wing 11; guided-missile cruiser USS Princeton; guided-missile destroyers USS Howard, USS Shoup and USS Kidd; a P-8A Poseidon surveillance aircraft; and a Los Angeles-class fast-attack submarine.
From Indian Navy, aircraft carrier INS Vikramaditya is participating for the first time. Two Kamorta class anti-submarine warfare corvettes, two Shivalik class frigates and tanker INS Jyoti are also participating. The Japan Maritime Self Defence Force (JMSD) ships JS Izumo and JS Sazanami are participating in the exercise.
4. Okinoshima Island: Japan’s men-only island gets UNESCO heritage tag.
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Okinoshima Island, Japan’s men-only island was declared as a UNESCO world heritage site. The island will be the 17th set of Japanese cultural assets to be granted this status and overall 21st in the list. The island is part of the prefecture’s Munakata region. It is located in south-west Japan between the main island of Kyushu and the Korean Peninsula in the Sea of Japan (East Sea). It still follow strict taboos from ancient times, including the controversial ban on women from entering the island
Okinoshima Island is an ancient religious site in Japan that is considered sacred by the local Munakata Taisha. Entries of women are strictly banned on the island. Even male visitors need to take off their clothes and take a naked bath (purifying bath) before visiting the shrine.
It is permanently manned by a Shinto priest who prays the island’s goddess, in a tradition that has been kept up for centuries. The entire island is considered a Shinto Kami, an ethnic religion of Japan that focuses on ritual practices to be carried out diligently, to establish a connection between present-day Japan and its ancient past. Kami are the spirits or phenomena that are worshipped in the religion of Shinto.
The island covers an area of 240 acres and has a maximum elevation of 244 m. Since ancient times, it was an important window for foreign trade in Japan, forming part of a trade route that linked the archipelago to the Korean peninsula and China.
5. 11th July: World Population Day.
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The World Population Day is observed across the world on July 11 to attention on the urgency and importance of population issue. Observance of the day aims at increase people’s awareness on various population issues such as the importance of family planning, maternal health, gender equality, poverty and human rights. 2017 theme: “Family Planning- Empowering People, Developing Nations”. The theme highlights importance of family planning as it allows people to attain their desired number of children and determine the spacing of pregnancies.
The World Population Day was established by the then Governing Council of the United Nations Development Programme (UNDP) in 1989. It was inspired by the public interest in Five Billion Day on July 11, 1987. On this date world’s approximate population had reached five billion people.
Later in December 1990, the United Nations General Assembly decided to continue observing World Population Day by adopting resolution 45/216 to enhance awareness of population issues, including their relations to the environment and development.
The Day was first marked on 11 July 1990 in more than 90 countries. Since then, it is observed annually by number of United Nations Population Fund (UNFPA) country offices and other organizations and institutions commemorate World Population Day, in partnership with governments and civil society
The world population has grown tremendously over the past years. China has the highest population in the world and India stood at second.
6. India to become largest milk producer in 2026: OECD-FAO report.
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According to recently released OECD-FAO Agricultural Outlook 2017-2026, India will be the world’s largest milk producer by 2026 and will account for the biggest increase in wheat production globally.
Population Growth
Over the ten-year outlook period, world’s population will increase from 7.3 to 8.2 billion, with India and Sub-Saharan Africa accounting for 56% of total growth. Given their strong population growth, India and Sub-Saharan Africa will also drive a large share of global food demand. India’s population will grow to 1.5 billion from 1.3 billion, an increase of almost 150 million. India will overtake China to be the most populous country in the world by 2026.
Calories and protein consumption
Additional calories and protein consumption over the outlook period are expected to come mainly from sugar, vegetable oil and dairy products. By 2026, average calorie availability is projected to exceed 3000 kcal per person per day in other developing countries and reach 2450 kcal in least developed countries. Food insecurity and malnutrition in all its forms will remain persistent global problem that will require a coordinated international approach. Growth in demand for meat is projected to slow, with no new sources of demand.
Global food commodity
prices The global food commodity prices are projected to remain low over the outlook period as demand growth in a number of emerging economies is expected to slow down. Real prices are expected to remain flat or decline for most of the commodities. Agricultural trade is also expected to grow more slowly, but remain less sensitive to weak economic conditions than other sectors.
Milk production
Over the first quarter of the 21st century, milk production in India will be nearly tripled. Over the course of the outlook period, milk production in India will grow 49% and in 2026, India will become the world’s largest milk producer, with an output one-third above European Union, second largest producer.
Wheat Production
Global production of wheat is projected to increase by 11% over the outlook period, while the wheat area will increases only by 1.8%. The increase in wheat production is expected to occur through higher yields, most notably in Asia and Pacific, which will account for 46% of additional wheat production. Within the region and globally, India (15 million metric tonnes) will account for the biggest increase in production. Pakistan (6 Mt) and China (5.5 Mt) are also expected to have significant gains. The European Union will account for 13% of the production increase.
Rice production
Rice production is expected to grow by 66 Mt and will be exclusively driven by yield growth, which will account for 93% of additional production. The global area dedicated to rice production is expected to increase by only a 1% from the base period, while global yields will increase by 12%. Major production gains are projected for India, Myanmar, Indonesia, Thailand and Vietnam with yields expected to increase by over 15%.
FAO: It is Rome based specialised agency of the United Nations that leads international efforts to defeat hunger across the world.
OECD (The Organisation for Economic Co-operation and Development): It is Paris based an intergovernmental economic organisation with 35 member countries, founded in 1960 to stimulate economic progress and world trade.