Cairn Energy Case - New York Convention:
Under the New York Convention, Cairn Energy has filed a lawsuit in the United States District Court to enforce a US$1.2 billion arbitration award won in a tax dispute with India.
Highlights:
♦ One of the essential instruments of international arbitration is the Agreement on the Recognition and Compliance of Foreign Arbitral Awards, also known as the `New York Arbitration Convention` or the `New York Convention.`
♦ Arbitration is a process in which the parties agree to refer a dispute to one or more arbitrators who make a binding decision on the dispute (an independent person/body).
♦ This relates to the acceptance and compliance by the court of international arbitral awards, as well as referral to arbitration.
♦ After an international conference was held in May and June 1958 at the United Nations Headquarters in New York, the Convention was ratified by the United Nations and entered into force on 7 June 1959.
♦ Aim: The key object of the Convention is that international and non-domestic arbitral awards can not be differentiated by the courts requiring compliance.
♦ Parties to Convention: The 166 State Parties to the Convention are (Countries). The Party to the Convention is India.
CECPA Between India and Mauritius:
The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius was approved by the cabinet.
Highlights:
♦ The agreement includes Trade in Goods, Rules of Origin, Trade in Services, Technological Barriers to Trade (TBT), Sanitary and Phytosanitary Steps (SPS), Dispute Resolution, Movement of Natural Persons, Telecommunications, Financial Services, Customs Procedures and Other Areas of Cooperation.
♦ The first trade agreement to be concluded between India and a country in Africa will be the India-Mauritius CECPA.
♦ An institutional framework is established by the CECPA to promote and develop trade between the two countries. It includes more than 310 products in India for export. Preferential market access to India for 615 items would profit Mauritius.
♦ Service providers in India will have access to approximately 115 sub-sectors of 11 major service sectors, such as technical services, computer services, R&D, other business services, telecommunications, construction, power delivery, education, environment, finance, tourism and travel, entertainment, yoga, audiovisual services and transportation services.
###Make Peace with Nature UNEP:
In 2020, the United Nations Environment Programme (UNEP) announced that despite the decrease in greenhouse gas emissions due to the pandemic, the earth will begin to warm up to more than 3°C in this century. The UNEP has long issued a warning: The per capita stock of natural capital (the resources and services that nature provides to humans) has fallen by 40 percent in just two decades. We already know that nine out of ten people in the world breathe polluted air.
United Nations Environment Programme (UNEP):
UNEP is an agency of the United Nations. It manages the environmental efforts of the United Nations. United Nations Environment Programme (UNEP) assists developing countries in implementing environmentally sound policies and practices. It was established as a result of the United Nations Conference on the Human Environment in 1972. Its headquarters are situated in Nairobi, Kenya. The main UNEP reports are the Emission Gap Report, Global Environmental Outlook, Frontier, and Investment in a Healthy Planet.
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