CURRENT AFFAIRS: 31.05.2017

1.     MODI,MERKEL nudge FTA

·        India and Germany sign a Dozen agreements but low profile Mous on the subject of education,

Health, skill development and sustainability

·        India’s PM Modi and German chancellor Angela

Merkel underlined their determination to ease bilateral trade and investment

·        They also reaffirmed their strong commitment to

EU India broad based trade and investment  agreement (FTA- free trade agreement)

·        Their commitment to bring about a resumption

Of the negotiations at the earliest possible date

·        This would allow to establish provision for the mutual protection of new foreign investments

·        In 2016 bilateral trade, India rank 24^th among countries doing business with Germany

           FTA

Ø It’s a treaty between two or more countries which established a free trade area

Ø Where import and export of goods and services ,not capital or labour  between two or more countries that have no limit or quotas or   barriers or unbalanced tarrif

Ø Agreement involve cooperation between two or more  countries to reduce trade barriers and to increase trade of goods and services with each other countries

Type of Trade agreement

a)     Unilateral

b)    Bilateral

c)     Multilateral

WTO role

Ø WTO deals with the global rules of trade between nations

Ø Main function- to ensure that trade flows as smoothly , predicatably & freely as possible

Ø Established- 1 jan. 1995 ( replaced GATT,1948)

Ø H.Q- Geneva, Switzerland

Ø India is founding member of WTO

Ø Afghanistan – 164^th member of WTO

  Source: The Hindu

2. New Rs.1 notes to be released soon

·        The Reserve Bank of India is going to issue new Rs.1 notes.

·        This is done after 20 years from the previous release.

·        These currency notes are legal tender as provided in the Coinage Act, 2011.

·        The existing currency notes in this denomination in circulation will also continue to be legal tender.

·        The Finance Secretary signs Rs.1 notes, unlike other currencies that bear the signature of the RBI Governor.

·        The RBI is withdrawing smaller denomination notes gradually and issuing coins that cost less.

Source: The Hindu

3. Minesweeper deal to be inked soon

·        India and South Korea are set to finalise the deal for 12 mines sweepers for the Indian Navy.

·        The deal of 12 mine-sweepers or Mine Counter Measure Vessels is worth Rs 32,640 crore and the ships would be manufactured in India under Transfer of Technology.

·        The first ship is expected to be delivered three years after the contract is signed.

·        Mines-sweepers are crucial to detect mines and explosives planted by the enemy targeting our ships as they enter or leave harbours.

·        The Acceptance of Necessity for construction of 12 new MCMVs was approved by the Defence Acquisition Council.

·        The Navy is presently left with four ageing minesweepers which will be retired by 2018 end.

Importance of Minesweepers

Ø Minesweeper ships use sonar systems to detect mines planted on the seabed or mines that float at predetermined depths.

Ø They are used to keep the seas mine-free.

Source: The Hindu

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                   QUESTIONS BASED ON

  CURRENT AFFAIRS: 31.05.2017

1.     In 2016 bilateral trade, India rank ……..among countries doing business with Germany ?

a)     21

b)    22

c)     23

d)    24

2.     Head quarter of WTO is ?

a)     New York

b)    Switzerland

c)     Germany

d)    Geneva

3.     Which of the following statement is true regarding WTO ?

a)      India is founding member of WTO

b)    WTO established in 1948

A-    a) only

B-    b) only

C-    both a)&b)

D-   neither a) nor b)

4.     Who signs Rs.1 note in India ?

a)     RBI governor

b)    Finance Secretary

c)     President of India

d)    Finance minister

5.     India  and ……. are set to finalise the deal for 12 mines sweepers for the Indian Navy ?

a)     America

b)    Japan

c)     South Korea

d)    North Korea

           ANSWER

1.     d

2.     d

3.     A

4.     b

5.     c