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Indian High Commissioner to the UK, Vikram Doraiswami, was conferred the 'Freedom of the City of London' award.
The award recognized his significant contributions to strengthening India-UK bilateral relations during his tenure.
A key achievement highlighted was the progress towards the conclusion of the India-U.K. Free Trade Agreement (FTA).
A Free Trade Agreement (FTA) is a pact between two or more countries to reduce or eliminate barriers to trade, such as tariffs, quotas, and subsidies, on goods and services exchanged between them. The primary goal is to foster greater economic integration, increase trade volumes, and enhance economic efficiency by allowing goods and services to flow more freely across borders. FTAs can be comprehensive, covering various sectors, or limited to specific goods.
Simple Analogy: Imagine two neighbouring farmers agreeing to sell their produce to each other without any extra taxes or fees, making it cheaper and easier for both to get what they need and sell what they grow.
India is actively pursuing FTAs with various global partners (e.g., UAE, Australia, EU, GCC) as a strategic tool to enhance its export competitiveness, attract foreign investment, and integrate into global value chains, moving away from protectionist tendencies.
Beyond trade, the relationship encompasses strategic partnerships in defence, education, technology, climate action, and cultural exchanges, with the FTA serving as a significant economic pillar to deepen these ties.
Understanding key diplomatic roles (High Commissioner, Ambassador) and significant international awards received by Indian officials is crucial for current affairs, reflecting India's global engagement.
GS Paper 2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests. GS Paper 3: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Effect of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
General Awareness: Current Affairs, Awards and Honours, International Organizations and Agreements.
General Awareness: Current Affairs, Economy, International Relations.
General Awareness: Current Affairs, General Knowledge, International Events.
General Awareness: Current Events, International Relations, Defence Diplomacy.
Consider the following statements: 1. The value of Indo-Sri Lanka trade has consistently increased in the last decade. 2. "Textile and textile articles" constitute an important item of trade between India and Bangladesh. 3. In the last five years, Nepal has been the largest trading partner of India in South Asia. Which of the statements given above is/are correct?
Answer: 2 only
Consider the following countries: 1. Australia 2. Canada 3. China 4. India 5. Japan 6. USA Which of the above are among the 'free-trade partners' of ASEAN?
Answer: 1, 3, 4 and 5
'Broad-based Trade and Investment Agreement (BTIA)' is sometimes seen in the news in the context of negotiations held between India and
Answer: European Union
High (International relations, economy, and awards are frequent topics across various exams).
An international treaty between two or more economies that reduces or eliminates certain barriers to trade in goods and services.
A senior diplomat who heads a country's diplomatic mission in another Commonwealth country.
The political, economic, and cultural relationship between two sovereign states.