24-Mar-2023: I2U2 Group Leaders Meeting on Food Security & other issues
According to Ministry of External Affairs, there is no proposal to form I2U2 consortium to develop agriculture and its allied technology to increase productivity. However, Prime Ministers of India and Israel, Presidents of USA and UAE convened the first leaders’ meeting of the “I2U2” Group. This unique grouping of countries aims to tackle challenges confronting the world with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security. To this end, the I2U2 leaders highlighted for initiative on Food Security under which there will be development of series of integrated food parks across India.
Further on the margins of I2U2 Business Forum, India has joined the Agriculture Innovation Mission for Climate (AIM for Climate-AIM4C) on 22 February, 2023 by signing the letter of intent. AIM4C was launched by the UAE and the US at Conference of Parties-26 (COP26) and includes Israel as a partner among 140 other governmental and non-governmental entities. AIM4C seeks to address climate change and global hunger by uniting partners to significantly increase the investment in and other support for climate smart agriculture and food systems innovation for the period of five years (2021-2025).
The Ministry of Agriculture and Farmers Welfare, Government of India signed a Work Plan Program on 24th May 2021 for 3 years (2021-23) with Israel’s Agency for International Development Cooperation, Ministry of Foreign Affairs, State of Israel to accomplish the completion of the Centers of Excellence (CoE) by bringing them to operational stage, development of Value Chain and Hi-tech agriculture for production of quality planting material in fruits and vegetable crops.
1-Mar-2023: India hosts first meeting of Governing Board of BIMSTEC Energy Centre (BEC)
India hosted the first meeting of the Governing Board of BIMSTEC Energy Centre (BEC) on 27th February, 2023 in Bengaluru.
There was active participation from all BIMSTEC countries viz. Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand along with BIMSTEC Sectt. All member states appreciated the opportunity to have been able to convene after a long hiatus.
India’s “Neighbourhood first” and “Act East” Policies were highlighted during the meeting. A snapshot of areas where BIMSTEC countries could learn from each other was also presented.
As the Host of the BIMSTEC Energy Centre, India made a presentation on establishing the BIMSTEC Energy Centre (BEC) in India. It was conveyed to the member countries that the BEC will be housed in the premises of the Central Power Research Institute (CPRI), Bengaluru.
Shri. Ghanshyam Prasad, Chairperson, CEA was nominated as the first Executive Director of the BIMSTEC Energy Centre. The Meeting considered and finalized the Note on “Host Country Agreement between the Government of Republic of India and the BIMSTEC Secretariat”. The same was recommended to the Seventh Meeting of BIMSTEC Permanent Working Committee for consideration.
Considering the current energy scenario in BIMSTEC region, the Meeting recommended to add the additional following areas under the specialized Wings of BEC: (a) Cyber Security, (b) Green Hydrogen (c) Energy Transition
The member countries appreciated India’s efforts for organizing the first meeting of the Governing Board of BIMSTEC Energy Centre. All countries also expressed that such meetings of the BIMSTEC may happen more frequently.
5-Feb-2023: Paris Club to provide financial assurances to the International Monetary Fund (IMF) on Sri Lanka’s debt.
The Paris Club, an informal group of creditor nations, will provide financial assurances to the International Monetary Fund (IMF) on Sri Lanka’s debt.
The Paris Club
- An informal group of creditor nations
- A forum where official creditors meet to solve payment difficulties faced by debtor countries
- Objective is to find sustainable debt-relief solutions for countries that are unable to repay their bilateral loans
Members
- Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Japan, Netherlands, Norway, Russia, South Korea, Spain, Sweden, Switzerland, the United Kingdom and the United States
- All 22 are members of the Organisation for Economic Co-operation and Development (OECD)
Involved in Debt Agreements
- Reached 478 agreements with 102 different debtor countries
- Debt treated in the framework of Paris Club agreements amounts to USD 614 billion since 1956
Recent Developments
- Dominated bilateral lending in the last century, but their importance has receded over the last two decades
- China emerged as the world's biggest bilateral lender
- In Sri Lanka's case, India, China, and Japan are the largest bilateral creditors
- Sri Lanka's debt to China is 52% of its bilateral debt, 19.5% to Japan, and 12% to India
India's Position on Bilateral Negotiation with Sri Lanka
- Launched its own bilateral negotiations with Sri Lanka in January 2023.
- Provided the necessary financial assurances to the IMF.
- Reassertion of India's belief in the principle of "neighborhood first" and not leaving a partner to fend for themselves.