Current Affairs 22 June 2017

Current Affairs Today

Current Affairs 22 June 2017

Current Affairs 22 June 2017

Regional Comprehensive Economic Partnership: India upset over slow progress on services talks:
India, which is in talks for the proposed mega-regional Free Trade Agreement (FTA) along with 16 other Asia Pacific nations, has expressed disappointment over the inade- quate progress in talks on services trade lib- eralisation especially for facilitating easier movement of professionals for shortterm work in these countries.
Commerce and Industry Minister Smt. Nirmala Sitharaman led the Indian delegation to the 3rd RCEP Inter-sessional Ministerial Meeting on 21-22 May 2017 in Hanoi in which Trade Ministers of 15 other RCEP countries participated.
The negotiations for the FTA, officially known as the Regional Comprehensive Economic Partnership (RCEP), started in November 2012.

  • It includes the 10 ASEAN member States and six nations that have existing FTAs with ASEAN-India, China, Australia, New Zealand, Japan, and South Korea.
  • These nations have a combined GDP of around $24 trillion and a population of around 3.6 billion.
  • Current Affairs: Govt approves phasing out of 25-year-old Foreign Investment Promotion Board:

    Govt approves phasing out of 25-year-old Foreign Investment Promotion Board:
    The Union Cabinet approved phasing out of the 25-year-old Foreign Investment Promotion Board (FIPB).
    The FIPB is the interministerial body or a single window clearance mechanism for applications on foreign direct investment (FDI) in India in sectors under the government approval route.

  • The move to phase Out Of the FIPB is aimed at making India a more attractive FDI destination and increasing FDI inflows by providing greater ease of doing business and promot- ing the ‘Maximum Governance and Minimum Government’ principle.
  • The proposal entails abolishing the FIPB and allowing administrative Ministries/ Departments to process applications for FDI requiring government approval, an official statement said.
  • TRAI defends decision to impose penalty on 3 firms:
    Incumbent operators were ‘intentionally denying and delaying’ providing adequate points of interconnection to the new entrant Reliance Jio, TRAI said, defending its recom- mendation to impose a penalty on Bharti Airtel, Idea and Vodafone.

  • TRAI said it was within its powers to impose a penalty for violation of license norms.
  • TRAI had recommended a fine of Rs 1,050 crore each for Airtel and Vodafone And Rs 950 crore for Idea for violating their agreement and denial of interconnection to Reliance Jio.

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