OPEC Subject: International Organizations Context: Concept: The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder members of the Organization. As […]
FATF Subject: International Organizations Context: The Financial Action Task Force (FATF) had deferred its once-a-decade evaluation of India’s anti-money laundering regime scheduled for this year, citing the COVID-19 pandemic, and indicated that the onsite review to be conducted by global experts may now take place in early 2021. Concept: The FATF undertakes peer […]
Subject: International Organisations Context: Cairn Energy Plc won a major relief on Wednesday as the Permanent Court of Arbitration at The Hague ruled that the Indian government’s retrospective tax demand against the global oil and gas major was “inconsistent” with the UK-India bilateral treaty. Concept: The Permanent Court of Arbitration (PCA) is an intergovernmental organization […]
Subject : International Organisations Context: The government signed a loan agreement worth $1 billion with the New Development Bank (NDB) to support the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and India’s rural infrastructure. Concept : It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa). […]
Subject: International Organizations Context : SAARC can only be fully effective in the absence of “terror and violence”, Prime Minister said in a message to the South Asian Association for Regional Cooperation on its 36th Charter Day anniversary. Concept : South Asian Association for Regional Cooperation (SAARC) was established with the signing of the SAARC […]
Subject : International Organizations Context: India, ‘strongly’ rejected the criticism of its Kashmir policy by the Organisation of Islamic Cooperation (OIC). Concept: The Organisation of Islamic Cooperation (OIC) is the second largest intergovernmental organization after the United Nations with a membership of 57 states. It is the collective voice of the Muslim world. It endeavors […]
Subject : International Organisations Context : The Asian Development Bank (ADB) on Tuesday said it had allocated $20.3 million in aid to developing member countries to access COVID-19 vaccines and establish systems to enable equitable vaccine distribution. Concept : Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is […]
Subject : International Organisation Context : The Director-General of the World Health Organization, Tedros Adhanom Ghebreyesus, has called for “fair allocation” of Covid-19 vaccine. Concept : World Health Assembly The World Health Assembly is the decision-making body of WHO. It is attended by delegations from all WHO Member States and focuses on a specific health […]
Subject: International Organization Context: The Organization of Petroleum Exporting Countries (OPEC) is hoping that lockdowns and curfews in some countries in the event of a second or third wave of COVID-19 infections will not dent global energy demand as much as in the second quarter of this year. Concept: The Organization of the Petroleum Exporting […]
Subject: International Organization Context: India assumed the role of chair of International Labour Organisation body from October 2020. Concept: The ILO was created in 1919 by the Versailles Peace Treaty. After the demise of the League of Nations, it became the first specialized agency associated with the UN. Its secretariat is in Geneva, Switzerland. It […]