Current Affairs - International

India will host the 1st BIMSTEC Business Summit on August 6, 2024, in New Delhi. The event is organized by the Ministry of External Affairs of the Government of India in association with the Confederation of Indian Industries (CII). The summit aims to enhance regional collaboration through improved trade and investment among BIMSTEC member countries. High-ranking officials, policymakers, and industry leaders from various member states will participate, highlighting the significance of the event in fostering economic cooperation within the region.

Chile is renowned for having the largest lithium reserves globally, holding 36% of the world's total. It also stands as the second-largest global producer, contributing 32% to the global market. This makes Chile a significant player in the lithium industry, which is vital for various applications such as rechargeable batteries, ceramics, and pharmaceuticals. The country's extensive lithium resources are a major focus for companies looking to explore and extract this valuable resource, as exemplified by Coal India Limited's plans to explore lithium in Chile's salt flats.

The 5th AITIGA Joint Committee meeting, aimed at advancing the review of the ASEAN-India Trade in Goods Agreement (AITIGA), took place in Jakarta from July 29 to August 1, 2024. The meeting was co-chaired by representatives from India and Malaysia and involved delegates from all 10 ASEAN countries. This event marked an important step in strengthening ASEAN-India economic cooperation, building on previous rounds of negotiations held in New Delhi and Putrajaya. The focus of the discussions was on various aspects of trade including market access, rules of origin, standards and technical regulations, and trade facilitation, ensuring comprehensive coverage of the issues pertinent to the trade agreement.

India is set to host the 3rd Voice of the Global South Summit on August 17, 2024. This summit will be led by Prime Minister Narendra Modi and aims to address significant global issues such as conflicts, development, and climate change. The event is intended to strengthen cooperation among developing nations from Latin America, Africa, and Asia, continuing the themes of unity and growth from previous summits. India's role in hosting this summit underscores its commitment to fostering dialogue and collaboration among emerging economies.

India has restarted the import of Tur dal (Pigeon pea) from Mozambique following a disruption caused by an “anti-India” group. Mozambique was a significant supplier, contributing 2.64 lakh tons of Tur/Pigeon peas to India's total import of 7.71 lakh tons in 2023-24. This resumption is part of a broader strategy to secure pulse imports, with Mozambique and Malawi being key suppliers under respective MoUs. The resumption highlights Mozambique's critical role in India's pulse supply chain.