Free Trade Agreement (FTA)

♦ UK Secretary of State for Foreign Affairs David Lammy met with Indian Prime Minister Narendra Modi on 24 July 2024. The leaders affirmed their commitment to elevating ties, with particular emphasis on the bilateral Technology Security Initiative and the desire to conclude a mutually beneficial Free Trade Agreement (FTA). 

♦ Earlier, Lammy also met with External Affairs Minister S Jaishankar, further underlining the importance of this diplomatic mission. This diplomatic engagement comes at a crucial time as both countries seek to strengthen economic ties and cooperation on global issues. The push for an FTA is seen as a key component of this renewed partnership, with both sides expressing optimism about its potential to drive growth and mutual prosperity.

Climate Finance Action Fund (CFAF)

♦ Azerbaijan, the host of 2024 UN climate talks has announced the creation of a Climate Finance Action Fund (CFAF). This fund will be raised from fossil fuel producing countries and companies in order to support green projects in developing countries as well as to help member nations keep within reach the 1.5 degree C temperature target. 

♦ COP29 is set to be held in Baku between November 11 and 22 this year (2024).

World Heritage Committee Meeting

♦ Prime Minister Narendra Modi inaugurated the 46th Session of the World Heritage Committee at Bharat Mandapam in New Delhi on 21 July 2024. India is hosting the World Heritage Committee Meeting for the first time. The World Heritage Committee meets annually and is responsible for managing all matters on World Heritage and deciding on sites to be inscribed on the World Heritage list. This session is scheduled from 21st to 31st July 2024.

♦ During this session, they discussed nominations for new World Heritage sites, conservation reports for 124 existing sites, international assistance, and the use of World Heritage Funds. 

Life Insurance Corporation of India (LIC)

♦ Life Insurance Corporation of India (LIC) has entered into a tie-up with IDFC First Bank Ltd under corporate agency arrangement.

♦This tie-up will facilitate more than 1 crore customers of IDFC First Bank to buy LIC policies online by visiting the bank’s website. 

The 8th Deputy National Security Adviser (DNSA)

♦ The 8th Deputy National Security Adviser (DNSA) level meeting of the Colombo Security Conclave (CSC) was hosted virtually by Mauritius on 10 July 2024. The existing members - India, Mauritius, Maldives and Sri Lanka welcomed Bangladesh as the fifth Member State of the CSC. Seychelles participated as an Observer State.

♦ The Colombo Security Conclave was established in 2020. 

The 22nd Annual Bilateral Summit

♦ Indian Prime Minister Narendra Modi and Russian President Vladimir Putin met for a formal dialogue and the 22nd Annual Bilateral Summit on 9 July 2024. 

♦ During the summit, India and Russia inked nine MoUs/Agreements. 

1. Program of India-Russia cooperation in trade, economic and investment spheres in the Russian Far East for the period from 2024 to 2029, as well as of cooperation principles in the Arctic Zone of the Russian Federation.

2. MoU between the Ministry of Environment, Forest and Climate Change of India and Ministry of Economic Development of the Russian Federation on the issues of Climate change and low-carbon development.

3. MoU between Survey of India and the Federal Service for State Registration, Cadastre and Cartography, Russian Federation.

4. MoU between National Centre for Polar and Ocean Research, Ministry of Earth Sciences, India, and the Arctic and Antarctic Research Institute on Cooperation in Research and Logistics in polar regions.

5. MoU on Cooperation and Collaboration on broadcasting between Prasar Bharati, India, and ANO "TV-Novosti” (Russia Today TV Channel), Russia.

6. MoU between Indian Pharmacopoeia Commission, Ministry of Health and Family Welfare, India, and Federal State Budgetary Institution "Scientific Centre for Expert Evaluation of Medicinal Products” of the Ministry of Health of the Russian Federation.

7. Cooperation Agreement between the Indian International Arbitration Centre and International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation.

8. Joint Investment Promotion Framework Agreement between Invest India and JSC "Management Company of Russian Direct Investment Fund”.

9. MoU between Trade Promotion Council of India and All Russia Public Organization "Business Russia”.

The Joint Defence Cooperation Committee (JDCC)

♦ The 12th edition of the Joint Defence Cooperation Committee (JDCC) meeting between India and UAE was held in Abu Dhabi on July 09, 2024. During the meeting, the two sides discussed a wide range of opportunities for collaboration to further strengthen defence and security cooperation between the two countries. 

♦ The India-UAE JDCC was established in 2006. Since then, 11 rounds have been held. The 12th meeting provided an opportunity to further augment India’s defence and security relations with the UAE, strengthening the comprehensive strategic partnership between the two countries.

India-Thailand joint military Exercise MAITREE

♦ The 13th edition of India-Thailand joint military Exercise MAITREE was started on 1 July 2024 at Fort Vachiraprakan in Tak Province of Thailand. This will conclude on 15 July. 

♦ The last edition of the MAITREE exercise was conducted at Umroi, Meghalaya in September 2019.

♦ MAITREE aims to foster Military Cooperation between India and Thailand. The Exercise will enhance combined capabilities in executing Joint Counter Insurgency and Terrorist Operations in Jungle and Urban Environments under Chapter VII of the United Nations Charter. The Exercise will focus on a high degree of physical fitness, joint planning and joint tactical drills.