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Analyze India’s involvement in the creation of the Contingent Reserve Arrangement and the New Development Bank as well as its interactions with the BRICS (Brazil, Russia, India, China, and South Africa) group. Examine this platform’s ability to challenge the global ...
Roadmap for Answer Writing Introduction Briefly introduce the WTO and its purpose. Mention the current context of trade wars and the challenges faced by the WTO. Current Issues in the WTO Discuss the loss of utility of the WTO for major economies like the US ...
Model Answer Introduction The ongoing trade wars, particularly between major economies like the US and China, have exposed vulnerabilities within the World Trade Organization (WTO). Established in 1995, the WTO aims to facilitate and liberalize international trade. However, its current structure reqRead more
The ongoing trade wars, particularly between major economies like the US and China, have exposed vulnerabilities within the World Trade Organization (WTO). Established in 1995, the WTO aims to facilitate and liberalize international trade. However, its current structure requires significant reforms to ensure its survival and relevance, particularly concerning the interests of India.
The WTO has increasingly lost its utility for key players like the US and the EU, prompting calls for reforms to realign its functions with their priorities.
The organization has struggled to effectively address China’s tariff manipulation. This inadequacy has led the US and the EU to explore alternative trade frameworks outside WTO regulations.
Major economies often neglect their WTO commitments, such as reducing agricultural subsidies, while pushing for new rules favoring their own sectors, particularly in e-commerce.
India, alongside other member nations, emphasizes the necessity of adhering to existing commitments, especially in agriculture, before introducing new priorities.
Reforms should focus on addressing the concerns of the US and EU to restore their confidence in the WTO, encouraging their active participation.
The WTO must balance old commitments with new areas like e-commerce, ensuring inclusivity and fairness for all member countries.
Enhancing enforcement mechanisms is crucial to ensure compliance with WTO rules and address instances of non-compliance effectively.
Reforms should prioritize the needs of developing countries, ensuring special and differential treatment to foster their participation and benefits from global trade.
As a significant member of the WTO, India has a vested interest in advocating for systemic reforms in key areas, including dispute resolution and trade facilitation, to ensure that the WTO remains functional and beneficial for all its members, particularly developing nations.
See lessRoadmap for Answer Writing Introduction Contextual Background: Introduce UNESCO’s founding principles aimed at promoting global peace through education, culture, and science. Thesis Statement: State that the U.S. withdrawal and accusations of anti-Israel bias have put UNESCO in a precarious position, exacerbating its financial ...
Model Answer Introduction UNESCO, established in 1945, was founded on the belief that political and economic alliances alone cannot ensure global peace, especially in the aftermath of two world wars. However, the organization now faces significant challenges, particularly following the withdrawal ofRead more
UNESCO, established in 1945, was founded on the belief that political and economic alliances alone cannot ensure global peace, especially in the aftermath of two world wars. However, the organization now faces significant challenges, particularly following the withdrawal of the United States, which has accused UNESCO of having an “anti-Israel bias.”
The U.S. withdrawal from UNESCO in 2019 stemmed from accusations that the organization exhibited bias against Israel. This sentiment traces back to 2011 when UNESCO voted to admit Palestine as a full member state, prompting the U.S. to halt its annual contributions of approximately $80 million. Israel has consistently criticized UNESCO for resolutions regarding cultural sites in the West Bank and Jerusalem, arguing that these resolutions undermine the legitimacy of the Jewish state.
Critics of Israel contend that it leverages U.S. support to deflect legitimate criticism of its policies. The politicization of UNESCO’s activities is not a new phenomenon; the organization has been grappling with a financial crisis since 2011, exacerbated by the U.S. withdrawal. Without American funding, UNESCO has been compelled to cut programs, freeze hiring, and rely on voluntary contributions to fill budget gaps. For instance, its 2017 budget was approximately $326 million, nearly half of what it was in 2012.
Moreover, other major contributors, including Japan, Britain, and Brazil, have also delayed their funding, often citing objections to UNESCO’s policies as a reason. This financial strain has left UNESCO fighting for its survival, struggling to fulfill its mission of promoting education, culture, and science.
The preservation of shared human heritage requires collaborative efforts from all nations, free from political interference. UNESCO must refocus on its core mandate to foster mutual understanding and cooperation while seeking alternative funding sources to sustain its vital work in promoting peace and sustainability.
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India's engagement with the BRICS (Brazil, Russia, India, China, and South Africa) grouping has been a significant aspect of its foreign policy, particularly in the post-2008 financial crisis era. BRICS was formed in 2006, and India has played a key role in shaping the grouping's agenda and institutRead more
India’s engagement with the BRICS (Brazil, Russia, India, China, and South Africa) grouping has been a significant aspect of its foreign policy, particularly in the post-2008 financial crisis era. BRICS was formed in 2006, and India has played a key role in shaping the grouping’s agenda and institutional architecture.
**Role in establishing the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA):**
1. **New Development Bank (NDB):** The NDB was established in 2014 as a multilateral development bank to finance infrastructure projects in BRICS countries. India has been a strong proponent of the NDB, which has approved over $10 billion in loans since its inception.
2. **Contingent Reserve Arrangement (CRA):** The CRA is a reserve pool established in 2014 to provide financial assistance to member countries facing balance-of-payments crises. India has been a strong supporter of the CRA, which has received no drawings since its establishment.
**Potential of BRICS:**
1. **Alternative to Western-dominated financial architecture:** BRICS provides an alternative to the traditional Western-dominated financial architecture, allowing developing countries to have more control over their economic decision-making processes.
2. **Increased financial cooperation:** BRICS can facilitate increased financial cooperation among member countries, promoting economic growth, stability, and integration.
3. **Infrastructure development:** The NDB and other initiatives can help address infrastructure gaps in BRICS countries, fostering economic development and connectivity.
4. **Influence on global governance:** As a rising power, India can use BRICS as a platform to shape global governance structures and promote its interests on issues like trade, climate change, and sustainable development.
**Limitations of BRICS:**
1. **Inconsistent commitment:** Some member countries have shown inconsistent commitment to BRICS initiatives, affecting the grouping’s cohesion and effectiveness.
2. **Limited institutional capacity:** The NDB and CRA still face capacity-building challenges, which may impact their ability to respond effectively to financial crises.
3. **Dependence on China:** China’s dominance in BRICS can create concerns about dependence on Chinese capital and influence.
4. **Lack of transparency and accountability:** BRICS has faced criticism for lack of transparency and accountability in decision-making processes.
**Challenges to challenging Western-dominated global financial architecture:**
1. **Limited reform efforts:** Despite its potential, BRICS has made limited progress in challenging the existing global financial architecture.
2. **Resistance from Western powers:** The West may resist changes to the existing system, making it challenging for BRICS to achieve significant reforms.
3. **Divergent interests:** Member countries have different priorities and interests, making it difficult to achieve consensus on key issues.
In conclusion, India’s engagement with BRICS has been significant, with notable achievements like the establishment of the NDB and CRA. While BRICS has potential as an alternative to Western-dominated financial architecture, it faces limitations due to inconsistent commitment, limited institutional capacity, dependence on China, and lack of transparency and accountability. To effectively challenge the Western-dominated global financial architecture, BRICS must address these challenges and work towards greater coordination and cooperation among member countries.
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