Thu 23rd of November 2017
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India and Australia on 10 April 2017 committed to begin the commercial exports of Uranium from Australia as well as hold an early round of talks on the proposed comprehensive economic cooperation agreement (CECA).
The nations also signed six pacts across inseveral key areas such as civil aviation, environment, health & medicine as well as one aimed at boosting counter-terrorism cooperation.
The issue of procurement of Uranium from Australia was addressed by both Prime Minister Narendra Modi and his Australian counterpart Malcolm Turnbull who is currently in India as part of a four day tour. Modi welcomed the passage of a domestic legislation by the Australian parliament, which now allows the export of the nuclear material to India.
Australia has about 40 per cent of the world's uranium reserves and exports nearly 7,000 tonnes of yellow cake annually.
Previous Australian Prime Minister Tony Abbott had signed a memorandum of understanding in 2014 for "Cooperation in the Peaceful Uses of Nuclear Energy" whereby Australia would become a long-term supplier of uranium to India.
The proposed comprehensive economic cooperation agreement (CECA), the nations only committed to hold an early round of negotiations.
India had pushed talks on the backburner keeping an eye on the Regional Comprehensive Economic Partnership (RCEP) agreement, of which Australia is a part. However, with that too moving slowly, India is keen on finishing talks.
The RCEP agreement involves the ten countries of the ASEAN grouping and six of its free trade partners - China, India, Japan, New Zealand, South Korea and Australia. Under the RCEP, India had earlier offered tariff elimination of 42.5 per cent of all traded goods to Australia, while that country has offered zero tariff on 80 percent of such goods.
The two leaders also inaugurated a research center on nano and bio technology.
The Australia-India Research Fund of nearly $100 million has focused on collaborative research projects in the areas such as nano-technology, smartcities, infrastructure, agriculture and disease control.
Prelims Question of the Day
With reference to 'Natural Rate of Unemployment', consider the following statements.
1. It is the level of unemployment in an economy that is just consistent with a stable rate of Inflation.
2. It is the unemployment that prevails when all markets in the economy are in equilibrium.
(a)1 and 2
(d)None of the above
Mains Question of the Day
1.GS-No party in power can afford to ignore Directive Principles of State Policy. Comment.(200 Words)
2.Political Science - Explain the role of non state actors, like IMF, World Bank, European Union and MNCs, in modulating and transforming the broad dynamics of international relations. (250 Words).
3.SOCIOLOGY - What is the impact of Globalization on the structure and mobilization of the working class in India? (250 Words).