In Today’s News:
- India signs Strategic Partnership Agreement with IEA.
- CBIC celebrated International Customs Day.
1. India signs Strategic Partnership Agreement with IEA
The Framework for Strategic Partnership between the International Energy Agency (IEA) members and the Government of India was signed on 27th January 2021 to strengthen mutual trust and cooperation & enhance global energy security, stability, and sustainability.
Prelims GS – International Organizations
- The IEA was established as the main international forum for energy co-operation on a variety of issues such as security of supply, long-term policy, information transparency, energy efficiency, sustainability, research and development, technology collaboration, and international energy relations.
- The IEA was created in 1974 to help co-ordinate a collective response to major disruptions in the supply of oil.
- The IEA is an autonomous intergovernmental organization within the OECD framework.
Criteria for membership in IEA:
(Note: The following points are very important for Prelims exam as IEA is surfacing in the news many times)
- A candidate country to the IEA must be a member country of the OECD.
- In addition, the following criteria should be satisfied:
- Crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports, to which the government has immediate access (even if it does not own them directly) and could be used to address disruptions to global oil supply;
- A demand restraint program to reduce national oil consumption by up to 10%;
- Legislation and organization to operate the Co-ordinated Emergency Response Measures (CERM) on a national basis;
- Legislation and measures to ensure that all oil companies under its jurisdiction report information upon request;
- Measures in place to ensure the capability of contributing its share of an IEA collective action. An IEA collective action would be initiated in response to a significant global oil supply disruption and would involve IEA Member Countries making additional volumes of crude and/or product available to the global market (either through increasing supply or reducing demand), with each country’s share based on national consumption as part of the IEA total oil consumption.
- The IEA is made up of 30 member countries
- India is not a full-time member of the IEA.
- India is an associate member of the IEA.
- IEA releases World Energy Outlook Report.
Click here to know more about IEA.
2. CBIC celebrated International Customs Day
The Central Board of Indirect Taxes and Customs (CBIC) on 27th January 2021 observed the International Customs Day, 2021. The theme for this year as given by World Customs Organisation (WCO) is “Customs bolstering Recovery, Renewal, and Resilience for a sustainable supply chain”.
Prelims GS – International Organisations/Governance
- The World Customs Organization (WCO), established in 1952 as the Customs Co-operation Council (CCC) is an independent intergovernmental body whose mission is to enhance the effectiveness and efficiency of Customs administrations.
- Today, the WCO represents 183 Customs administrations across the globe that collectively process approximately 98% of world trade.
- As the global center of Customs expertise, the WCO is the only international organization with competence in Customs matters.
- India is a member of WCO.
Click here to view the official website of WCO.
- Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a part of the Department of Revenue under the Ministry of Finance, Government of India.
- It deals with the tasks of formulation of policy concerning levy and collection of Customs, Central Excise duties, Central Goods & Services Tax and IGST, prevention of smuggling and administration of matters relating to Customs, Central Excise, Central Goods & Services Tax, IGST, and Narcotics to the extent under CBIC’s purview.
- The Board is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central GST Commissionerates, and the Central Revenues Control Laboratory.
Click here to view the official website of CBIC.
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