June 1-15, 2021 - Vol 1, Issue 23
INDIA NEWS
WORLD THIS WEEK Contributed by the National Institute for Advanced Studies, Bengaluru
Compiled by Dincy Adlakha, Rashmi Ramesh, Sukanya Bali and Avishka Ashok
EU-China: European Union Parliament freezes CAI with China What happened? On 20 May, the European Union Parliament passed a resolution to freeze the Comprehensive Agreement on Investment (CAI) with China. It cites the crackdown on democratic opposition in Hong Kong, forced labour and other conditions of the Uyghurs in Xinjiang as major reasons for the freeze. The Parliament halted any discussion or consideration of ratifying the deal because of the sanctions imposed by China. The resolution "demands that China lift the sanctions before the Parliament can deal with the CAI". The Parliament also calls "to use the debate around the CAI as leverage to improve the protection of human rights and support for civil society in China." It has cleared that the Hong Kong situation will be accounted for while considering any discussion on CAI. The resolution also called on the EU to "increase coordination and cooperation with the US within the framework of a Transatlantic Dialogue on China" and that "other trade and investment agreements with regional partners, including Taiwan, should not be held hostage to the suspension of the CAI ratification." What does it mean? First, China needs to open its economy, which is mainly restrictive and it requires the CAI more than the EU does. The EU has witnessed Chinese discrimination and is apprehensive of investing in a certified complication. Second, these gaps in trust are not merely bilateral problems but have global roots lying in other links such as US-China, US-EU, and the Chinese perplexity with western democracies.
Cryptocurrency: The recent crash indicates a lack of maturity of the crypto market Photo Courtesy: IANS
What happened? On 18 May, China prohibited its financial institutions from providing cryptocurrency-related services. Earlier on 13 May, Elon Musk stated that Tesla would stop accepting bitcoin as payment. He tweeted: "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea, but this cannot come at great cost to the environment." The same day, the US officials revealed that it was investigating Binance, as the world's largest cryptocurrency exchange, for tax fraud and money laundering.
What does it mean? While the incident and its handling is a blot on BBC's credibility, the fact that they have owned up to their mistakes and apologized for them is a good sign. On 7 May, the Guardian had apologized for the errors in judgment that it had made during its 200 years of existence. These are indeed good precedents for media companies to follow when accountability has been sacrificed for a short-term gain.
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Photo Courtesy: IANS
What does it mean? The recent volatility and the rise of coins with virtually no value have led experts to ponder whether a cryptocurrency will ever replace conventional currency. Stability is one of the most important hallmarks of a currency, and cryptocurrencies have so far lacked that. The crash has also raised questions about whether the rapid rise of cryptocurrencies in recent years has been a bubble that has now burst.
UK: The BBC apology for the 1995 Diana interview highlights the good and bad sides of the UK media What happened?
On 14 May, an inquiry found that the BBC acted in an unethical and deceitful manner to obtain a 1995 interview with Princess Diana. The inquiry, conducted by retired judge Lord Dyson, found that journalist Martin Bashir had "deceived and induced" Diana's brother Earl Spencer to arrange an interview with her by falsifying bank documents. Dyson report said: "Without justification, the BBC fell short of the high standards of integrity and transparency which are its hallmark by covering up in its press logs such facts as it had been able to establish about how Mr Bashir secured the interview too and failing to mention Mr Bashir's activities or the BBC investigations of them on any news programme." The BBC subsequently apologized to both Earl Spencer and Diana's son Prince William, but the latter hit out against the media outlet nevertheless. Prince William said: "The interview was a major
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contribution to making my parents' relationship worse and has since hurt countless others."
Thein Soe, the Chairman of Union Election Commission, said: "NLD had committed fraud so we will have to dissolve the party's registration." He also stated members in election fraud "will be considered as traitors" and further action will be taken against them. Sri Lanka: Port City Economic Commission Bill project passed with a majority On 20 May, the Sri Lankan Parliament passed the bill with a majority of 149 in 225 members in the House on the Colombo Port city project. The bill was opposed, and several leaders said that it harms the sovereignty of the country. At the same time, the government claimed it as a prospect for investment and job creation. The Hindu reported: "Tamil National Alliance MP stated, the Supreme Court had made merely cosmetic changes to the Bill, while its fundamental character remained unchanged." The Colombo Port city project was initiated in 2014 during the Xi Jinping visit. Nepal: President announces to dissolve the Parliament
China: Global Health Summit, Xi Jinping offers USD 3 billion for COVID response On 21 May, China announced an additional USD 3 billion for the next three years to the COVID-19 struck developing countries during the Global Health Summit. Global Times reported Xi stating: "China has already supplied 300 million doses to the world and will provide more, implement the G20 Debt Service Suspension Initiative for Poorest Countries and has so far put off debt repayments exceeding USD 1.3 billion, the highest deferral among G20 members." He also proposed five-point proposals for global solidarity and cooperation and urged the G20 members for global cooperation against the virus. Myanmar: Election commission to dissolve Suu Kyi, National League for Democracy (NLD) Photo Courtesy: IANS
On 21 May, the Election commission announced the dissolution of Aung San Suu Kyi's National League for Democracy for vote fraud in last year's election. Since the coup on 1 February, more than 800 people have been killed, and 5000 arrested. According to Reuters,
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On 22 May, Nepal's President dissolved the House of Representatives and declared a mid-term poll as of 12-19 November with respect to Article 76 (7) of the Constitution. This is the second time Parliament was being dissolved. As per the press release: President's office said, "Neither K.P. Sharma Oli, the incumbent Prime Minister nor Sher Bahadur Deuba, Nepali Congress president were eligible, as claims made by both to form a new government were insufficient." Afghanistan: NATO alliance on the future of Afghanistan On 21 May, NATO SecretaryGeneral Jens Stoltenberg met French President Emmanuel Macron. The two leaders discussed the fight against terrorism in Iraq, the Sahel region, and Afghanistan. Stoltenberg highlighted three major pillars, "First, we plan to provide advice and capacitybuilding support to Afghan security institutions. Second, NATO plans to provide military education and training outside Afghanistan, focusing on Special Operations Forces. Third, to fund the provision of services, including support for the functioning of Kabul airport." On the same day, The Associated Press reported: "the US Central Command commander said negotiations with Afghanistan's neighbours for overflight rights and troop basing are moving forward but will take time." The withdrawal process, which began on 1 May and scheduled to be over by 11 September, has put forward various concerns on women's rights, education, and society, including free media. Israel: Hamas agrees to a ceasefire mediated by Egypt On 20 May, Israel and Hamas agreed to a ceasefire which was brokered by Egypt. On 21
WORLD THIS WEEK
May, the truce was observed by both entities. Israel and Hamas warned that the ceasefire would be followed depending on the situation on the ground. On 21 May, Israeli Prime Minister Benjamin Netanyahu announced that the country had achieved all its goals. He referred to the international criticism on the airstrikes in Gaza and said: "We acted with determination, wisdom and with supreme responsibility. I regard it as my responsibility to protect the mothers, the sons, our soldiers and prevent unnecessary loss of life. Therefore, we caused maximum casualties to Hamas while minimizing Israeli casualties." The US: House of Representatives pass a bill to appoint commission into Capitol insurrection On 19 May, the House of Representatives agreed to pass a bill to establish a commission to investigate the Capitol insurrection of 6 January. The final vote accounted for 252 in favour and 175 against. Over 35 Republicans joined the Democrats to approve the bill for the establishment of the commission. The bill seeks to appoint a 10-person board that will look into "the facts and circumstances of the January 6th attack on the Capitol as well as the influencing factors that may have provoked the attack on US democracy." The bill will now be passed to the House of Senates for voting. The US: President Joe Biden comments on the ceasefire in Israel-Palestine On 20 May, President Joe Biden referred to the ceasefire between Israel and Hamas and called it "a genuine opportunity to make progress." He said, "I believe the Palestinians and Israelis equally deserve to live safely and securely and enjoy equal measures of freedom, prosperity and democracy. My administration will continue our quiet, relentless diplomacy toward that." Biden said that he communicated with Prime Minister Netanyahu six times in the past 11 days and promised to restock the missile defense system that protected Israel against the missile attacks by Hamas. About the Authors Dincy Adlakha and Vishnu Prasad are interns with the NIAS course on Global Politics. Rashmi Ramesh is a PhD scholar at the School of Conflict and Security Studies at the National Institute of Advanced Studies. Sukanya Bali and Avishka Ashok are Research Associates at NIAS. The report has been modified by India News due to space considerations
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