Current Affairs - International Trade & Treaties
On 22nd October 2021, at a London meet of Trade Ministers from the Group of Seven (G7) nations (United States, Japan, Germany, Britain, France, Italy and Canada), they came to an agreement on principles to govern cross-border data use and digital trade.
- The deal sets out a middle ground between highly regulated data protection regimes used in European countries and the more open approach of the United States.
- The Treaty on the Prohibition of Nuclear Weapons (TPNW) entered into force on 22nd January 2021.
Why is it in News?
India extended the deadline to impose retaliatory import tariffs on 29 US products till June 16 from the earlier date of May 16 with a hope to resolve trade issues with the US and also because the US has not withdrawn the Generalised System of Preferences which was to happen in the beginning of May.