India Current Affairs - 2019

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Arms Trade Treaty (ATT) not to be ratified by US

US President Donald Trump announced that USA will not abide by and will never ratify Arms Trade Treaty (ATT), a UN treaty aimed at regulating global arms trade.

Arms Trade Treaty (ATT)

With aim of regulating international trade in conventional arms (from small arms to battle tanks, combat aircraft and warships), it was entered into force in 2014. It establishes common standards for international trade of conventional weapons so as to reduce illegal arms trade.

The member nations are required to keep records of international trade of weapons and prohibit cross-border shipments that can be used for human rights violations or attacks on civilians. It was originally signed by 130 countries but currently only 101 have ratified and joined it. India is not a signatory.

Arguments by US

ATT is misguided and is encroachment on US sovereignty. It does not place any restrictions on types or quantities of arms bought, sold, or possessed by states. It also does not impact state’s domestic gun control laws or other firearm ownership policies.

US to End Sanctions Waivers to India

Reports suggest that the US could terminate the sanctions waivers it granted to some importers of Iranian oil after it re-imposed sanctions on Iran last year.

Ending of Sanction Waiver

  • Reports indicate that the US has already communicated to seven countries viz. Japan, South Korea, Turkey, Italy, Greece, China and India- that they will no longer be exempt from US sanctions if they continue to import oil from Iran after their waivers end on May 2.
  • The ending of sanction waiver is part of the US strategy to exert maximum pressure and isolate Iran.
  • The US has stated it wants to deprive the outlaw regime of the funds that it has used to destabilise the Middle East for decades and incentivise Iran to behave like a normal country.

The news of the ending of sanctions waiver exerted upward pressure on global prices of crude. Further. US has stated that the US along with Saudi Arabia and UAE have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market.

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