Daily Current Affairs : 2-October-2023
In recent news, India and Argentina have taken a significant step in strengthening their bilateral ties by signing a crucial agreement on social security. This move holds immense importance as it aims to protect the legal rights of professionals in each other’s domains, fostering risk-free international mobility.
Understanding the Social Security Agreement:
The newly signed ‘Social Security Agreement’ between India and Argentina is designed to ensure the rights of the increasing number of Indian nationals employed in various Indian and international concerns in Argentina. Additionally, it provides support for Argentine nationals seeking employment in India. The agreement creates a robust legal framework enabling professionals from both countries to claim old age and survivor’s pensions. Key aspects covered include:
- Protection of Pension Rights: The agreement safeguards old age and survivor’s pensions for professionals in both nations, ensuring their financial security during retirement.
- Disability Pension: It guarantees permanent and total disability pension for employed individuals, offering crucial support in times of need.
- Contributory Benefits: The agreement aligns with Argentina’s legislations concerning contributory benefits, ensuring fairness and equity for all parties.
- Financial Support: The agreement addresses various financial aspects, such as rent, subsidy, and lump sum payments, in accordance with the national laws of both India and Argentina.
India-Argentina Bilateral Relations:
India and Argentina have witnessed a robust growth in their bilateral trade, reaching a historic peak of USD 6.4 billion in 2022, showcasing a remarkable 12% increase over the previous year. India continues to maintain its position as Argentina’s fourth largest trading partner. Key highlights of their trade relationship include:
- Exports from India to Argentina: India’s major exports to Argentina include petroleum oils, agro chemicals, yarn-fabric-madeups, organic chemicals, bulk drugs, and two-wheelers.
- Imports from Argentina: India imports vegetable oils (soya bean and sunflower), finished leather, cereals, residual chemicals, allied products, and pulses from Argentina.
India-Argentina Business Council and Technical Cooperation:
The formation of the India-Argentina Business Council (IABC) in 2020 marked a significant milestone in their economic collaboration. Comprising over 30 companies, this non-profit organization facilitates dialogue and cooperation among leading investors, exporters, and importers in Argentina. Additionally, India has extended 40-45 slots annually under the Indian Technical and Economic Cooperation (ITEC) scholarships for capacity-building courses to Argentina. Moreover, the establishment of the India-Argentina Center of Excellence in IT in Buenos Aires underscores their joint efforts in the IT sector, providing valuable educational opportunities.
Indian Community in Argentina:
Argentina is home to approximately 2600 Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), reflecting the vibrant Indian community residing in the country. This community plays a vital role in fostering cultural exchange and strengthening people-to-people ties between the two nations.
Important Points:
Social Security Agreement:
- India and Argentina recently signed a significant Social Security Agreement (SSA) to ensure legal rights of professionals in each other’s domains.
- The SSA enables professionals from both countries to claim old age and survivor’s pensions, ensuring financial security in retirement.
- It also guarantees permanent and total disability pension for employed individuals and aligns with Argentina’s legislations on contributory benefits.
- The agreement addresses financial aspects like rent, subsidy, and lump sum payments in accordance with national laws.
Bilateral Trade:
- India and Argentina witnessed a historic peak in bilateral trade, reaching USD 6.4 billion in 2022, with a 12% growth rate over the previous year.
- India is Argentina’s fourth largest trading partner.
- Major Indian exports to Argentina include petroleum oils, agro chemicals, yarn-fabric-madeups, organic chemicals, bulk drugs, and two-wheelers.
- India imports vegetable oils (soya bean and sunflower), finished leather, cereals, residual chemicals, allied products, and pulses from Argentina.
India-Argentina Business Council and Technical Cooperation:
- The India-Argentina Business Council (IABC) was established in 2020, comprising over 30 companies to facilitate economic dialogue and cooperation.
- India offers 40-45 slots annually under the Indian Technical and Economic Cooperation (ITEC) scholarships for capacity-building courses to Argentina.
- An India-Argentina Center of Excellence in IT in Buenos Aires has been established, emphasizing joint efforts in the IT sector.
Indian Community in Argentina:
- Argentina is home to approximately 2600 Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).
- The Indian community in Argentina fosters cultural exchange and strengthens people-to-people ties between the two nations.
These points encapsulate the key aspects of the India-Argentina Social Security Agreement and their bilateral relations.
Why In News
India and Argentina recently signed a comprehensive agreement on social security, strengthening the diplomatic ties between the two nations and enhancing the welfare and security of their citizens.
MCQs about India-Argentina Social Security Agreement
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What is the main objective of the India-Argentina Social Security Agreement?
A. To promote tourism between the two countries
B. To ensure legal rights of professionals in each other’s domains
C. To establish a common currency for trade
D. To enhance military cooperation
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What are the major items exported by India to Argentina ?
A. Electronic goods and machinery
B. Petroleum oils, agro chemicals, and two-wheelers
C. Textiles and garments
D. Pharmaceuticals and medical equipment
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Which organization facilitates economic dialogue and cooperation between India and Argentina?
A. International Monetary Fund (IMF)
B. United Nations (UN)
C. India-Argentina Business Council (IABC)
D. World Trade Organization (WTO)
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