News Summary · 4 minutes read
Stay ahead in your UPSC CSE preparation with our daily News Summary. Designed to save time, it highlights key national and international events from leading newspapers and government websites.
India, US issue joint statement for interim trade deal
India and the US issued a joint statement on 7 February 2026 regarding the framework of an interim trade agreement towards broader India-US Bilateral Trade Agreement (BTA) negotiations. As per the statement:
- India will remove or reduce tariffs on all industrial goods and a “wide range” of agricultural goods imported from the US.
- The US will reduce its tariffs on Indian imports to 18% from the existing 50%.
- Both countries will establish rules of origin to ensure that the benefits of the Agreement accrue to them only.
- Non-tariff barriers (NTBs) will also be addressed, e.g., NTBs for US medical devices and ICT goods in India.
- India intends to purchase $500 billion of U.S. energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next 5 years.
- India and the U.S. will significantly increase trade in technology products, e.g., GPUs, and expand joint technology cooperation.
India, Greece ink pact on defence industrial cooperation
- India and Greece signed a Joint Declaration of Intent on strengthening defence industrial cooperation → marks the beginning of a 5-year road map for defence industrial collaboration.
- links India’s Aatmanirbhar Bharat drive with Greece’s Agenda 2030 defence reforms, aiming to boost indigenous defence manufacturing capabilities.
- Deployment of a Greek International Liaison Officer at the Information Fusion Centre–Indian Ocean Region (IFC-IOR) in Gurugram has also been announced → enhances maritime cooperation.
- Notably, India upgraded its relationship with Greece to a strategic partnership in 2023.
Kimberley Process (KP)
- India has become the chair of the Kimberley Process (KP) for 2026 → an opportunity for India to lead reforms in global diamond governance.
- Kimberley Process: unites Govts, industry, and civil society to eradicate the global trade of conflict diamonds → initiated in 2000 → has 60 participant, representing 86 countries, accounting for nearly 99.8% of the global production of rough diamonds.
- Conflict diamonds: rough or pre-polisheddiamonds that are used illegally by insurgent groups to undermine legitimate Govts.
- Kimberley Process Certification Scheme (KPCS): started in 2003 → ensures rough diamonds in the legitimate supply chain are KP-compliant.
- Angola, Botswana, Canada, Congo, Namibia and Russia alone account for more than 85% of the production of rough diamonds.
- Though India is not a producer, it is a major importer of rough diamonds → accounts for roughly 40% of the total global imports.
- Surat and Mumbai are leading diamond cutting and polishing hubs → India re-exports polished diamonds to major markets, e.g., China, Hong Kong, Israel, the UAE and the US.
Problems in KP
- Narrow definition of conflict diamonds: captures only misuse of rough diamonds by rebel groups, while ignoring other aspects like human rights violations, human trafficking, environmental harm, abuses in artisanal mining, and illicit trade channels.
- Identification of ‘conflict diamonds’ is subject to political veto by KP members.
- Embargoes without strong support measures tend to increase smuggling and worsen violence rather than stop it, e.g., the case of the Central African Republic (banned from exporting rough diamonds from 2013-2024).
- It does not protect the mining communities from state-related violence.
Way forward
- A technical working group should be formedto redefine conflict diamonds, covering aspects like human rights violations and environmental harms.
- A blockchain-based certification system should be developed to reduce fraud, enhance transparency, and modernise KP operations.
- Regional KP technical hubs should be established in key producing areas to make reforms more feasible and collaborative rather than punitive.
- Independent/third-party audits should be promoted.
- Civil society engagement must be increased by facilitating open communication channels.
- KP should align with SDGs, such as decent work, poverty reduction and responsible consumption.
India, as the KP chair and the leader of the Global South, should push for the reforms in global diamond governance to make it a more inclusive, progressive, sustainable, and rule-based multilateral body.
Quick Picks for Pre and Mains (QPPM)
- Over ₹52k crore were lost between 2021 and 2025 through online fraud such as digital arrests. [noted by Supreme Court]
- Form 7: used for objecting to the inclusion of another person’s or one’s own name on the electoral roll on specific grounds such as death, duplication or shifting of residence, among others → governed by Registration of Electors Rules, 1960.
- Dzükou Valley: Nagaland
- Rapid Support Forces: UAE-backed rebels in Sudan.
- Fulani herders: a Muslim pastoralist ethnic community prominent in Nigeria.
- Benue: a state in Nigeria
- Kordofan region: Sudan