Topic: Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora.
4) Do you agree that the recently signed Singapore convention by United Nations will have huge impact on Indian economy in the context of global trade? Elucidate. (250 words)
Why this question:
Recently the Union Cabinet has approved the signing of the United Nations Convention on International Settlement Agreements (UNISA) resulting from mediation by the Republic of India scheduled to be held at Singapore on 7th August, 2019.
Key demand of the question:
The answer must discuss the impact of such a deal upon the Indian economy with reference to global trade.
Elucidate – Give a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.
Structure of the answer:
In brief define the context of the question.
First discuss about the UNISA, its key features.
Then explain how Signing of the Convention will boost the confidence of the investors and shall provide a positive signal to foreign investors about India’s commitment to adhere to international practice on Alternative Dispute Resolution (ADR) and thus boost trade and economy of the country.
Conclude with way ahead.