![](https://www.nextias.com/ca/wp-content/uploads/2023/07/5707831Screenshot.png)
International Relations
International Day for South-South Cooperation
Syllabus: GS 2/United Nations, its Bodies & Agencies
Context
- Every year, International Day for South-South Cooperation is celebrated globally on September 12.
About International Day for South-South Cooperation
- It is an initiative for the economic, social and political developments of the countries in the Southern region.
- Basically, South-South cooperation refers to the technical cooperation among developing countries in the Global South.
- It is a manifestation of solidarity among peoples and countries of the South that contributes to their national well-being, their national and collective self-reliance and the attainment of internationally agreed development goals, including the 2030 Agenda for Sustainable Development.
- This day also commemorates the adoption of the “Buenos Aires Plan of Action (BAPA) in 1978 for promoting and implementing technical cooperation among developing countries by 138 member states.
- Relevance
- The South-South collaboration helps developing nations to share knowledge, skills, expertise and resources to meet their development goals through concerted efforts.
- Objectives
- To enhance self-reliance among developing countries and to work out creative solutions to their development problems.
- Recognising and responding to the problems and requirements of the least developed countries and enabling them to achieve a greater degree of participation in international economic activities
Source: Times now
Indian Economy
Linkages of India and Singapore Fast Payment Systems
Syllabus: GS 3/Indian Economy & Related Issues
In News
- The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow.
About
- The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get on boarded onto the other payment system.
- The linkage builds upon the earlier efforts of NPCI International Private Ltd (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes, between India and Singapore and will further anchor trade, travel and remittance flow between the two countries.
- It closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.
- It is also in line with RBI’s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21.
- The linkage is targeted to be operationalised by July 2022.
- Significance:
- It is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore.
Unified Payments Interface (UPI)
PayNow
|
Source: TH
Previous article
Chief Minister
Next article
Connect Karo 2021