Day-515 | Daily MCQs | UPSC Prelims | CURRENT DEVELOPMENTS

Answer: B
Explanation:
In order to break the dominance and reduce dependence on China in mining and processing rare earth minerals, the United States announced the formation of a global alliance called the Mineral Security Partnership (MSP).
● Statement 1 is incorrect: First announced in June 2022, the MSP is a new multilateral initiative to bolster critical mineral supply chains essential for the clean energy transition.
● Statement 2 is correct:The goal of the MSP is to ensure that critical minerals are produced, processed, and recycled in a manner that supports the ability of countries to realise the full economic development benefit of their geological endowments. The grouping could focus on the supply chains of minerals such as Cobalt, Nickel, Lithium and also the 17 “rare earth” minerals and decrease the dependency on China.
● Statement 3 is incorrect: MSP partners include Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the United Kingdom, the United States, and the European Commission. India is not a member of this partnership.

Answer: C
Explanation:
Statement 1 is incorrect: The Financial Action Task Force (FATF) was established in 1989 by the G7 to examine and develop measures to combat money laundering. It originally included the G7 countries, the European Commission and eight other countries.
Statement 2 is incorrect: Initially it was mandated to examine and develop measures to combat money laundering and in 2001, the FATF expanded its mandate to also combat terrorist financing.
Statement 3 is correct:
● FATF mutual evaluations are in-depth country reports analysing the implementation and effectiveness of measures to combat money laundering and terrorist financing. Mutual evaluations are peer reviews, where members from different countries assess another country. A mutual evaluation report provides an in-depth description and analysis of a country’s system for preventing criminal abuse of the financial system as well as focused recommendations to the country to further strengthen its system.
● To assist assessment teams in upcoming mutual evaluations, the FATF compiles input from non-profit organisations (NPOs) and other civil society organisations on money laundering and terrorist financing risk and context.
● For NPOs—as defined by the FATF—this could include information related to the implementation of risk-based measures to protect the sector from potential terrorist financing abuse. Similarly, input could include experiences of the application of the risk-based measures set out in Recommendation 8, or suggestions to help the assessment team identify which NPOs to gather more input from and/or interview during the on-site visit.

Answer: D
Explanation:
The Adani Group’s entry into Israel through its strategic acquisition of the Haifa port will turn this northern coastal Israeli city into a strong and exciting Mediterranean hub.
● Statement 1 is incorrect: Haifa city is located in northwestern Israel. The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.
● Statement 2 is incorrect: The principal port of the country lies along the Bay of Haifa overlooking the Mediterranean Sea.
● Statement 3 is correct: Haifa city is a UNESCO World Heritage Site and a destination for Baháʼí pilgrimage.

Answer: C
Explanation:
● In his keynote speech at the Lanting Forum in Beijing on February 21, 2023 the Chinese Minister of Foreign Affairs highlighted the recently unveiled Global Security Initiative (GSI) Concept Paper.
Option(c) is correct:
● A new Global Security Initiative (GSI) was put forward by the Chinese President. The GSI looks to counter the US Indo-Pacific strategy and the Quad (India, US, Australia, Japan grouping). The GSI is presented as a China-led framework that seeks to restore stability and security, particularly in Asia. It outlined five major pillars to effectively implement the GSI, i.e., mutual respect; openness and inclusion; multilateralism; mutual benefit, and a holistic approach.

Answer: A
Explanation:
The Department for Promotion of Industry and Internal Trade has issued operational guidelines for financial assistance for undertaking the initiatives for the promotion of GIs.
● Statement 1 is correct: GI is a right enjoyed by a community / association of producers (community right). For instance, Assam Muga Silk has GI conferring rights to all such traders from that community. Trademark is a right enjoyed by only one person/company (individual right). Any association of persons, producers,organisation or authority established by or under the law can be a registered proprietor. Their name should be entered in the Register of Geographical Indication as registered proprietor for the Geographical Indication.
● Geographical Indications of Goods (Registration and Protection) Act,1999 seeks to provide for the registration and better protection of geographical indications relating to goods in India. The Act would be administered by the Controller General of Patents, Designs and TradeMarks- who is the Registrar of Geographical Indications. The Geographical Indications Registry would be located at Chennai.
● Statement 2 is incorrect: Providing financial support to the GI products is not a violation of WTO rules. The Department for Promotion of Industry and Internal Trade (DPIIT) -division of the commerce and industry ministry that manages investments and intellectual property rights (IPRs)- has announced that the Indian government will provide financial assistance to eligible agencies for taking initiatives to promote Geographical Indications (GI). Following the announcement, the DPIIT made available the related operational guidelines for the financial support.