UPSC Prelims News 22 November 2022

UPSC Prelims News of 22 November 2022

Friendshoring

Context: The US Treasury Secretary Janet Yellen spoke about friendshoring on a trip to Toronto.

About Friendshoring:

• Friendshoring is a strategy where a country brings in the raw materials, components and even manufactured goods from countries that share its values.
• The term has evolved from similar terms such as “reshoring” or “onshoring” (making products at home) and “nearshoring” (making products closer to home).
• Apart from geopolitical and security risks, friendshoring will also reduce the reliance on manufacturers whose human rights values clash with its own.
• While countries do not necessarily choose their production from a list of allied countries, they have now started to consider geopolitical conditions before making decisions.
• Ex: China’s zero-COVID policy has caused major disruptions to global companies operating there.

Implications of Friendshoring:

• Friendshoring practice can make products more expensive.
• The practice could further divide the world into West and East. Developing countries will have to face the consequences of increasing costs.
• Friendshoring practice may push the world towards a more isolated place for trade and reverse the gains of globalisation.

UPSC Prelims News 21 November 2022

Qatar-China Gas Deal

Context: QatarEnergy has announced a 27-year natural gas supply deal with China.

More on the News:

• Under the deal, Qatar will send four million tonnes of liquefied natural gas annually from its new North Field East project to China Petroleum and Chemical Corporation.
• Qatar is the world’s largest supplier of LNG and China is the world’s largest LNG importer.
• Asian countries such as China, Japan and South Korea are the main market for Qatar’s gas.
• North Field project:
  • North Field is critical for Qatar’s expansion of its liquefied natural gas production by more than 60% to 126 million tonnes a year by 2027.
  • China is the first country to seal a deal for North Field East and has also asked for full share of the North Field South project.

About LNG:

• LNG is methane, or methane mixed with ethane, devoid of impurities and cooled to approximately -160°C. This converts the gas into a liquid, which takes up 600 times less space.
• At its destination, liquid is turned back into a gas and used for heating, cooking and power.
• Features LNG:
  • LNG is colorless, odorless, non-toxic and non-corrosive.
  • LNG is not explosive and cannot ignite during its liquid stage.
  • Creation of LNG terminals are required to offload it and turn it back into gas form.
  • LNG is least environmentally harmful fossil fuel because it has the lowest CO₂ emission.

Framework for Safeguarding Consumers from Fake Reviews

Context: The Department of Consumer Affairs has launched the framework for safeguarding and protecting consumer interest from fake and deceptive reviews in e-commerce.

Highlights:

• Aim: To safeguard and protect consumer interest from fake and deceptive reviews on e-commerce platforms.
• Framework was prepared by the Bureau of Indian Standards (BIS).
  • Indian Standard (IS) 19000:2022 ‘Online Consumer Reviews — Principles and Requirements for their Collection, Moderation and Publication.
• It will be applicable to every online platform which publishes consumer reviews.
• Guiding principles are integrity, accuracy, privacy, security, transparency, accessibility and responsiveness.
• Applicability: The standard will initially be voluntary for compliance by all e-commerce platforms.
  • Once made mandatory, the violation of the standards by any entity may be considered as an unfair trade practice or violation of consumer rights and a consumer may submit such grievances to the National Consumer Helpline, Consumer Commissions or the CCPA.

Significance:

• The standard is expected to benefit all stakeholders in the e-commerce ecosystem i.e., consumers, e-commerce platforms, sellers etc.
• It will help usher in confidence among consumers to purchase goods online and help them take better purchase decisions.

Barren Island

Context: The Indian National Centre for Ocean Information Services (INCOIS) has been closely watching the volcano on the Barren Island to check for signs of an eruption.

About the Barren Island:

• Location: Barren Island is an island located in the Andaman Sea.
  • It is a part of the Indian Union territory of Andaman and Nicobar Islands, and lies about 138 km (86 mi) northeast of the territory’s capital, Port Blair.
• Type: It is a stratovolcano composed of lava, rock fragments, and volcanic ash.
• Significance: It is the only confirmed active volcano in the Indian subcontinent, and the only active volcano along a chain of volcanoes from Sumatra to Myanmar.
• Geology:
  • This volcanic island stands in the midst of a volcanic belt on the edge of the Indian and Burmese tectonic plates.
  • It is the northern-most volcano in the Indonesian arc.
  • On the west side of the island is a caldera formed by an explosive eruption in the Pleistocene era.

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