Search Results
4 items found for ""
- Africa's Inclusion in G20: Challenges, Impact, and the Path to Global Collaboration
The African Union is made up of 55 Member States that represent all the countries on the African continent. It was established to promote unity and cooperation among African nations. It was officially launched in 2002. The organization forces African nations to achieve political, economic, and social development sustainably. The G20 represents approximately 85% of the global GDP and 75% of global trade, as well as two-thirds of the world’s population. On September 9, 2023, the African Union (AU) became a permanent member in the G20 during the G20 summit in Delhi, as proposed by the Indian prime minister Narendra Modi. This was a remarkable achievement for the African Union and gave them the same status as the European Union. This proposal gained a census of every country, which delighted the leaders of Africa and William Ruto, Kenya’s President as he expressed his heartfelt gratitude for recognition on a global platform. What are the Challenges that Africa Encounter in Engagement with G20? There are staggering challenges that G20 suspects face with their engagement with the African Union. Some of them include: The African Union needs to coordinate with its member countries and specific regions' economic communities to adhere to the implementation of the goals and specifications by the G20. The African Union needs to reinforce its organizational capabilities and human resources to actively take part in G20 proceedings and stream work. Most importantly, the African Union needs to fulfill its obligations to countries and global agencies like the African Union Commission (AUC), the African Union Development Agency (AUDA-NEPAD), the United Nations, etc. The African Union needs to look into engrossment with the G20 countries that may showcase differences in perception of the agendas or issues. The African Union needs to maintain cordial relationships and ensure that this inclusion benefits the development of African countries. Lastly, the African Union can consider the establishment of the unit to monitor the efficient working with the G20. The unit needs to look into the matters or grievances of the marginal and regional communities. WHY THIS INCLUSION WAS CRUCIAL FOR AFRICA? The inclusion of the African Union in G20 promotes an extraordinary creation of inclusive and globalised society as we know Africa represents 1,479,079,703(one billion four hundred seventy-nine million seventy-nine thousand seven hundred three), the number of people whose lives are to be impacted , the number of people that are going to be affected by the policies that is drafted. The number of people who live in Africa and the number of people who won’t be represented in this summit if not for the inclusion of The African Union in the G20 Summit. Africa is a country that is undergoing a multitude of global challenges like poverty , heath insecurity, debt crisis, women insecurity, corruption etc. It is a country with children crying to feed their empty bellies while the government is engaged in feeding their bellies with money and power. Hence it is pivotal for G20 to combat the grievances of the people of Africa. It is surprising that Africa is also one of the fastest-growing regions in the world, which has a projected growth rate of 4.1% in 2023. WHAT ARE THE POSSIBLE CONSEQUENCES OF THE INCLUSION OF AFRICAN UNION? It promotes the implementation of Agenda 2063 and Agenda 2030, which aims at boosting education, poverty reduction, encouragement of peace and security, etc. The effectuation of the African Continental Free Trade Area (AfCFTA) will stimulate economic growth and contribute to job creation. The organization of climate finance and technology transfer encourages renewable energy management, community empowerment, water resource management, etc. The reform of international financial institutions improves access to capital, provides support for developmental projects, etc. The G20 integration invites increased foreign direct investment (FDI) and economic partnerships. This investment promotes infrastructure, technology, and renewable energy and fosters economic development. The African Union engages in deliberation related to international trade agreements within the G20, it shapes trade policies to benefit the continent. Hence it promotes fair trade practices and reduces trade barriers. The potential consequences of this inclusion are vast, ranging from improved standards of living to the successful implementation of crucial agendas like Agenda 2063 and Agenda 2030. Economic growth , job creation through initiatives like AfCFTA, and advancements in climate finance and technology transfer are tools to shape a brighter future for the African continent.The day of 9th September is memorable and shall not be forgotten by the world. The implications of this inclusion are crucial and there are hopes of tangible outcomes and eradication of all the global challenges that Africa has longed for and may the world nourish prosperity and contentment.
- Navigating the Shift: Understanding De-Dollarization and Global Currency Dynamics
SYNOPSIS De-dollarization is a process of moving away from the world’s reliance on the US dollar(USD) as the chief reserve currency. The dollar has been prominent and remained the primary reserve currency and exchange for international business since world war II. There have been a couple of discussions regarding the reduction of dependency of the US dollar and its possible impact towards the global economy. REASONS BEHIND DE-DOLLARISATION There are several reasons for de-dollarization some of them includes: Since recent years the US dollar has been subjected to fluctuations in the value and operates in a fiscal deficit . There had been concerns regarding inflation as well. There had been involvement of the US in certain conflicts of war; these potential interference has led to countries using less of the dollar. China , which is famously known as the second superpower, is promoting the use of the currency renminbi and is influencing global trade. With the introduction of cryptocurrencies, like Bitcoin, it has evolved into a digital currency that has made people interested and they see it as an alternative to the dollar. The U.S. holds a global influence as the U.S. dollar is a dominant reserve currency hence , the U.S. significant economic leverage, the authority to print more money if required. Few countries feel alienated as they feel that they have potential constraints by law. HOW DE-DOLLARISATION TAKES PLACE? Countries that have the motive to reduce their dependence on the US dollar. The countries can hold their gold reserves or enter in agreements with the other countries for using a preferable or alternative strong currency and hence avoiding the use of dollars in their international transactions. De-dollarization opens the market and gives opportunities for the countries to trade with their indigenous currency. However, It largely depends on the stability of the currency reserves. ADOPTION OF DE-DOLLARSATION BY BRICS AND SCO Over the years after the war in Ukraine because of sanctions and trade conflicts , countries who are in BRICS like China, Russia are leading their steps towards de-dollarization. The BRICS nations, including Brazil, Russia, India, China, and South Africa, were deliberating about the creation of a new currency. In fact, BRICS countries, accounting for over 40% of the world's population and have a combined GDP that exceeds the G7, are accumulated gold in preparation for this new currency. As the countries move towards de-dollarization they reduce dependence on the U.S. dollar, central banks may initiate selling their dollar reserves, leading to hyperinflation, higher interest rates, and falling asset prices in the U.S. The Shanghai Cooperation Organization (SCO) and BRICS, were involved with the promotion of local indigenous currencies for international trade. This came into play when the sanctions on Russia were imposed , China's President, Xi Jinping, advocated the use of local currencies. To accomplish this goal , in the SCO Summit in September 2022, Xi proposed using local currencies in trade settlements, a tool for boosting cross-border payment systems, and establishment of an SCO development bank. In a December 2022 address, Xi Jinping promoted the use of the Chinese currency, renminbi, for trading oil and natural gas in collaboration with the Gulf Cooperation Council (GCC). Interestingly, The China National Offshore Oil Corporation (CNOOC) completed the world's first cross-border liquefied natural gas (LNG) trade settlement in renminbi. Through adopting existing cross-border messaging standards, China aims to make CIPS a critical piece of the world’s existing financial infrastructure to promote international use of the renminbi. By 2023, CIPS’s annual business transaction volume reached 123 trillion renminbi (roughly $17.3 trillion), according to data on the CIPS website. The CIPS has 139 direct participants and 1,345 indirect participants worldwide; mostly there are foreign branches of Chinese banks. Conclusively, China aims to make its currency more influential in international transactions and reduce dependence on the U.S. dollar. Even India has promoted de de-dollarization and make its presence on the global platform. India aims to foster balanced and economic relations with other relations. India is open to formulate more relations and have more trade partners. Hence, India is promoting the Indian rupee for international trade. This helps India to reduce potential risks related to changing exchange rates and gives India better chances to negotiate profitable trade deals. It also protects the Indian economy from economic shocks and enhances economic stability. From January to October almost 68% of Russian trade was made using the respective national currencies of the two countries. Russia has used the yuan(currency of China) in trade transactions with Mongolia, the Philippines, Malaysia, the United Arab Emirates, Thailand, Japan, Tajikistan and Singapore. There were discussions about the need to de-dollarize Global South economies. CHALLENGES OF DE-DOLLARIZATION Firstly, this is a major transition and its a very complex and challenging process. If the new currency is not seen as being as stable it can hinder the economic stability. Formation of trust on the currency is important. A lot of commodities, such as gold and oil, are priced and traded in dollars. Hence, shifting from dollar is complex process. Countries with instable financial system or effective tools for economic policies, might struggle to control the fluctuations in currency values during the shift away from the U.S. dollar. It is vital to curb these challenges for smooth functioning of the economy.
- Researching in High School: A Guide to Success
Research is a critical skill that is essential for success in high school, college, and beyond. It is a process of gathering information, evaluating sources, and drawing conclusions. Research can be used to answer questions, solve problems, and create new knowledge. In high school, you will likely be required to complete research projects in a variety of classes. These projects can be daunting, but they are also an opportunity to learn valuable skills that will benefit you in the future. This blog post will provide you with a guide to researching in high school. We will discuss the importance of research, how to choose a research topic, how to conduct research, and how to write a research paper. Why is research important? There are many reasons why research is important in high school. Here are a few of the most important benefits: Improved critical thinking skills: Researching forces you to think critically about information. You need to be able to evaluate the quality of sources, identify bias, and draw logical conclusions. Enhanced problem-solving skills: Research can help you develop problem-solving skills. When you are faced with a problem, you can use research to identify possible solutions and evaluate the pros and cons of each one. Increased knowledge base: Research can help you expand your knowledge base. You will learn about new topics and gain a deeper understanding of the world around you. Developed writing and communication skills: Research requires you to write and communicate effectively. You will need to be able to write clear and concise reports, and you will need to be able to present your findings to others. Enhanced creativity: Research can help you develop your creativity. When you are researching a topic, you are free to explore new ideas and come up with new solutions. Increased motivation: Research can help you become more motivated. When you are working on a research project, you are more likely to stay focused and motivated because you are interested in the topic. How to choose a research topic The first step in any research project is to choose a topic. Here are a few tips for choosing a research topic: Choose a topic that you are interested in. This will make the research process more enjoyable and rewarding. Choose a topic that is narrow enough to be manageable, but broad enough to allow for some depth. Choose a topic that is relevant to your interests or goals. This will help you stay motivated throughout the research process. How to conduct research Once you have chosen a research topic, you need to gather information. Here are a few tips for conducting research: Start by doing a preliminary search online. This will give you a general overview of the topic and help you identify some potential sources. Once you have a list of potential sources, evaluate them carefully. Make sure that the sources are credible and reliable. Take notes as you gather information. This will help you keep track of your sources and findings. Organize your notes in a way that makes sense to you. This will make it easier to write your research paper. How to write a research paper The final step in any research project is to write a research paper. Here are a few tips for writing a research paper: Start by writing an outline. This will help you organize your thoughts and make sure that your paper flows well. Write a clear and concise introduction that states your thesis statement. Support your thesis statement with evidence from your research. Write a conclusion that summarizes your findings and reiterates your thesis statement. Proofread your paper carefully before submitting it.
- The Role of Research in Career Readiness
Research skills are critical for career readiness, and high school students who develop these skills will be well-prepared for success in the workforce. Research skills allow individuals to gather and analyze information effectively, identify and solve problems, and make informed decisions. In this blog, we will explore the role of research in career readiness and how high school research experiences can help prepare students for their future professions. Research skills are necessary in virtually every career field, from healthcare to business to engineering. Professionals use research skills to gather information about their industry, customers, competitors, and products. They also use research skills to analyze data, identify trends and patterns, and make informed decisions that drive their organization’s success. High school research experiences can help students develop the research skills they need for their future careers. Through research projects, students learn how to formulate research questions, gather and analyze data, and draw conclusions. They also learn how to communicate their findings effectively, both in writing and orally. The benefits of developing research skills in high school go beyond just career readiness. Research skills also help students succeed academically. High school research projects require critical thinking, problem-solving, and information literacy skills, which are essential for success in college and beyond. Additionally, high school research experiences allow students to explore their interests and passions. Research projects can be tailored to individual interests and can provide a way for students to delve deeper into subjects they are passionate about. This can help students discover their career paths and develop a love for learning that will benefit them throughout their lives. One example of how high school research experiences can help prepare students for their future professions is through the Junior Achievement Company Program. This program allows high school students to start and run their own businesses. Students use research skills to develop a business plan, conduct market research, and make informed decisions about their products and services. Through this program, students gain valuable experience in entrepreneurship, business management, and market analysis, which are skills that are highly valued in the workforce. Lastly, research skills are essential for career readiness, and high school research experiences can help prepare students for their future professions. Through research projects, students develop critical thinking, problem-solving, and information literacy skills that will benefit them both academically and professionally. Additionally, high school research experiences allow students to explore their interests and passions, helping them discover their career paths and develop a love for learning.