Important Organisations and Summits
🟢 Lite — Quick Review (1h–1d)
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- United Nations (UN): Founded 1945; 193 member states; HQ in New York; aims to maintain international peace and security
- UN Security Council: 5 permanent members (P5: US, UK, Russia, China, France) + 10 rotating non-permanent members; primary responsibility for peace
- International Monetary Fund (IMF): Global financial stability; provides loans; India’s quota ~2.7%; Managing Director (currently Kristalina Georgieva)
- World Bank: Development finance; provides loans and grants; ~189 member countries; President (currently Ajay Banga, Indian-origin)
- WHO: World Health Organization; coordinates international health; HQ Geneva; Director-General (currently Tedros Adhanom Ghebreyesus)
- ⚡ World Bank President has traditionally been American; IMF MD traditionally European — an informal convention
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Important Organizations and Summits
For banking exams, understanding major international organisations is crucial because they shape global economic policy, development financing, and regulatory standards — all of which affect India’s banking and financial sector.
United Nations (UN)
Overview
- Founded: October 24, 1945 (after WWII; UN Charter signed June 26, 1945)
- Headquarters: New York, USA
- Official Languages: Arabic, Chinese, English, French, Russian, Spanish
- Members: 193 (almost all countries; Vatican City is observer)
- Principal Organs: General Assembly, Security Council, Economic and Social Council, International Court of Justice, Secretariat
General Assembly (UNGA)
- Composition: All 193 member states; one vote each
- Functions: Debates global issues; adopts resolutions; approves UN budget; elects Security Council non-permanent members
- Sessions: Annual (September-December)
Security Council (UNSC)
- Composition: 5 permanent members (P5) + 10 rotating non-permanent (2-year terms)
- Responsibility: International peace and security
- P5 Veto Power: Any P5 can veto (block) a substantive resolution — this is the most powerful tool in international relations
- Reform: India has been seeking permanent membership of UNSC for decades
Economic and Social Council (ECOSOC)
- Coordinates UN economic and social work
- 54 member states
- Commissions on: Status of Women, Population, Sustainable Development
International Court of Justice (ICJ)
- Principal judicial organ
- 15 judges (9-year terms)
- Based in The Hague, Netherlands
- Hears disputes between states; gives advisory opinions
UN Specialized Agencies
| Agency | Function |
|---|---|
| UNESCO | Education, science, culture, communication |
| WHO | International health |
| ILO | Labour standards, employment |
| World Bank | Development finance |
| IMF | Global monetary cooperation |
| FAO | Food and agriculture |
| UNDP | Development programs |
| UNICEF | Children’s welfare |
| WTO | Trade rules (technically not UN but linked) |
International Monetary Fund (IMF)
Overview
- Founded: 1944 (Bretton Woods Conference); operational from 1946
- Headquarters: Washington D.C., USA
- Members: 190 countries
- Purpose: Ensure stability of international monetary system; facilitate international trade; promote high employment
Key Functions
- Surveillance: Monitoring member countries’ economies (Article IV consultations)
- Financial Assistance: Lending to countries facing balance of payments problems
- Technical Assistance: Capacity building, policy advice
Quota System
- Each member’s quota determines: Voting power, financial commitment, access to financing
- Quotas based on: GDP, openness, economic variability, reserves
- India’s quota: ~2.7% (13th largest); votes: ~2.6%
- 2023 quota review: Increased quotas to strengthen IMF’s resources
Leadership
- Managing Director: Kristalina Georgieva (Bulgarian; since 2019)
- Traditionally European (informal convention)
- Appointed for 5-year term
India’s Relationship with IMF
- India has been member since 1945
- India has used IMF loans during balance of payments crises (1991, 2013 Taper Tantrum)
- India sends officials to IMF as part of quota contribution
World Bank Group
Overview
- Founded: 1944 (Bretton Woods); operational from 1946
- Headquarters: Washington D.C., USA
- Members: 189 countries
Institutions (World Bank Group)
IBRD (International Bank for Reconstruction and Development):
- Provides loans to middle-income and creditworthy lower-income countries
- AAA credit rating; borrows by issuing bonds
IDA (International Development Association):
- Provides grants and concessional loans to poorest countries
- Fully funded by donor contributions
IFC (International Finance Corporation):
- Promotes private sector development
- Invests in equity and debt
MIGA (Multilateral Investment Guarantee Agency):
- Provides political risk insurance and guarantees
ICSID (International Centre for Settlement of Investment Disputes):
- Arbitration for investment disputes
Leadership
- President: Ajay Banga (Indian-origin; since 2023; appointed by US)
- Traditionally American (informal convention)
India’s Engagement with World Bank
- India was a founding member
- India is both a borrower (for infrastructure, social programs) and contributor
- Major projects: Road highways, rural development, health, education
World Trade Organization (WTO)
Overview
- Founded: January 1, 1995 (replaced GATT); Uruguay Round Agreement
- Headquarters: Geneva, Switzerland
- Members: 164
- Purpose: Liberalise world trade; reduce trade barriers; ensure fair competition
Key Principles
- Most Favoured Nation (MFN): Treat all members equally
- National Treatment: Imported goods treated same as domestic goods
- Free trade: Reduce tariffs and subsidies gradually
- Predictability: Countries bind tariff rates
Agreements
- Goods: GATT
- Services: GATS (General Agreement on Trade in Services)
- Intellectual Property: TRIPS (Trade-Related Aspects of Intellectual Property)
- Trade Facilitation: TFA
Dispute Settlement
- Two-stage: Panel → Appellate Body
- Appellate Body currently non-functional (US blocked appointments)
- India has filed disputes against US, EU on tariffs
Other Important Organisations
BRICS (Brazil, Russia, India, China, South Africa)
- Founded: 2009 (BRIC) + South Africa 2010
- Purpose: Political and economic cooperation among major emerging economies
- New Development Bank (NDB): BRICS’ development bank
- 2024 Expansion: BRICS+ announced new members (Saudi Arabia, UAE, Iran, Egypt, Ethiopia + Argentina declined)
G20 (Group of Twenty)
- Members: 19 countries + EU (representing ~85% of global GDP)
- Founded: 1999 (finance ministers); elevated to leaders’ level in 2008 after global financial crisis
- India’s Presidency 2023: Theme “One Earth, One Family, One Future”
- Summit 2023: New Delhi Declaration; India successfully hosted
Association of Southeast Asian Nations (ASEAN)
- Founded: August 8, 1967 (Bangkok Declaration)
- Members: 10 (Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, Cambodia)
- India-ASEAN: ASEAN-India Free Trade Area (AITIGA) under negotiation
Financial Action Task Force (FATF)
- Founded: 1989 (G7 initiative)
- Purpose: Combat money laundering and terrorist financing
- India: Member since 2010
- Grey List: Countries under increased monitoring (Pakistan was on it; removed in 2022)
- Black List: High-risk countries; enhanced due diligence (North Korea, Iran)
Organisation of Islamic Cooperation (OIC)
- Largest intergovernmental organization of Muslim-majority states
- 57 member states
- India not a member (though was an observer historically)
NATO (North Atlantic Treaty Organization)
- Founded: 1949
- Members: 31 (as of 2024)
- Article 5: An attack on one member is an attack on all (collective defense)
- Not applicable to India directly but relevant for global security
OPEC (Organization of the Petroleum Exporting Countries)
- Founded: 1960 (Baghdad)
- Members: 13 (Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, Libya, Angola, Nigeria, Algeria, Gabon, Equatorial Guinea, UAE, Kazakhstan)
- Purpose: Coordinate petroleum policy; manage oil production (decisions affect global oil prices)
- India is a major oil importer; affected by OPEC decisions
Commonwealth of Nations
- Members: 56 (mostly former British Empire)
- Head: King Charles III (symbolic)
- Secretary-General: Patricia Scotland (Dominica)
- Relevance to India: India is a founding member; used Commonwealth Games to showcase soft power
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SAARC (South Asian Association for Regional Cooperation)
Founded: 1985 (Dhaka Declaration) Members: 8 (India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives, Afghanistan) Purpose: Regional cooperation in South Asia
Key Problem: India-Pakistan tensions paralyse SAARC; summit cancelled multiple times SAARC Satellite: Proposed by India; Pakistan refused to participate
India’s Role in Global Governance
UN Security Council Reforms
India has been seeking permanent membership of UNSC for decades:
- L4 (Like-Minded) Group: India, Brazil, Germany, Japan working together for permanent seats
- Uniting for Consensus (UfC): Group opposing automatic veto for new permanent members
- Why India deserves: 4th largest economy, 1.4 billion people, major troop contributor to UN peacekeeping missions
India’s Position on Ukraine Conflict
- Called for dialogue and diplomacy
- abstained on UN resolutions against Russia
- Maintained strategic autonomy; imported Russian oil at discounted rates
Bilateral Organizations
QUAD (Quadrilateral Security Dialogue)
- Members: India, US, Japan, Australia
- Founded: 2007 (reinvigorated 2017)
- Purpose: Free, open, rules-based Indo-Pacific; alternative to Chinese dominance
- Not a military alliance; focuses on: Vaccines, climate, emerging technology, infrastructure
I2U2 (India, Israel, UAE, US)
- New grouping focusing on: Water, energy, transportation, space
- India’s partnership with Abraham Accords countries
BIMSTEC (Bay of Bengal Initiative)
- Members: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Nepal, Bhutan
- India’s subregional engagement with neighbours
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