Current Affairs - International

In 2024, Germany surpassed Japan to become the world’s largest creditor nation, ending Japan’s 34-year dominance in this category. The shift was primarily driven by Germany's rising current account surplus—reaching €240 billion—and favourable currency movements, particularly the appreciation of the euro against the Japanese yen. These factors increased the value of Germany’s foreign assets relative to Japan’s. Although Japan achieved a record net asset value, Germany’s higher growth and asset valuation led to a total of ¥569 trillion ($3.9 trillion), surpassing Japan’s ¥533 trillion ($3.7 trillion). This development reflects evolving global trade balances and investment flows.

The plastic nurdle spill along the Kerala coast was caused by the sinking of the MSC ELSA3, a container vessel registered under Liberia. This incident marks the first major case of nurdle landings in India due to a shipwreck. These nurdles, made of LDPE and HDPE, pose a serious threat to marine ecosystems by contaminating habitats, entering food chains, and causing long-term ecological harm. The event has highlighted the urgent need for improved coastal zone management, stricter marine pollution regulations, and better preparedness for plastic cargo spills in Indian waters, alongside efforts to boost recycling and reduce plastic use.

INTERPOL launched the Silver Notice system in 2025 as a new tool to trace and recover criminal assets and strengthen international cooperation against transnational organized crime. The system is in a pilot phase involving 51 countries, allowing each to request up to nine Silver Notices. India utilizes this system through its Central Bureau of Investigation (CBI), which coordinates requests for international assistance. INTERPOL’s colour-coded notices, including Silver Notices, facilitate global police collaboration to tackle serious crimes such as cybercrime, trafficking, and economic offences, reflecting enhanced mechanisms for global law enforcement cooperation.

The Court of International Trade (CIT) ruled that Donald Trump’s administration exceeded its statutory authority under the International Emergency Economic Powers Act (IEEPA), 1977, in imposing certain import tariffs. These tariffs, part of Trump's aggressive trade strategy, were especially targeted at China and justified as emergency economic actions. However, the CIT concluded that IEEPA does not give the President unlimited tariff-imposing powers and that such actions lacked legal validity. The ruling has significant implications, including the invalidation of many Trump-era tariffs, reassertion of judicial oversight over executive actions, and a likely shift in U.S. trade policy toward more multilateral and legislatively grounded approaches.

India will host the IATA Annual General Meeting (AGM) 2025 and World Air Transport Summit (WATS) in New Delhi from June 1 to 3, marking its return as the host after a 42-year gap—the last being in 1983. This prestigious event will gather over 1,700 global aviation leaders, CEOs, regulators, and media representatives. Prime Minister Narendra Modi is scheduled to deliver the keynote address, emphasizing India's growing importance in the global aviation sector. With IndiGo as the host airline and recent growth in infrastructure and air travel, the event highlights India's transformation into a major aviation hub on the world stage.