Current Affairs - International

Japan renewed its $75 billion bilateral currency swap agreement with India for another three years beginning March 4, 2026. The arrangement was formalised through an exchange of letters between the Reserve Bank of India (RBI) and the Bank of Japan (BoJ). This financial mechanism allows either country to access the other’s currency—Japanese yen or Indian rupee—during times of balance-of-payments pressure or liquidity shortages. The agreement, originally established in 2018 and renewed earlier in 2023, strengthens financial cooperation between the two nations and serves as a safeguard to maintain macroeconomic stability and enhance investor confidence during global economic uncertainties.

India has surpassed the United States to become the country with the second-highest number of children affected by obesity globally, according to the World Obesity Atlas 2026 released by the World Obesity Federation. The report indicates that around 41 million Indian children had a high Body Mass Index (BMI) by 2025, including about 14 million living with obesity. Projections suggest that by 2040, nearly 20 million children in India may be living with obesity, and around 56 million could be overweight or obese. Rising consumption of sugary beverages, low physical activity among adolescents, and limited access to nutritious food are among the key factors contributing to this growing public health challenge.

Scotland became the first country in the United Kingdom to legalise water cremation, also known as alkaline hydrolysis. This method is considered an environmentally friendly alternative to traditional cremation and burial because it produces significantly lower carbon emissions. The process involves placing the body in a pressurized chamber with water and potassium hydroxide, which breaks down soft tissues while leaving bones that are later returned to families as powdered remains. The reform represents one of the most significant changes to cremation laws since 1902, and the first water cremations are expected to begin by summer 2026 after necessary approvals.

Canada entered into a Strategic Energy Partnership with India as part of a broader roadmap to reset bilateral relations. The partnership covers cooperation in clean energy, conventional energy, civil nuclear power, and critical minerals. A major highlight was a CAD 2.6 billion uranium supply agreement between Cameco and India’s Department of Atomic Energy, strengthening India’s nuclear energy capacity. Both nations also relaunched ministerial energy dialogues and initiated negotiations for a Comprehensive Economic Partnership Agreement (CEPA) to boost bilateral trade to CAD 70 billion by 2030, reinforcing long-term economic and strategic collaboration.

Sri Lanka is the country whose DFCC Bank issued the first-ever Blue Bond that was dually listed on the NSE International Exchange at GIFT City. The LKR 3 billion bond was initially listed on the Colombo Stock Exchange before being admitted to trading under GIFT City’s offshore regulatory framework. Blue bonds are a specialised subset of green bonds that channel investments into ocean conservation, sustainable fisheries, marine ecosystem protection, and water security projects. The dual listing enhances global investor participation and strengthens the country’s presence in sustainable and innovative financial markets.