Current Affairs - International

India’s proactive role in proposing regulations on fisheries subsidies at the World Trade Organization (WTO). This initiative has garnered support from several developing nations and least developed countries (LDCs), as it aims to address issues like overcapacity and overfishing. The focus is on promoting sustainable fishing practices through the second phase of the Fisheries Subsidies Agreement (FSA), with special considerations for developing nations and LDCs under transitional provisions. This reflects India’s commitment to responsible global fishing practices and ecological sustainability.

India will host the 81st International Air Transport Association (IATA) Annual General Meeting and World Air Transport Summit in June 2025. This event underscores India’s dynamic growth in the aviation sector, with projections to become the third-largest aviation market globally within this decade. India’s aviation industry is a significant contributor to employment and GDP, with an expanding network of airports and increasing passenger traffic. Hosting the IATA summit reflects India’s growing prominence in global aviation, showcasing its infrastructure developments and strategic importance in the international air transport industry.

The Lanka India Business Association (LIBA) was officially launched in Sri Lanka to strengthen economic collaboration between India and Sri Lanka. This initiative aims to foster trade, investment, and business networking, capitalizing on India’s growing economic influence as it moves towards becoming the world’s second-largest economy by 2075. Sri Lanka’s strategic location and historical trade ties with India make it an ideal partner for deeper economic integration. The formation of LIBA is expected to accelerate the already strong economic relations between the two nations.

India has emerged as the world’s largest milk producer, currently producing 239 million metric tons (MMT) of milk. The country contributes over 24% of the global milk production, a position it has maintained through significant growth in its dairy sector. India’s target is to increase its milk production to 300 MMT in the next five years. This remarkable growth has been largely driven by initiatives like the Rashtriya Gokul Mission (RGM), which has been instrumental in improving both the quality and quantity of milk production.

Indonesia has decided to join the New Development Bank (NDB), a multilateral financial institution created by the BRICS nations. This strategic move, announced by President Prabowo Subianto, aims to boost Indonesia’s economic transformation by enhancing financial collaborations and investments in sectors like infrastructure, renewable energy, and technological advancements. Joining NDB will provide Indonesia with access to crucial funding that aligns with its economic goals, supporting its long-term vision of a sustainable and technologically advanced economy.