Current Affairs - International

The United Kingdom has officially become the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), making it the first European nation to join the trade bloc. The CPTPP includes key countries like Canada, Japan, Australia, and Mexico, among others. This milestone follows Britain’s exit from the European Union (Brexit) as it seeks to build new global trade partnerships and expand its economic influence beyond Europe. By joining the CPTPP, Britain aims to strengthen its trade relationships with the Asia-Pacific region, signalling a strategic shift in its economic priorities.

The United States military successfully tested its Long-Range Hypersonic Weapon (LRHW), known as "Dark Eagle," at Cape Canaveral Space Force Station in Florida. This test demonstrated the missile’s ability to travel faster than 3,800 miles per hour (Mach 5), which is over five times the speed of sound. The "Dark Eagle" is designed to strike distant and well-defended targets with precision, marking a major milestone in hypersonic weapons development. The successful trial included the complete LRHW system, including the ground-based launcher and operations centre, moving the U.S. closer to operational deployment by 2025.

India and Australia are working towards finalizing the Comprehensive Economic Cooperation Agreement (CECA), a free trade agreement aimed at eliminating tariffs, liberalizing services, and enhancing trade opportunities. This collaboration focuses on key areas such as goods, services, digital trade, and government procurement while exploring new areas like innovation, critical minerals, and agri-tech. The CECA reflects the growing strategic and economic partnership between the two nations, strengthening bilateral ties and fostering mutual growth.

Switzerland has decided to suspend the Most-Favored-Nation (MFN) clause in its Double Taxation Avoidance Agreement (DTAA) with India, starting from January 1, 2025. This decision will increase tax rates on dividends and royalties to 10%. The suspension was triggered by a ruling from India’s Supreme Court, which stated that the application of the MFN clause requires formal notification under the Income Tax Act. This change is expected to impact tax burdens for both Indian and Swiss companies, potentially affecting their bilateral trade relations.

Dubai unveiled the world’s largest gold bar, weighing 300.12 kg and valued at ₹211 crore ($25 million), at the Dubai Gold Souk Extension. Crafted by the Emirates Minting Factory, the bar took 8-10 hours to create, adhering to Guinness World Records standards. This record-breaking achievement showcases Dubai’s innovation and leadership in the global gold and luxury trade, solidifying its status as a hub of excellence in the precious metals industry.