Current Affairs - International

India and the UAE have introduced a Local Currency Settlement System (LCSS) to facilitate bilateral trade transactions in Indian Rupees and UAE Dirhams, reducing dependency on the US Dollar. This initiative aims to streamline trade processes, lower transaction costs, and strengthen economic ties between the two nations through direct currency settlements.

The Canadian House of Commons recently passed a motion supporting Tibetan Self-Determination, emphasizing Tibetans' rights to choose their own policies and spiritual leaders amidst concerns over China's cultural assimilation policies. Introduced by Bloc Québécois MP Alexis Brunelle-Duceppe, this motion underscores Canada's stance on human rights and international diplomacy, particularly regarding Tibet and its autonomy within China.

The Japan-India Maritime Exercise JIMEX-24 is currently being held in Yokosuka, Japan. Yokosuka is hosting the 8th edition of this bilateral naval exercise, which aims to strengthen naval cooperation and interoperability between the Indian Navy and the Japan Maritime Self-Defence Force (JMSDF). The exercise includes both harbour and sea phases, focusing on enhancing operational interactions and promoting maritime security in the Indo-Pacific region.

Nepal's House of Representatives recently approved the proposal to ratify the framework agreement for International Solar Alliance (ISA) membership. This decision reflects Nepal's commitment to harnessing solar power as a clean energy source to support its national development goals and combat climate change. As part of its renewable energy strategy, Nepal aims to significantly increase its solar power capacity, with plans to develop up to 30,000 MW of electricity from solar sources by 2035, showcasing its proactive stance towards sustainable energy solutions.

Peru and Slovakia signed NASA's Artemis Accords, becoming the 41st and 42nd countries respectively to join the U.S.-led agreement on the safe exploration of space. The Artemis Accords, initiated by NASA and seven other nations in 2020, aim to establish principles guiding the conduct of civil space exploration, including the sustainable human presence on the Moon and eventually Mars. These accords signify a commitment to the peaceful use of space and are part of U.S.-led diplomatic efforts in space governance.