Current Affairs 4 March 2026
India and Canada relations were formally designated as a “Strategic Partnership” in 2018.
- It was the first bilateral visit to India by a Canadian Prime Minister since 2018.
- List of outcomes
- Trade Agreement: Signed the Terms of Reference (ToR) for the Comprehensive Economic Partnership Agreement (CEPA)
- Bilateral merchandise trade currently stands at roughly US$8–9 billion annually, significantly below potential relative to economic size.
- Nuclear Energy: Finalized a long-term commercial contract with Canada’s Cameco for the supply of Uranium Ore Concentrates.
- Critical Minerals Cooperation: Signed MoU to develop secure and resilient critical mineral supply and value chains.
- Declaration of Intent for a Joint Pulse Protein Centre of Excellence (Canada is pulse exporter to India)
West Asia crisis on India
- Threat to energy security: The possible blocking of the Strait of Hormuz is concerning as it accounts for roughly one-fifth, or around 20%, of global oil passes.
- The Strait of Hormuz carries 85% of India’s LPG, 55% of LNG.
- India relies on imports for more than 85 per cent of its crude oil needs, with a substantial portion coming from West Asia.
- Impact on trade: Uncertainty over 56% of India’s goods exports, raising concerns as the region serves a major market for India and also transit corridor linking India to Europe, Africa, etc.
- Supply chain disruption: Disruptions to shipping routes are increasing insurance costs and transit times, affecting Gulf transshipment hubs like Jebel Ali Port (UAE) and Port of Salalah (Oman).
- Diaspora: Indians constitute around 30% of total expatriate workers in the Gulf Cooperation Council.
- Remittance: Around 19% of India’s total remittances come only from the UAE, 7% from Saudi Arabia, while Kuwait, Oman and Qatar also have significant contributions. (RBI Remittances Survey for 2023-24).
- Connectivity: May affect development of International North-South Transport Corridor (INSTC), India-Middle East-Europe Economic Corridor and the Chabahar port operated by India.
Major Straits in Indian Ocean:
- Strait of Hormuz: Connects Persian Gulf with Gulf of Oman and Arabian Sea.
- Bab-el-Mandeb Strait: Connects the Red Sea with the Gulf of Aden and Indian Ocean.
- Malacca Strait: Connects Andaman Sea (Indian Ocean) and the South China Sea (Pacific Ocean).
India has renewed its Bilateral Swap Arrangement BSA (Currency Swap Arrangement) with Japan with effect from 28th February, 2026.
- The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar.
- A currency swap is a broader term defined as an agreement between two central banks to exchange a cash flow in one currency against a cash flow in another currency according to predetermined conditions.
- The size of the India-Japan BSA: Remains unchanged at 75 billion US Dollars.
- Other CSAs by India: SAARC CSA (2024-27),India-UAE CSA, India-Sri Lanka CSA, etc.
IAEA held an emergency meeting in Vienna to address the fallout of US-Israel military strikes.
- About IAEA:
- Formed: in 1957.
- Overview: It is the world’s central intergovernmental forum for scientific and technical cooperation in the nuclear field.
- Function: It works for the safe, secure and peaceful uses of nuclear science and technology, contributing to international peace and security and the United Nations’ Sustainable Development Goals.
- Headquarters: Vienna(Austria).
- Award: Nobel Peace Prize in 2005.
Total Lunar Eclipse:
- It occurs when the Moon passes entirely through Earth’s umbra (darkest part of its shadow), with the Earth, Sun, and Moon perfectly aligned, completely blocking direct sunlight.
- About Blood Moon:
- Meaning: A Blood Moon refers to the reddish appearance of the Moon.
- Occurs: During total lunar eclipses,
- Cause of Formation:This happens because of the Earth’s atmosphere.