Global Geopolitics and Emerging Alliances
BRICS Expansion (Effective Jan 1, 2024): The economic bloc expanded its membership from five founding nations (Brazil, Russia, India, China, South Africa) to ten.
- New Members Added: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).
- Objective: To increase the bloc's global economic influence and strengthen the representation of the Global South in international governance.
Red Sea Maritime Crisis: Ongoing security threats targeting commercial shipping in the Bab-el-Mandeb Strait and the Gulf of Aden.
- Threat Actor: Houthi militia groups operating from Yemen.
- International Response: Formation of the US-led Operation Prosperity Guardian, a multinational initiative established to ensure the freedom of navigation and protect vital international trade routes.
International Trade and Economic Policy
WTO 13th Ministerial Conference (MC13) – Abu Dhabi:
- Key Focus: Reform of the World Trade Organization’s Dispute Settlement Mechanism (DSM).
- Electronic Transmissions Moratorium: Members agreed to extend the temporary ban on imposing customs duties on electronic transmissions until the next Ministerial Conference (MC14) in 2026.
Global Inflation Trends (Q1 2024):
- While energy and major commodity prices have stabilized, core inflation remains persistently high across many OECD economies.
- Primary Driver: Sustained high labor costs and demand within the service sector.
Science and Environmental Policy
| Mission/Event | Date/Location | Key Outcome |
|---|---|---|
| Chandrayaan-3 | Aug 23, 2023 (Moon’s South Pole) | India became the first country to successfully soft-land near the lunar South Pole. Confirmed presence of Sulfur, Aluminum, and Iron on the surface. |
| COP28 Climate Summit | Dubai | Concluded the first Global Stocktake assessing progress toward the Paris Agreement goals. |
- COP28 Major Decision: Attendees agreed to a global commitment to "transition away" from fossil fuels in energy systems, signaling a consensus on the need for sustained and rapid reductions in emissions.
- Target Goal: Tripling global renewable energy capacity by 2030 to meet climate mitigation objectives.