In a significant diplomatic thaw, India and Canada have agreed to restore High Commissioners in each other's capitals and reinitiate dialogue across key areas including trade, mobility, and technology. The reset follows Prime Minister Narendra Modi’s meeting with Canada’s newly elected Prime Minister Mark Carney on the sidelines of the G-7 Summit in Kananaskis. The leaders committed to restarting negotiations on the Early Progress Trade Agreement (EPTA) and eventual Comprehensive Economic Partnership Agreement (CEPA), while also steering clear of past controversies to focus on a constructive bilateral agenda.

Union Commerce Minister Piyush Goyal has expressed cautious optimism that India and the United States will sign a preliminary agreement as part of a broader bilateral trade deal before the impending July 9 deadline, when a 26% tariff on Indian imports is set to come into effect under President Donald Trump's “reciprocal tariff” framework. While concrete terms are yet to be disclosed, both nations have reiterated their intent to forge resilient and equitable supply chains, aligning with their long-term strategic and economic partnership. The dialogue, part of a larger Indo-Western trade rebalancing effort, comes amid ongoing negotiations with the UK and EU and amidst growing concerns about WTO's role in a multipolar world order.

India’s shifting trade dynamics, amid global tariff wars and new bilateral agreements, may unintentionally widen the path for invasive alien species (IAS) to cross borders. While these tariffs aim to restrict economic entry, they often overlook ecological loopholes. The story of the giant African snail and the contaminated wheat under the PL 480 programme reminds us that careless trade can seed long-term biological invasions. As global freight intensifies and nations scramble to realign trade partnerships, India must urgently bolster its biosecurity infrastructure and adopt a unified ‘One Biosecurity’ framework to preempt ecological and economic damage.

With 22 out of 28 States seeking an increase in their share of the divisible tax pool from 41% to 50%, the 16th Finance Commission finds itself at the heart of a long-standing debate on fiscal federalism. The rising use of cesses and surcharges by the Union government, which are not shared with States, has effectively reduced their actual fiscal share. Coupled with post-GST revenue constraints, States are increasingly dependent on central transfers. A status quo in vertical devolution would further deepen regional disparities and undermine the spirit of cooperative federalism. A reimagined fiscal architecture—fairer, performance-sensitive, and transparent—is the need of the hour.

The third United Nations Ocean Conference (UNOC), held in France, marked a major step toward protecting the global commons of the high seas. With 56 of the required 60 countries ratifying the Biodiversity Beyond National Jurisdiction (BBNJ) agreement—also known as the High Seas Treaty—the world edges closer to a legally binding global regime for ocean conservation. While significant voluntary commitments were made by countries and blocs, concerns remain over the equitable sharing of marine genetic resources and the enforcement of regulations in international waters.