India, Brazil inked agreements to bolster
the bilateral ties
With a view to strengthen bilateral relationship, India and Brazil signed three Memorandums of Understanding (MoU) during the 6th BRICS Summit in Fortaleza, Brazil. The agreement was inked by Prime Minister of India Narendra Modi and Brazilian President Dilma Rousseff.
The three MoUs are:
- MoU on Environment
Both nations agreed to extend cooperation on Climate change; Biodiversity; Afforestation in arid areas; Water conservation; Protection of wetlands and Waste management. Waste management includes Management of agricultural waste and electronic waste; Management of waste water management; Use of bio-fuels; Air and water quality management; Environmental information systems.
The cooperation in this field will be in the form of exchange of information and documentation and collaborative projects. Towards this, the two countries agreed to set up an Indo-Brazil Joint Working Group on Environment which will see that the contents of the agreement are implemented.
The cooperation in this field will be in the form of exchange of information and documentation and collaborative projects. Towards this, the two countries agreed to set up an Indo-Brazil Joint Working Group on Environment which will see that the contents of the agreement are implemented.
- MoU on Space
Both nations agreed on implementing arrangement establishing cooperation in augmentation of a Brazilian earth station for receiving and processing data from Indian Remote Sensing (IRS) satellites.
Other Agreements
Both sides also agreed to take measures to further expand and diversify trade andinvestment flows and strengthen cooperation in agriculture and dairy science, conventional and renewable energy, space research and application, defence, cyber security and environment conservation. They also agreed to step up their cooperation in international forums and multilateral institutions, including the G 20.
India inks FTA in Services, Investments With ASEAN
India inked a Free Trade Agreement (FTA) in services and investments with the Association of South East Asian Nations (ASEAN), paving the mode for a more relaxed movement of professionals and additionally opening prospects for investments between India and ASEAN.
India implemented FTA in goods with 10-member ASEAN in 2011. 9 out of 10 ASEAN nations have inked the agreement. Philippines , now the only ASEAN country yet to sign the pact, is finalizing its domestic process and is probable to sign soon.
All ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — are likely to get the contract approved by their Parliaments after which it will be formally adopted during the next India–ASEAN summit later this year.
The trade in services agreement contains all characteristics of a contemporary and all-inclusive pact and is in line with the other bilateral agreements that India has inked so far.
Few vital Articles encompassed in the agreement are ones on transparency, domestic regulations, recognition, market access, national treatment, increasing participation of developing countries, joint committee on services, review, dispute settlement and denial of benefits, etc.
No comments:
Post a Comment