Cabinet approves pact between EXIM Bank, New Development Bank Back to News & Events List


Union Cabinet today approved a pact between Export-Import Bank of India (Exim Bank) and BRICS-promoted New Development Bank (NDB), along with other development financial institutions of member nations, with an aim to strengthen trade and economic ties. 

The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for signing of a Memorandum of Understanding (MoU) on general cooperation with NDB through the BRICS Interbank Cooperation Mechanism by Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India, an official release said. 

There is no financial implication involved with signing of the MoU, it added. 

The proposal will enhance trade and economic relations among the BRICS countries...The participating institutions from the BRICS nations will be benefitted by this MoU, the release said. 

The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories. 

Further, the release said that establishment of the NDB reflects the close relations among the BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role. 

Therefore, keeping in view the strategic relevance of cooperation for sustainable development and inclusive economic growth, the signing of MoU is necessary in the context of cooperation extended by the members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries, the release, issued after the Cabinet meeting, said.
 
Five banks from the BRICS nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations amongst the member countries and enterprises. 

The BRICS Interbank Co-operation Mechanism has proposed to sign an MOU on general cooperation with the NDB. 

The Cabinet today also gave its approval for signing of an MoU between India and the Russian Federation on Expansion of Bilateral Trade and Economic Cooperation, according to a separate release. 

The MoU would expand more bilateral trade and economic cooperation between India and Russian Federation, it added.

Original Source: economictimes.indiatimes.com


Recent News


19

08/2017
Target to raise tea exports by 22% in 3 yrs might be difficult: Here's why

While the official target is to raise tea exports by 22 per cent in the next three years, to 270 million kg (mkg), producers and exporters face two major challenges.  ...

17

08/2017
Common use items exempt from e-way bill under GST

LPG, kerosene, jewellery and currency are among the common use items that have been exempted from the requirement of obtaining electronic permits for transportation under the G...

16

08/2017
No plans for duty-free sugar imports: Paswan

The country has sufficient stock of sugar available and there are no plans to allow further imports of the sweetener at zero duty, Food Minister Ram Vilas Paswan said today. ...

14

08/2017
Green shoots becoming visible in merchandise trade: Mid year Economic Survey

The first mid-year Economic Survey brought cheer for the export sector as it said that green shoots have started to appear in the trade horizon with world trade growth projecte...