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


20

02/2017
Fruits exports jump up by 40% in first 9 months of current fiscal

Triggered by a sharp increase in production led by grapes, India's exports of fresh fruits jumped by a staggering 40 per cent in the first nine months of the current financ...

18

02/2017
Global SMEs keen on strategic tie-ups with India

An exclusive symposium organized by India Law Offices (ILO) & Confederation of Indian Industry (CII) in the Capital on Wednesday witnessed over 100 small and medium enterpr...

14

02/2017
Jobs Vacancy at iiiEM

Join our winning team Requirement for below position Counselors – Surat, Rajkot and Vadodara Quality Auditor - Ahmedabad Event Manager - Ahmedabad Video Edit...

13

02/2017
Lots need to be done to increase Indias exports: Anant Geete

Admitting that Indian businesses are facing multiple challenges in overseas markets due to the globally competitive environment, Union Minister Anant Geete today said a lot nee...