On October 11, 2017, Union Cabinet chaired by Prime Minister Narendra Modi approved following bilateral agreements and initiatives:
Cabinet approves MoU between SEBI and FSC
On October 11, 2017, Union Cabinet gave its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance.
- The MoU will strengthen economic links and will enhance cooperation between SEBI and FSC.
- It would help in making the information sharing framework between the two regulators more effective.
- Gibraltar is a British Overseas territory located at the Southern coast of Spain.
Cabinet approves MoU between SEBI and Capital Markets Authority (CMA), Kuwait
On October 11, 2017, Union Cabinet gave its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Capital Markets Authority (CMA), Kuwait for mutual co-operation and technical assistance.
- The MoU will strengthen economic links and will enhance cooperation between SEBI and CMA.
- It would help in making the information sharing framework between the two regulators more effective.
Quick Facts about Kuwait:
- Capital – Kuwait City
- Currency – Kuwaiti dinar
Cabinet approves MoC between India and Japan on TITP
Union Cabinet has approved the signing of Memorandum of Cooperation (MoC) between India and Japan on the Technical Intern Training Program (TITP).
- Under Technical Intern Training Program (TITP), Indian technical interns will be sent to Japan for on the job training for a period of three to five years.
- Through this MoC, India and Japan will have bilateral cooperation in the area of skill development.
- This MoC will be signed during the forthcoming visit of Union Minister for Skill Development & Entrepreneurship, Dharmendra Pradhan to Japan from 16th – 18th October, 2017.
Cabinet approves MoC between India and Japan on Establishing Flexible and Global LNG Market
On October 11, 2017, Union Cabinet approved the signing of the Memorandum of Cooperation (MoC) between India and Japan on establishing a liquid, flexible and global LNG Market.
- A framework to cooperate in facilitating flexibility in LNG contracts, abolition of Destination Restriction Clause, exploring possibilities of cooperation in establishing reliable LNG spot price indices reflecting true LNG demand and supply are the salient features of this MoC.
- India-Japan bilateral relations in energy sector will get a boost on account of this MoC.
- This MoC will lead to diversification of gas supplies for India.
- It will not only strengthen energy security but will also lead to more competitive prices for consumers.
Quick Facts about Japan
- Capital – Tokyo
- Currency – Japanese yen
- Current Prime Minister – Shinzo Abe
Cabinet approves MoU between India and Belarus for Cooperation in the field of Vocational Education and Training
Union Cabinet has given its ex-post facto approval for a Memorandum of Understanding between India and Belarus for cooperation in the field of Vocational Education and Training (VET).
- This MoU was signed on September, 2017 during Alexander Lukashenko’s (President of Belarus) visit to India.
- Through this MoU, India will benefit from systematic transfer of Belarus’s expertise and knowhow in skilling the manpower especially in manufacturing sector.
- Innovation and improvement in the existing vocational education and skill development through Research and Development in the field will also be carried out.
Quick Facts about Belarus
- Capital – Minsk
- Currency – Belarusian ruble
- Current President – Alexander Lukashenko
Cabinet approves MoU between India and Morocco on cooperation in the field of water resources
Major areas of cooperation enlisted under this MoU include integrated water resources management, flood and drought management and harvesting and valuation of rainfall water.
- India and Morocco will also exchange information on programs, publications, expertise and results of research in the field of water resources.
- A Joint Working Group (JWG) consisting of equal members from both the sides will be set up to monitor the activities undertaken in the context of this MoU.
Quick Facts about Morocco:
- Capital – Rabat
- Currency – Moroccoan dirham
- Current Prime Minister – Saadeddine Othmani
Cabinet approves change of status for marine body IALA
On October 11, 2017, Union Cabinet gave its approval for International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA) to change its status from Non-Governmental Organisation (NGO) to Inter-Governmental Organisation (IGO).
- Owing to this decision, IALA is now at par with International Maritime Organisation (IMO) and International Hydrographic Organisation (IHO).
- Union Shipping Ministry has stated that this move will pave the way for safe, economic and efficient movement of vessels.
- It is to be noted that India is one of the council members of IALA represented through the Directorate General of Lighthouses and Lightships (DGLL).
Quick Facts about International Association of Marine Aids to Navigation and Lighthouse Authorities (IALA):
- Established in – 1957
- Headquarters – St Germainen Laye, France
