The Union Cabinet chaired by Prime Minister Narendra Modi has granted approval to several key initiatives. They are
- Memorandum of Understanding (MoU) between CCI & CADE, Brazil.
- Approval of Mutual Recognition Agreement (MRA) between ICAI & CPA, Australia.
- Approval for MoU between ICAI & Chartered Accountants Australia and New Zealand (CAANZ)
- MoU between India & Bangladesh in area of trade remedial measures
MoU between CCI & CADE, Brazil
Cabinet has approved the MoU between the Competition Commission of India (CCI) & the Administrative Council for Economic Defense of Brazil (CADE).
- Section 18 of Competition Act, 2002 permits CCI to enter into MoU with agencies of Foreign Countries for the purpose of discharging its duties or performing its functions under the Act.
- CCI has already signed agreements with regulators of 6 Foreign Countries for discharging its duties. The Countries are the USA, European Union, Russia, Australia, Canada & BRICS Competition Authorities.
Agreements in the field of Accounting
In the field of Accounting, Prime Minister Narendra Modi has approved 2 key agreements. They are
- Mutual Recognition Agreement (MRA) between the Institute of Chartered Accountants of India (ICAI) & Certified Practising Accountant (CPA), Australia.
- MoU signed between ICAI & Chartered Accountants Australia and New Zealand (CA ANZ).
- Both Agreements provide for mutual recognition of qualification of their members.
- The agreements will contribute to the development of the accounting profession in Australia & India.
- They will help in the generation of employment opportunities for Indian Accounting Professionals and bring back greater remittances to India.
- Under the MRA, both institutes will partner to establish a mutual cooperation framework for the advancement of accounting knowledge, professional and intellectual development, advancement of the interests of their members.
MoU between India & Bangladesh
The cabinet has accorded its approval to an MoU signed between the Director-General of Trade Remedies, India and the Bangladesh Trade and Tariff Commission in March 2021.
- It aims to establish a framework of cooperation in the area of trade remedial measures.
- It also covers activities in the area of anti-dumping, countervailing and safeguards measures in bilateral trade (comes under provisions of World Trade Organization – WTO)
- The partnership aims to discourage unfair trade practices and promote rule-based bilateral trading.
Recent Related News:
i.November 25, 2020, Union Cabinet has approved MoU signed between BRICS countries on cooperation in the field of physical culture and sports
ii.November 25, 2020, Union Cabinet approved the signing of MoU between ICAI and the Vereniging van Register controllers(VRC), the Netherlands for strengthening and development of the Accounting, Financial and Audit Knowledge Base between the Netherlands and India.
About Institute of Chartered Accountants of India (ICAI):
It is a statutory body established under Chartered Accountants Act, 1949. It functions under the Administrative control of the Ministry of Corporate Affairs (MCA).
President – Nihar N. Jambusaria
Headquarters – New Delhi
About Competition Commission of India (CCI):
It is a statutory body that enforces The Competition Act, 2002.
It comes under the control of MCA
Chairperson – Ashok Kumar Gupta
Headquarters – New Delhi
President – Jair Bolsonaro
Capital – Brasilia
Currency – Brazilian Real