On 23rd January 2019, the Union Cabinet chaired by Prime Minister Shri Narendra Modi cleared the agreement with foreign countries. The details of the agreement are as follows:
Cabinet approves MoC between India and Japan in the field of Food Processing Industry
On 23rd January 2019, the Prime Minister Shri Narendra Modi led Union Cabinet approved the Memorandum of Cooperation (MoC) between India and Japan in the field of food processing sector which would help in getting better market access.
- The MoC is expected to be mutually beneficial in the field of food processing between India and Japan by introducing innovative techniques and processes.
- The aim of the agreement is to achieve equity and inclusiveness by promoting understanding of best practices in food processing in the two countries and help in improving the food processing sector as well as improving market access.
Cabinet approves Memorandum of Understanding between India and Kuwait for cooperation on the Recruitment of Domestic Workers
On 23rd January 2019, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the signing Memorandum of Understanding (MoU) between India and Kuwait for cooperation on the Recruitment of Domestic Workers.
- The MOU will help the Indian domestic workers including female workers deployed in Kuwait by providing a structured framework for cooperation on domestic workers related matters besides providing strengthened safeguards to them.
- The validity of MOU is five years and it incorporates provision for automatic renewal.
- The MoU which will be implemented through a Joint Committee will benefit around 3,00,000 Indian domestic workers including around 90,000 female deployed in Kuwait.
♦ Capital: Kuwait City
♦ Currency: Kuwati Dinar
Cabinet approves Amendment to the ‘Framework on Currency Swap Arrangement for SAARC Member Countries’ to incorporate ‘Standby Swap’ amounting to USD 400 million operated within the overall size of the facility
On 23rd January 2019, the Prime Minister Shri Narendra Modi led Union Cabinet approved amendments to the framework on currency swap arrangement for SAARC member countries by incorporating a stand-by facility of USD 400 million.
- The ‘Framework on Currency Swap Arrangement for SAARC Member Countries’ is operated within the overall size of the Facility of USD 2 billion and is built in flexibility with respect to modalities of its operation, such as period of swap, roll over, etc.
- The new amendments would help India to fulfil current request from SAARC member countries for availing the swap amount exceeding the present limit prescribed under the SAARC Swap Framework.
- The facility will help the short term swap requirements of SAARC countries which could be higher than the agreed lines and aroused due to heightened financial risk and volatility in global economy.
- The operational details of the facility will be negotiated by the Reserve Bank of India with the central banks of the SAARC countries availing the Standby Swap.
- The Framework on Currency Swap Arrangement for SAARC Member Countries on was approved by the central government on March 1, 2012 with the intention to provide a line of funding for short term foreign exchange requirements or to meet balance of payments crises.
About South Asian Association for Regional Cooperation (SAARC):
♦ Headquarters: Kathmandu, Nepal
♦ Member States: Afghanistan, Bangladesh, Bhutan, India, Nepal, Maldives, Pakistan and Sri Lanka.
♦ Secretary General: Amjad Hussain B Sial (Pakistani diplomat)
♦ Founded: 8 December 1985, Dhaka, Bangladesh