Cabinet Approvals with Foreign Countries on 24th October, 2018

On October 24, 2018, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the following MOUs with foreign countries:

Cabinet Approvals with Foreign Countries on 24th October, 2018Cabinet approved signing and ratification of Extradition Treaty between India and Malawi
On October 24, 2018, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the signing and ratification of the Extradition Treaty between India and Malawi.

  • It would provide a legal framework for seeking extradition of terrorists, economic offenders and other criminals from and to Malawi.

Malawi:
♦ Capital: Lilongwe.
♦ Currency: Malawian kwacha.

Cabinet approved MoU amongst BRICS nations regarding cooperation in the social and labour sphere
On October 24, 2018, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the Memorandum of Understanding (MoU) among Brazil, Russian Federation, India, China, South Africa, regarding Cooperation in the Social and Labour Sphere.

  • The MoU was signed on 3rd August, 2018 during BRICS Labour and Employment Ministers (LEM) Meeting.
  • It enables India to cooperate and hold mutual events in the prominent areas viz. labour legislation and enforcement, protection of workers’ rights.
  • Special focus will be given to vulnerable groups, Employment and labour market policies, Professional education, skills and training and Social protection.

Background:
The member countries may utilize the BRICS Network of Labour Research Institutes and BRICS Social Security Cooperation Framework for cooperation on Social Security and other labour issues.
BRICS:
♦ Founded: June 2006.
♦ Nations: Brazil, Russia, India, China, South Africa.

Cabinet approved Memorandum of Understanding between India and Singapore on setting up of a joint working group on FinTech
On October 24, 2018, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the constitution of a Joint Working Group (JWG) on FinTech.
i. The Memorandum of Understanding (MoU) was signed between India and Singapore in June, 2018.
ii.It has been constituted for cooperation in the area of FinTech between the two countries.
iii. The joint working group will focus on:

  • Exchange of best practices,
  • Promote co-operation: Promote development of FinTech solutions for business/financial sectors,
  • Develop international standards: creation of an international version of Application Programming Interfaces (APIs), Enable cross-border authentication and e-KYC, cooperation between Unified Payment Interface (DPI) and Fast And Secure Transfer (FAST) etc.

iv. These would help in the fields of:

  • Development of Application Programming Interfaces (APls),
  • Regulatory Sandbox,
  • Security in payment and digital cash flow,
  • integration of RuPay-Network for Electronic Transfers (NETS),
  • UPI-FAST payment link,
  • AADHAR Stack and
  • e-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sector and sand box models.

Singapore:
♦ Capital: Singapore.
♦ Currency: Singapore dollar.

Cabinet approved MoU between the Institute of Chartered Accountants of India and Certified Professional Accountants Afghanistan (CPA Afghanistan)
On October 24, 2018, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan).  
i. This MOU was signed for:

  • Capacity Building of “Afghanistan Accountancy Board (AAB)”,
  • Strengthening the IT Capacity and Quality Assurance in Afghanistan through facilitating Knowledge Transfer;
  • Students and Members Exchange Programs;
  • Conduct of Seminars, Conferences and Joint Activities mutually beneficial to both the parties.

Afghanistan:
♦ Capital: Kabul.
♦ Currency: Afghan afghani.
ICAI:
♦ Full form: The Institute of Chartered Accountants of India (ICAI).
♦ Headquarters: New Delhi.

Cabinet approved Memorandum of Understanding among BRICS Nations on Environmental Cooperation
On October 24, 2018, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi approved Memorandum of Understanding (MoU) signed among the BRICS Nations on Environmental Cooperation.
i. The MoU was signed during the 10th BRICS Summit in July, 2018 in Johannesburg, South Africa.
ii. The MoU identifies the following stress of cooperation:

  • Air quality;
  • Water;
  • Biodiversity;
  • Climate Change;
  • Waste Management;
  • Implementation of the 2030 Agenda for Sustainable Development and Sustainable Development Goals; and
  • Other areas of cooperation as mutually agreed upon by the Participants

Cabinet approved signing of Bilateral Investment Agreement between India Taipei Association in Taipei and the Taipei Economic and Cultural Center in India
On October 24, 2018, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the signing of Bilateral Investment Agreement (BIA) between India Taipei Association (ITA) in Taipei and Taipei Economic and Cultural Center (TECC) in India.

  • It will provide appropriate protection to investments on a reciprocal basis between ITA and TECC.
  • It will also help project India as a preferred foreign direct investment (FDI) destination.

Taiwan:
♦ Capital: Taipei.
♦ Currency: New Taiwan dollar.