Cabinet Approvals with Foreign Countries on July 18, 2018

Following are the Cabinet approvals given on July 18, 2018.

Cabinet approves signing of Memorandum of Understanding amongst BRICS Nations on the Regional Aviation Partnership
On July 18, 2018, The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) amongst BRICS Nations on the Regional Aviation Partnership Cooperation.
Objective:
i. Establishment of an institutional framework to cooperate in the field of civil aviation.
ii. The key areas of MoU are:

• Public Policies and best practices in regional services;
• Regional Airports;
• Airport infrastructure management and air navigation services;
• Technical cooperation between regulatory agencies;
• Innovation;
• Environment Sustainability; including deliberation of global initiatives;
• Qualification and Training;
• Other fields as mutually determined

Benefit:
It would spur greater trade, investment, tourism and cultural exchanges amongst the BRICS Nations.

Cabinet approves MoU between India and Cuba on cooperation in the field of Traditional Systems of Medicine and Homeopathy
On July 18, 2018, The Union Cabinet chaired by Prime Minister Shri Narendra Modi hasapproval for the Memorandum of Understanding (MoU) between India and Cuba on cooperation in the field of Traditional Systems of Medicine and Homeopathy.

• This Mou was signed on 22.6.2018.
• It will facilitate better understanding of the Traditional Systems of Medicine in India  on both sides.

Background:

• The Traditional Systems of Medicine in India consists of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy.
• So far the Ministry of Ayush have made MOUs with 10 countries.

Cabinet approves MoU between India and Indonesia on cooperation in the field of pharmaceuticals
On July 18, 2018, The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for the Memorandum of Understanding (MoU) between the Central Drugs Standard Control Organization (CDSCO), India and National Agency for Drug and Food Control (BPOM), Indonesia.

• This Mou is on cooperation in the field of pharmaceutical products, pharmaceutical substances, biological product and cosmetics regulatory functions.
• This MOU was on signed on 29^th May, 2018 in Jakarta.
• It will facilitate India’s export of pharmaceutical products.

Background:
The CDSCO is a Subordinate Office of the Directorate General of Health Services Department of Health and Family Welfare. It is the National Regulatory Authority for drugs, medical devices and cosmetics in India.

Cabinet approves the Mutual Recognition Agreement (MRA) signed in 2010 MRA between the ICAI of India and the Institute of Certified Public Accountants, Ireland
On July 18, 2018, The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the “Mutual Recognition Agreement (MRA)” signed in 2010 and fresh MRA between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants (CPA), Ireland.
Objective:
for promotion of mutual co-operation framework for the advancement of accounting knowledge, professional and intellectual development.
Key Points:

• This would contribute to the development of the accounting profession in Ireland and India.
• The MRA will provide opportunities to members of both the parties to best practices of either country and thus to cater to demand of newer markets.

Cabinet approves MoU between the Institute of Chartered Accountants of India and Bahrain Institute of Banking and Finance, Bahrain
On July 18, 2018, The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved Memorandum of Understanding (MoU) between theInstitute of Chartered Accountants of India (ICAI) and Bahrain Institute of Banking and Finance (BIBF), Bahrain.
Objective:
To work together to strengthen the accounting, financial and audit knowledge base within Bahrain.
Key Points:

• ICAI will provide technical assistance to BIBF related to accounting and finance;
• It will recommend introduction of its CA Course curriculum to BIBF students to write ICAI’s Examination.
• ICAI will provide technical assistance in holding ICAI’s professional examination for qualified BIBF students.

Cabinet approves MoU between the Institute of Chartered Accountants of India and “National Board of Accountants and Auditors, Tanzania
On July 18, 2018, The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and National Board of Accountants and Auditors (NBAA), Tanzania.
Objective:
To establish mutual co-operation framework in the certain areas.
Key Points:

• The areas are of Member Management, Professional Ethics, Technical Research, Continuing Professional Development, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development.
• It will provide an opportunity to the ICAI members to expand their professional horizons and strengthen relations between the ICAI & NBAA, Tanzania.
• It will help in indirect employment generation for Indian CAs amongst Tanzanian employers.

About ICAI:
♦ The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949′, to regulate the profession of Chartered Accountancy in India.
♦ President:  Naveen N.D. Gupta.
♦ Headquarters: New Delhi.
♦ Founded: 1949.