The Union cabinet chaired by the Prime Minister (PM) Shri Narendra Modi has approved the following pact with the foreign countries. The approval are as follows:Approval of MoC between India & Japan in Steel Sector
The Union Cabinet has approved the signing of a Memorandum of Cooperation (MOC) between India and Japan regarding the formation of ‘India-Japan Steel Dialogue’ to strengthen cooperation in the steel sector.
Its objective is to build capacity for high quality steel manufacturing in India.
Benefits of Moc:
i.The ‘India-Japan Steel Dialogue’ envisages enhancing mutual understanding to ensure sustainable development in the steel sector.
ii.This dialogue aims to look at all aspects of cooperation in the steel sector including promoting investment in high quality steel production and exploring new opportunities for steel utilization in India.
Approval for MoU between India & Japan coal energy centre for cooperation in power supply
The Union Cabinet gave its nod for signing the MoU (Memorandum of Understanding) between India & Japan Coal Energy Center in the field of power supply. This tie-up will improve the environment with the objective of sustainable, stable and low carbon emission power supply.
The cooperation will also provide a suitable framework to overcome the bottlenecks in the path to accelerate the generation of carbonated thermal power. This will be possible through various studies, training programs and various activities related to knowledge sharing.
Approval for social security agreement between India and Brazil
The Union Cabinet has approved the agreement between India and Brazil for social security.
There are currently around 1,000 Brazilians in India and about 4,700 Indians living in Brazil. All the appointed/unaffiliated and self-employed persons will get benefit from this proposal without any discrimination.
i.Background: India has been signing bilateral Social Security Agreements (SSA) with other countries in view of protecting the interests of Indian professionals / skilled workers working for short periods of time abroad and enhancing the competitiveness capabilities of Indian companies. India has signed SSA with 18 countries.
ii.It is noteworthy that the BRICS (Brazil, Russia, India, China and South Africa) members was discussed at the meetings of the BRICS Labour& Employment Ministers for social security programs. At the conclusion of the negotiations, the two sides finalized the text of the Social Security Agreement.
Approval for MoU between CDSCO & Saudi Food and Drug Authority for cooperation in medical products
The Union Cabinet has given its approval for Memorandum of Understanding (MoU) between Central Drugs Standard Control Organization (CDSCO), the national regulatory body for Indian pharmaceuticals and medical devices & Saudi Food and Drug Authority (SFDA) for Cooperation in the field of medical products regulations.
i.The agreement was signed on October 29, 2019 during the Prime Minister Shri Narendra Modi’s visit to Saudi Arabia. It was signed by TS Tirumurti, Secretary, Economic Relations (ER ), MEA (Ministry of External affairs) in favor of India & HE Dr Hisham Al Jadhey, CEO, SFDA in favor of Saudi Arabia.
ii.The MoU will pave the way to better understand the regulatory aspects between the two nations, help increase the export of medical products by India to Saudi Arabia & also offers better coordination between two sides.
Currency– Japanese yen
Prime Minister– Shinzo Abe
Currency– Brazilian real
President– Jair Bolsonaro
About Saudi Arabia:
Currency– Saudi riyal
King– Salman bin Abdulaziz Al Saud
Ambassador of India to Saudi Arabia- Dr. Ausaf Sayeed.