India’s Latest Signed Agreements Cum MoUs

           India has signed a few agreements with its neighboring countries in recent days. Here is a short brief about it:

India and Myanmar signed 12 agreements 

              Recently 12 agreements were signed by India and Myanmar, which is a clear signings of developing bonding between the said countries. The agreements included various services like a $500 million credit line, border area development and air services. The agreements were signed after the honorable Prime Minister Dr. Manmohan Singh held wide-ranging discussions with the President of Myanmar Thein Sein at Myanmar’s new capital.

              A Memorandum of Understanding (MoU) was signed on a $500 million credit line between Export-Import Bank of India and Myanmar Foreign Trade Bank. It was a great move, as it will eventually benefit both the countries quite heavily.

              As mentioned above, both countries also signed agreements on India-Myanmar border area development and an air services pact. There were also MoUs for setting up the Myanmar Institute of Information Technology and the Advance Centre for Agriculture Research and Education, Yezin Agriculture University.

               A rice bio park, establishing border haats and also setting up a joint trade venture and investment forum were covered as well. There will also be an important cultural exchange programme for 2012-15.

               India and Myanmar entered into a deal of cooperation between the Institute of Defence Studies and Analysis (IDSA) and the Myanmar Institute of Strategic and International Studies (MISIS). Besides these, there were also agreements, between the Indian Council of World Affairs (ICWA) and the Myanmar Institute of Strategic and International Studies (MISIS).

India and Bahrain signed Agreement for Exchange of Information with Respect to Tax

                Recently India signed an Agreement with the Government of Bahrain for exchange of information with respect to taxes (TIEA). The said agreement was signed by Mr. Namo Narain Meena, who was the Minister of State for Finance (Expenditure and Financial Affairs), on behalf of the Government of India and H.E. Kamal Ahmad, Minister for Transportation and Acting CEO of the Economic Development of Bahrain on behalf of the Government of United Kingdom of Bahrain.

                 The agreement is mainly focused on international standards of transparency and exchange of information. It also incorporates the provisions for effective exchange of information including the all important banking information between the tax authorities of the mentioned two countries. It has also been provided that the Exchange of Information shall be on request and without regard to the domestic interest. Eventually the agreement will surely enhance mutual cooperation between the two countries by having effective exchange of information in tax matters.

India and Turkey signed Agreements for Enhancing Cooperation in the Field of Sports and Youth Activities

                   India and Turkey signed an important agreement via a Memorandum of Understanding (MoU) for further developing relations in the field of sports and youth activities in order to promote and also strengthen the existing friendly relations and cooperation in the field of Sports.

                   The MoU was signed by Minister of State (Independent Charge) for Youth Affairs & Sports, Mr. Ajay Maken, on behalf of the Government of India and by Suat Kilic, Turkish Minister for Youth & Sports, on behalf of the Government of the Republic of Turkey in Ankara, which is also in Turkey.

                   This MoU will pave the way for further enhancing traditional ties between the said two countries especially among youth populations. So it will eventually help both the countries significantly, as youth development issue is one of the major issues to the country’s growth.

India and Canada signed Agreement on Infrastructure Development, Operation & Maintenance of Roads

                       India and Canada signed an agreement via a Memorandum of Understanding (MoU) on infrastructure development, operation & maintenance of roads. It was signed during the visit of Dr. C.P. Joshi, the Union Minister Road Transport & Highways to Canada on the invitation from Denis Label, Minister of Transport, Infrastructure & Communication, government of Canada from 10-13 June, 2012. The said MoU will facilitate sharing and exchange of knowledge and technical expertise in the areas of Infrastructure Development, operation and maintenance of roads, Intelligent Transport System etc.

                      India has already shifted its focus towards the Private-Public-Partnership (PPP) Mode for undertaking various development projects and up-gradation of many national highways network across the country as also development of express-ways which are soon going to be access-controlled with all latest construction technology, Information Technology, including Electronic Toll Collection System.

                     It is expected that surely there would be an dramatic increase in involvement and participation from the Canadian Industry in India’s ambitious National Highways and Expressways Development Project. 

                     So the MoU will eventually help both the countries especially India significantly, to develop its transport system in a proper way.

India and Finland signed Agreement on Social Security

                    Recently India and the Republic of Finland signed a crucial agreement on social security, which will indeed quite a brilliant step for sure, considering the present global situation.

                   The above mentioned agreement was signed by Atul Kumar Tiwary, Joint Secretary, Ministry of Overseas Indian Affairs on behalf of the Government of India and by Terhi Hakala, Ambassador of Finland to India on behalf of the Government of the Republic of Finland.

                    This agreement will eventually enhance the mutual cooperation on social security between the two countries. It was signed for a short term contract up to 5 years. It was also mentioned that no social security contribution would need to be paid under the Finnish law by the detached workers provided they continue to make social security payment in India. The self-employed Indians in Republic of Finland would also be entitled to export of social security benefit on their relocation to India. There are approximately about 5,000 Indians in the Republic of Finland; most of them are working as professionals and self-employed.