The Union Cabinet on October 13, 2016 gave its approval for signing of a Memorandum of Understanding (MoU) on general cooperation with New Development Bank (NDB) through the BRICS Interbank Cooperation Mechanism. " The proposal will enhance trade and economic relations among the BRICS countries. There is no financial implication involved with signing of the MoU. The participating institutions from the BRICS nations will be benefitted by this MoU.
The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories.
Five banks from the BRIC nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations amongst the BRIC countries, and enterprises. The BRICS Interbank Co-operation Mechanism now proposes to sign a Memorandum of Understanding (MOU) on General Co-operation with the New Development Bank.
The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories.
Five banks from the BRIC nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations amongst the BRIC countries, and enterprises. The BRICS Interbank Co-operation Mechanism now proposes to sign a Memorandum of Understanding (MOU) on General Co-operation with the New Development Bank.
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