Cabinet approves MoU between Export-Import Bank of India (Exim Bank) on General Cooperation with the New Development Bank (NDB), along with other Development Financial Institutions of BRICS nations

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The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) on General Cooperation with New Development Bank (NDB) through the BRICS Interbank Cooperation Mechanism by Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India.

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, Further, establishment of the NDB reflects the close relations among the BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role. Therefore, keeping in view the strategic relevance of cooperation for sustainable development and inclusive economic growth, the signing of MoU is necessary in the context of cooperation extended by the Members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries.

Background:

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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Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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