29 August 2018: UPSC Exam PIB Summary & Analysis

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MoU between India and Bulgaria

  • Cabinet approves signing of MoU between India and Bulgaria in the field of tourism.

Objectives of the Memorandum of Understanding are:

  1. To expand bilateral cooperation in the tourism sector
  2. To exchange information and data related to tourism
  3. To encourage cooperation between tourism stakeholders including Hotels and Tour operators,
  4. To   establish   exchange   programme   for cooperation   in   Human   Resource Development.
  5. To exchange visits of Tour Operators / Media /Opinion Makers for promotion of two way tourism
  6. To exchange experiences in the areas of promotion, marketing, destination development and management.
  7. Foster bilateral cooperation through film tourism for promoting the two countries as attractive tourism destinations and
  8. To promote safe, honourable and sustainable tourism.

Background:

  • India and Bulgaria had previously signed an Agreement on cooperation in the field of tourism on 26.05.1994. Bulgaria is a potential tourism markets for India (India received approximately 5288 tourists from Bulgaria in 2017).

MoU between India and Republic of Korea

  • Cabinet apprised of the MoU between India and Republic of Korea on the cooperation in the field of railways.

Impact:

  • The MoU will provide a platform for Indian Railways to interact and share the latest developments and knowledge in the railway sector with its Korean counterpart.
  • It will facilitate exchange of technical experts, reports and technical documents, training and seminars/ workshops focusing on specific technology areas and other interactions for knowledge sharing.

Details:

  • Planning and execution of Joint research for the mutual interests;
  • Co-operation in setting up of latest railway R&D facilities in India;
  • Planning and execution of Technical seminar or forum;
  • Short Term Training Programme for RDSO personnel by KRRI;
  • Exchange Programme of Personnel between KRRI & RDSO for limited period, for specific Projects;
  • Consultancy for the development of railway industry of both the countries; and
  • Any other form of cooperative activities agreed upon by the Parties.

 Background:

  • Ministry of Railways have signed MoUs for technical cooperation in the Rail sector with various foreign Governments and National Railways. The identified areas of cooperation include high speed corridors, speed raising of existing routes, development of world class stations, heavy haul operations and modernization of rail infrastructure, etc.

Memorandum of Understanding between India and USA

  • Cabinet approves Memorandum of Understanding between India and USA in insurance regulatory sector.

Impact:

  • The MoU provides a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to each Authority’s overview and other lawful responsibilities.
  • Both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance including training activities. 
  • India and USA have also agreed to continue to facilitate cooperation on international standard-setting activities, financial stability and the development and implementation of consumer protection through sound prudential regulation of the insurance sector.

Background:

  • IRDAI is a body set up under the Insurance Regulatory and Development Authority Act, 1999 to regulate, promote and ensure orderly growth of the insurance and re-insurance business in India. Similarly, in USA, Federal Insurance Office (FIO) is vested with the authority to monitor all aspects of the insurance sector and to represent the USA on prudential aspects of international insurance.
  • India and USA have strong business relations with each other and both the countries have been in regular discussions at various political and official levels.
  • Various institutional mechanisms have also been put in place over time to strengthen bi-lateral cooperation on wide ranging multi-sectoral issues between the two countries.
  • USA is one of the major contributors of foreign direct investment in India and many insurance companies have set up joint venture with USA based insurance companies. With increase in foreign investment cap to 49%, there is further scope for foreign investments in Indian insurance sector particularly from USA based companies. Hence the bilateral MoU between IRDAI and FIO, USA holds lot of potential for the two countries.

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