Updated By: LatestGKGS Desk
Union Cabinet nod MOU with new development BRICS BANK for members
Union Cabinet has approved MOU with new Development Bank with BRICS Nations (BRICS BANK), promoting trade in the country
The Union Cabinet has approved a Memorandum of Understanding on General Cooperation with New Development Bank along with other institutions of BRICS Nations.
The aim of signing this agreement is to make trade and economic relations between the BRICS countries and also the BRICS countries will also be benefited from this MOU.
The establishment of NDB aims at providing cooperation and enhance relations between the BRICS countries.
MOU is an agreement to establish mutual understanding between the BRICS nations
The Memorandum of Understanding is an agreement to establish a cooperation among the countries with relation to rules, regulations, skill transfer and knowledge among the signatories.
The signing of MOU aims at facilitating and promoting International Trade of goods and services and also the investments in mutual projects among the countries.
The agreement helps to promote export and import Banks of India and will result in economic growth.
