Cabinet approves MoU between Exim Bank on General Cooperation with NDB
The proposal will enhance trade and economic relations among the BRICS countries.
There is no financial implication involved with signing of the 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.
Establishment of the NDB, a release said, 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.
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.
Image: BRICS Twitter
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