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The Union Cabinet on Wednesday approved the signing of a memorandum of understanding (MoU) between the Insurance Regulatory and Development Authority of India (IRDAI) and the Federal Insurance Office, USA.
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. Under the agreement, both the countries intend to share their experiences on various regulatory functions and to provide mutual assistance, including training activities, an official release said.
India and the USA have also agreed to continue to facilitate cooperation in international standard-setting activities, financial stability and development and implementation of consumer protection through sound prudential regulation of the insurance sector, the release added.
Other MoUs
The Union Cabinet was apprised of the MoU signed between India and South Korea on the cooperation in the field of railways. This MoU between Research Designs and Standards Organisation (RDSO), India and Republic of Korea Railroad Research Institute (KRRI) was signed on July 10 to strengthen and promote scientific and technical cooperation in the field of railways.
The Union Cabinet was also apprised of the MoU signed between India and the United Kingdom (UK) and Northern Ireland for cooperation in the fields of animal husbandry, dairying and fisheries. The MoU was signed on April 17 this year. The Cabinet also approved the signing of MoU between India and Bulgaria for strengthening cooperation in the field of tourism.
Air services agreement
The Cabinet has approved the revised air services agreement to be signed between India and Morocco. After the new air services agreement comes into force, the existing air services agreement of December, 2004 shall stand superseded, an official release said.
Trade cooperation framework
The Union Cabinet gave its ex-post facto approval for the trade cooperation framework between India and Rwanda. The trade cooperation framework was signed on July 23 this year. It will facilitate better trade and economic relations between the two countries, the release added.
CCEA decision
The Cabinet Committee on Economic Affairs (CCEA) has given its approval for the umbrella scheme ‘Ocean Services, Technology, Observations, Resources Modelling and Science (O-SMART)’ for implementation during the period from 2017-18 to 2019-20 at an overall cost of Rs 1,623 crore. The scheme encompasses 16 sub-projects addressing ocean development activities such as Services, Technology, Resources, Observations and Science.
Impact
Services rendered under O-SMART will provide economic benefits to a number of user communities in the coastal and ocean sectors, namely, fisheries, offshore industry, coastal states, defence, shipping, ports etc. Currently, five lakh fishermen community are receiving this information daily through mobile which includes allocation of fish potential and local weather conditions in the coastal waters. This will help in reducing the search time for fishermen and savings in fuel cost.
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