Indian Economy News

Cabinet approves signing of MoU between India and Chile for cooperation in the field of Agriculture and Allied Sectors

The Memorandum of Understanding (MoU) between the governments of the Republic of India and the Republic of Chile for cooperation in the field of agriculture and allied sectors has been approved by the Union Cabinet and presided over by Prime Minister Mr. Narendra Modi.

The MoU calls for collaboration in the agricultural industry and related fields. The primary areas of cooperation that are envisioned are agricultural policies to advance modern agriculture, organic agriculture to facilitate cross-border trade in organic goods and to encourage policy exchanges to advance organic production in both nations, science and innovation to investigate joint ventures to advance agricultural innovation between Indian and Chilean institutes and to work together to address shared challenges.

A Chile-India Agricultural Working Group will be established in accordance with the Memorandum of Understanding. This group will be in charge of overseeing, reviewing, and evaluating the execution of the Memorandum of Understanding as well as setting up regular contact and coordination.

Once a year, the locations of the Agricultural Working Group meetings will alternate between Chile and India. The MoU will become effective as soon as it is signed and will last for five years from the date of execution before being automatically renewed for an additional five years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.