MOUs or a memorandum of understanding (MOU) is a nonbinding agreement between two or more parties outlining the terms and details of an understanding, including each parties’ requirements and responsibilities. An MOU is often the first stage in the formation of a formal contract. The year 2015 was particularly important when it comes to the various MOUs. Let us see below the important MOUs – 2015.
Important MOUs of 2015
The following is the important MOUs that were signed in the year 2015.
1. Adani Enterprises and Sun Edison Inc – It vows to establish a joint venture to build a solar photovoltaic manufacturing facility in Mundra, Gujrat. The cost was 4 billion dollars and this will be one of the largest solar photovoltaic manufacturing plants.
2. India and the United States – The MOU is to establish and build smart cities in Vishakapatnam in Andhra Pradesh, Ajmer in Rajasthan and Allahabad in UP.
3. RBI and Brazil’s Central Bank – The MOU agrees on supervisory cooperation and exchange of supervisory information.
5. India and Mauritius – The MOUs focus on the following main topics:
(i) Field of Ocean Economy.
(ii) Programme for cultural cooperation.
(iii) Ministry of Agro-Industry and Food Security of Mauritius for the importation of fresh mangoes from India.
(iv) Improvement in Sea and Air Transportation Facilities at Agalega Island of Mauritius.
(v) Cooperation in the field of Traditional System of Medicine and Homeopathy.
India And Kyrgyzstan
6. India and Kyrgyzstan – Collaboration in the following fields:
(i) Textiles and clothing
(ii) Silk and Sericulture.
7. India and Qatar – Both the countries agreed to boost trade and investment. They also agreed on the following points:
(i) Transfer of prisoners that are in the jails of each country.
(ii) More cooperation in the areas of information and communication technology, atmospheric and ocean sciences and media.
8. National Human rights Commission and National Book Trust – The MOU was signed to agree upon translating various human rights books into different languages. The purpose is to raise awareness.
9. Bharatiya Mahila Bank – LIC and New India Assurance – The MOU agreed that the bank will provide insurance to its accounts holders.
10. India and Bangladesh – Signed MOUs for the operation of traditional haats.
India And China
The following were the main MOUs signed between India and China. They have been listed below:
(i) Adani Ports & SEZ and Guangzhou Port Authority agree to establish sister port relationship.
(ii) China Development Bank and the Industrial, and Commercial Bank of China and Bharti Airtel agree for the credit facility among themselves.
(iii) Infosys also entered with Peoples Gov of Qiannan to build China India Information Service Industry Corridor in Qinnan.
(iv) Adani Group signs an MOU with Golden Concord Holdings, establishing an integrated photovoltaic industrial park in Mundra SEZ.
(v) Welspun Energy with Trina Solar of China to jointly set up a PV industry park.
(vi) Jindal Steel and Power and ICBC on the development of potential projects.
(vii) China National Technical Import and Export Corporation for an integrated steel project in Gujarat.
(viii) MOU between the Industrial and Commercial Bank of China (ICBC) and IL & FS.
(ix) Xuan Zang, the movie will be co-produced.
(x) Two agreements by the Confederation of Indian Industry and one agreement each by the Essel Group, Sun Group, Axis Energy Ventures, Gov of Gujarat’s mines Dept, Autolite, Wipro, GMR, NIIT and Aarvee Associates.
(xi) geological Survey of India, the ministry of mines of India and the China Geological Survey, Ministry of Land and resources of China in geoscience.
(xii) Establishment of consulates – general at Chengdu and Chennai.
(xiii) Ministry of external affairs of India and international department of the central committee of the Communist Party of China.
(xiv) Ministry of mines of India and the ministry of land and resources of China.
MOUs Between India and South Korea
(i) On avoidance of Double Taxation and the Prevention of Fiscal Evasion.
(ii) Co-operation between the National Security Councils of both countries.
(iii) Co-operation in areas of Renewable energy, smart grids and power information and technology, Transmission and distribution of electric power, Energy efficiency and Storage system.
(iv) Co-operation in maritime transport and logistics.
(v) Co-operation in Road policies, design and construction, Road operation, Road management and safety, Intelligent transport systems and Electronic toll collection systems.
(vi) Bilateral Agreement on cooperation in Audio-Visual Co-Production.
(vii) Encourage cooperation on youth matters. This includes Participation in events and activities through exchanges, international conferences, seminars, youth camps, festivals etc.
Q 1: India and South Korea have agreed upon which of the following:
A) Co-operation in Road policies, design and construction, Road operation, Road management and safety, Intelligent transport systems and Electronic toll collection systems.
B) Establishment of consulates – general at Chengdu and Chennai.
C) Jindal Steel and Power and ICBC on the development of potential projects.
D) Adani Group signs an MOU with Golden Concord Holdings, establishing an integrated photovoltaic industrial park in Mundra SEZ.
Ans: A) Co-operation in Road policies, design and construction, Road operation, Road management and safety, Intelligent transport systems and Electronic toll collection systems.