The Union Cabinet on Wednesday approved the signing of the Framework of Understanding (FoU) on cooperation in the hydrocarbon sector with Bangladesh.
The objective of the proposed FoU is to establish a cooperative institutional framework mechanism to facilitate and enhance India-Bangladesh bilateral cooperation in the hydrocarbon sector on the basis of equality and mutual benefit, a cabinet release said.
The FoU promotes bilateral cooperation at the sub-regional and regional levels. It will provide impetus to development and enable the two countries to realize their developmental aspirations, shared destiny and common vision of a peaceful and prosperous South Asia.
The proposed FoU is non-binding in nature and will be valid for five years.
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