The Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for the memorandum of understanding (MoU) among Brazil, Russia, India, China and South Africa regarding cooperation in the social and labour sphere, an official release said. The Union Cabinet on Wednesday approved a cooperation agreement signed among BRICS nations in the social and labour sector.
"The MoU provides a mechanism for cooperation, collaboration and maximum synergy amongst BRICS member countries with the common objective of inclusive growth and shared prosperity in the new industrial revolution," the release said.
This would facilitate member countries to share knowledge and also implement joint programmes on matter of labour and employment, social security and social dialogue, it said.
"The BIA is likely to increase investment flows between the parties. It will provide appropriate protection to investments on a reciprocal basis between ITA and TECC," it said.
It would help project India as a preferred foreign direct investment (FDI) destination, a release said.