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Cabinet approves BRICS MoU for joint cooperation in social, labour sphere

The MoU was signed on August 3, 2018, during BRICS Labour and Employment Ministers (LEM) meeting held under the South African Presidency in Durban, South Africa

Press Trust of India  |  New Delhi 

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Photo: AP/PTI


The Cabinet chaired by Prime Minister has given its ex-post facto approval for the memorandum of understanding (MoU) among Brazil, Russia, India, and regarding cooperation in the social and labour sphere, an official release said. The on Wednesday approved a cooperation agreement signed among nations in the social and labour sector.

The MoU was signed on August 3, 2018, during Labour and Employment Ministers (LEM) meeting held under the South African Presidency in Durban,

"The MoU provides a mechanism for cooperation, collaboration and maximum synergy amongst 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 Cabinet also approved signing of Bilateral Investment Agreement (BIA) between Association (ITA) in and Economic and Cultural Center (TECC) in

"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 as a preferred foreign direct investment (FDI) destination, a release said.

First Published: Wed, October 24 2018. 16:00 IST
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