Morning Current Affairs: 1 December 2017

Union Cabinet approves MoU between India and Italy for cooperation in Agriculture

The Union Cabinet on 30 November 2017  approved a Memorandum of Understanding (MoU) between India and Italy for cooperation in Agriculture and Phytosanitary issues. This MoU will replace the previous MoU that was signed in January 2008 and will expire in January 2018.

The MoU provides for cooperation in the fields of Phytosanitary issues, agricultural production and a wide range of other sectors including animal husbandry, agricultural research, food processing and other additional fields.

The MoU calls for setting up of a Joint Working Group to promote bilateral exchanges in the field of agriculture and promote cooperation in order to reduce phytosanitary risks in exported goods.

Union Cabinet approves investment cooperation and facilitation treaty between India and Brazil

The Union Cabinet on 30 November 2017 approved the signing and ratification of the Investment Cooperation and Facilitation Treaty (ICFT) between India and Brazil.

The ICFT between India and Brazil will provide appropriate facilitation to Brazilian investors in India and Indian investors in the Brazil. It will result in increase of investment flows between the two countries.

It will help in projecting India as a preferred Foreign Direct Investment (FDI) destination to all Brazilian investors.

Union Cabinet approves transfer of assets from HVOC to Ministry of Housing and Urban Affairs

The Union Cabinet on 30 November 2017 approved the transfer of all land assets owned by Hindustan Vegetable Oils Corporation Ltd (HVOC) to Union Ministry of Housing and Urban Affairs (MoHUA).

With this transfer of land assets, complete liabilities of HVOC including interest will be written off. The land located in seven cities are lying unutilized for many years.

The transfer of the properties to MoHUA will enable use of the land for public purpose. This will facilitate early winding up of HVOC, which is under liquidation.