Citizens' Issues
EU, India agree to strengthen strategic partnership
Brussels : India and the 28-member European Union ended their 13th summit in Brussels Wednesday night by underlining their commitment to strengthen their strategic and economic partnership.
 
"As global partners and the world's largest democracies, the leaders reaffirmed their commitment to strengthen the EU-India Strategic Partnership based on shared values and principles," the leaders declared in a joint statement.
 
The leaders endorsed the "EU-India Agenda for Action-2020" setting out a concrete road-map for the EU-India Strategic Partnership for the next five years.
 
The Agenda seeks to strengthen foreign policy cooperation, in areas of mutual interest such as Asia, Africa, the Middle East/West Asia, Europe, and other relevant areas including through regular dialogue.
 
They confirmed their "strong interest in building global peace, security and prosperity, fostering non-proliferation and disarmament, and tackling global challenges such as terrorism and climate change in addition to other challenges such as migration and refugee crisis".
 
They expressed their commitment to further strengthen the EU-India economic partnership.
 
A The leaders welcomed that both sides have re-engaged in discussions with a view to considering how to further the EU-India Broad-based Trade and Investment Agreement (BTIA) negotiations.
 
The EU was represented at the summit Aby Donald Tusk, President of the European Council, and Jean-Claude Juncker, President of the European Commission. The Republic of India was represented by Prime Minister Narendra Modi.
 
The leaders welcomed the European Investment Bank's (EIB) commitment to supporting long-term investment in infrastructure crucial for environmentally sustainable social and economic development in India.
 
They welcomed a total loan of 450 million euro as a participation in the construction of the first metro line in the city of Lucknow, with the signature by the EIB and the Government of India of a first tranche of 200 million euro.
 
The leaders welcomed the announcement by the EIB of the upcoming establishment, in New Delhi, of the Bank's regional representation for South Asia.
 
Emphasising that the threat of terrorism is global and needs to be tackled globally, the leaders adopted a Joint Declaration on Counter-terrorism.
 
The EU and India renewed the 2010 'Joint Declaration on International Terrorism' and decided to step up cooperation to counter violent extremism and radicalisation, the flow of foreign terrorist fighters, sources of terrorist financing and arms supply
 
The EU and India expressed their confidence in the arbitration procedure on the Italian Marines case currently underway in the framework of the United Nations Convention on the Law of the Sea (UNCLOS), to which India and Italy are strongly committed. Both sides will contribute to settling the case on this basis, enabling the cause of justice to be served for all those affected .
 
The leaders reiterated their commitment for a sustainable, democratic, prosperous and peaceful Afghanistan Aand agreed that a stable and democratic Pakistan is in the interest of the entire region.
 
The EU and India decided to step up their cooperation to fight climate change and adopted the aJoint Declarationbetween the EU and India on a Clean Energy and Climate Partnership'
 
The EU and India agreed to address environmental challenges and work together towards sustainable development enhancing cooperation on environment issues.
 
The Joint Declaration by the European Union and the Republic of India on Indo-European Water Partnership' adopted at the Summit foresees strengthening technological, scientific and management capabilities in the field of water management and supports the Indian 'Clean Ganga' and 'Clean India' flagship projects.
 
The leaders also endorsed the establishment of the Common Agenda on Migration and Mobility (CAMM) between the EU and India, reflecting the importance of India as a strategic partner for the EU in the field of migration and mobility.
 
The CAMM, as a framework for cooperation, is the start of a longer term process which will lead to deeper cooperation and solid mutual engagement on migration.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Reserve bank revises ECB framework
Kolkata : Considering the critical need for long-term funding of infrastructure sector in the country, the Reserve Bank of India (RBI) has revised the overseas borrowings or external commercial borrowings (ECBs) framework to allow infrastructure firms to borrow for up to five years.
 
"Companies in the infrastructure sector, non-banking financial companies -infrastructure finance companies, NBFCs-asset finance companies, holding companies and core investment companies (CICs) will also be eligible to raise ECBs under Track I of the framework with a minimum average maturity period of five years, subject to 100 percent hedging," the RBI said in a statement on Wednesday.
 
Under the revised framework, exploration, mining and refinery activities would also be treated as infrastructure for ECB purposes.
 
Holding companies and CICs are allowed to use ECB proceeds only for on-lending to infrastructure special purpose vehicles. 
 
The minimum average maturity of foreign currency convertible bonds/foreign currency exchangeable bonds is five years, irrespective of the amount of borrowing. 
 
The RBI said the ECB framework is not applicable in respect of the investments in non-convertible debentures in India by registered foreign portfolio investors.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Trade unions give nationwide strike call on September 2
Chennai : The majority of central trade unions have called for a one-day nationwide strike on September 2 in protest against the central government's decision to amend labour laws, the leader of a union said.
 
"The central trade unions have called for a nationwide strike on September 2 this year against the central government's decision to amend the labour laws," M. Shanmugam, general secretary of the Labour Progressive Federation (LPF), told IANS.
 
He said the decision to go on strike was announced at the national convention.
 
According to Shanmugam, as a run-up to the September 2 strike, unions will hold joint conventions across the country.
 
He said the Bharatiya Mazdoor Sangh (BMS) did not attend the trade unions meeting held in New Delhi on Wednesday.
 
The unions are opposed to the central government's decision to amend the labour and other laws giving a free hand to the employers.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)