India and World Current Affairs December 2016
MoU Signed between India and Palestine
- India and Palestine signed a Memorandum of Understandings (MoU) on October 31, 2016 for setting-up a Palestine-India Techno Park in Ramallah,
- Palestine. It was announced during the visit of President Pranab Mukheijee to Palestine in October, 2015.
- The Techno Park will help job creation, business and other opportunities for young Palestinians.
- India has granted $ 12 million for setting-up the park with payment of $ 3 million each on half-yearly basis for two years.
New Agreement on Trade, Commerce and Transit with Bhutan
- The Union Cabinet has approved a new agreement on Trade, Commerce and Transit between India and Bhutan on October 28,2016. The agreement provides for a free trade regime between two countries.
- It also provides duty free transit of Bhutanese merchandise for trade with 3rd countries. As per the agreement, bilateral trade between both neighbouring countries will continue to be transacted in Indian rupees and Bhutanese ngultrums.
- The agreement on Trade, Commerce and Transit between India and Bhutan was renewed on in July, 2006 for 10 years. The validity of . this agreement was extended, with effect from July, 2016, for 1 year or till the new agreement comes into force.
- The bilateral trade between both countries had grown by 55% year-on-year in Financial Year 2016 to $ 750 million. During this period, India’s exports have increased 40.4% to $ 469 million, while imports from Bhutan rose 87% ^o $ 281 million.
India and Russia hold Discussions on Deepening Military Cooperation
- India and Russia will hold detailed discussions on deepening military cooperation in New Delhi on October 27, 2016.
- Joint production of fifth generation fighter aircraft, upgradation of Su-30 MKI planes and finning up the contract for the Trlumf air defence system would come up during the talks.
- It was during a meeting of the commission in Moscow last year that both sides had firmed up plans to acquire the air defence system and other deals which were recently signed on the sidelines \ of the BRICS meet in Goa.
Check Also – SSC Question Papers.
India & New Zealand Signed Three Agreements
- India and New Zealand signed three agreements in the areas of double taxation avoidance, food security and sports on October 26, 2016.
- The agreements were inked in New Delhi in presence of New Zealand Prime Minister John Key and Prime Minister Narendra Modi.
- John Key was on a three-day (October 25 to 27, 2016) visit , to India.
- List of agreements inked were
- Arrangement Regarding Food Safety Cooperation It was inked between the Food Safety and Standards Authority of India and the Ministry for Primary Industries of New Zealand.
- Moll for Cooperation in the Field of Youth Affairs and Sports It was inked between Union Ministry of Youth Affairs and Sports and Sport New Zealand of the government of New Zealand.
- Third Protocol to the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income It was inked between the Union government and the government of New Zealand.