Cabinet nod for clarity on investment pact with Bangladesh

Finance Minister Arun Jaitley after a Cabinet meeting in New Delhi on Wednesday. - PTI
Finance Minister Arun Jaitley after a Cabinet meeting in New Delhi on Wednesday. – PTI

IRRI centre to be set up in Varanasi

The Union Cabinet on Wednesday approved the Joint Interpretative Notes (JIN) on the Agreement between India and Bangladesh for to bring clarity to the interpretation of the existing Bilateral Trade and Promotion Agreement (BIPA).

The JIN includes interpretative notes to be jointly adopted for many clauses, including, the definition of investor, definition of investment, exclusion of taxation measures, Fair and Equitable Treatment (FET), National Treatment (NT) and Most Favoured Nation (MFN) treatment, expropriation, essential security interests and Settlement of Disputes between an Investor-and a Contracting Party.

With increasing Bilateral Investment Treaty (BIT) disputes, issuance of such statements is likely to have strong persuasive value before tribunals, an official statement said.

In another decision the Cabinet gave its approval for the establishment of the International Rice Research Institute (IRRI), South Asia Regional Center (ISARC) at campus of National Seed Research and Training Center (NSRTC) in Varanasi.

In addition to these, the Cabinet also approved the creation of three posts of Directors for the three new AIIMS in Andhra Pradesh, West Bengal and Maharashtra.

Cyber security pacts

According to an official statement, the Cabinet was apprised of two Memorandum of Understandings (MoUs). The first was between India and Bangladesh on cyber security cooperation.

The other was between India and Palestine on cooperation in the field of information technology and electronics.

The Cabinet also gave an ex-post facto approval for signing a Joint Declaration of Intent (JDI) between India and Germany on cooperation in health.

The Cabinet also enhanced the age of superannuation of Medical Officers of Central Armed Police Forces and Assam Rifles from 60 to 65 years.