The Union Cabinet, presided by Prime Minister Narendra Modi, on 12 April 2017 approved signing of Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh.
The proposed Framework of Understanding aims to establish a cooperative institutional framework mechanism to facilitate and enhance India-Bangladesh bilateral cooperation in the hydrocarbon sector on the basis of equality and mutual benefit.
Key highlights of the Framework of Understanding
• The Framework of Understanding promotes bilateral cooperation at the sub-regional and regional levels.
• It will provide impetus to development and enable the two nations to realize their developmental aspirations.
• It will also speed up the two countries’ shared destiny and common vision of a peaceful and prosperous South Asia.
• The framework is non-binding in nature.
• It will be valid for five years.
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