India-Brazil: BIT to be signed; Cabinet approves agreements on legal assistance, Oil

On January 23, 2020, India and Brazil will sign the Bilateral Investment Treaty during the visit of Brazilian President Jair Bolsonaro. The President is visiting India as a Chief Guest of Republic Day celebrations.

Highlights

The President of Brazil is to visit India between January 24, 2020 and January 27, 2020. The countries will sign 20 agreements during his visit. They will upgrade their Strategic Partnership Action Plan. The plan is to serve as the base for the agreements to be signed. The countries are expected to sign agreements in the sectors of technology, cooperation, logistics and sharing.

Cabinet Approval

On January 23, the union cabinet approved agreements between India and Brazil on Mutual Legal Assistance in criminal matters and in the sector of oil and natural gas.

Mutual Legal Assistance

According to the agreement, the countries will aid each other in investigation of crimes. This will help to track, confiscate and restrain instruments of crime and also the funds used to finance terrorism.

It is essential for India to sign such crime record sharing agreements with a greater number of countries to maintain internal security. This helps to track the criminals and prevent extradition. It will also help to hasten investigation processes and help end the cases with right justice.

Oil and Natural Gas

The Cabinet also cleared the agreement signed by India and Brazil on Oil and natural gas. According to the agreement, the countries will work towards establishing cooperation in production and exploration of oil and natural gas.

Brazil

Brazil is the 12th largest oil producer in the world. With raising tensions between US and Iran and increasing oil prices, it is important for India to search for alternative to keep oil prices under control.

Month: Current Affairs - January, 2020