India and Cyprus sign 2 MoUs

India and Cyprus have signed two agreements on combating money laundering and cooperation in the field of environment. These agreements were signed after wide-ranging talks between President Ram Nath Kovind and his Cypriot counterpart Nicos Anastasiades in Nicosia (capital of Cyprus).  President Kovind visited Cyprus on the first leg of his three-nation visit to Europe including Bulgaria and Czech Republic to continue India’s high-level engagements with European countries.

Key Facts

The MoU on combating money laundering was signed between Financial Intelligence Unit, India, and Unit for Combating Money Laundering of Cyprus. This agreement will further strengthen institutional framework to facilitate investment cross-flows.

India-Cyprus ties

Cyprus is the eighth largest foreign investor in India with a cumulative foreign direct investment of about $9 billion in areas such as financial leasing, stock exchange, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and logistics. The Double Taxation Avoidance Agreement (DTAA) between both the countries was revised in 2016.
Diplomatic ties between India and Cyprus were established in 1962. Cyprus got the support of India during its struggle for independence from British colonial rule. Bilateral trade between both the countries stood at EUR 76.5 million in 2015. The major commodities exported by India to Cyprus are organic chemicals, vehicles & accessories and iron & steel. India’s main imports are aluminium and its products, wood pulp, machinery, boilers, engines, and plastic.

Month: Current Affairs - September, 2018