Cabinet approves FoU between India, Bangladesh on Cooperation in hydrocarbon sector

NEW DELHI (INDIA): The Union Cabinet chaired by the Prime Minister of India Narendra Modi has approved signing of Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh.nnThe objective of the proposed FoU is 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.nnThe FoU promotes bilateral cooperation at the sub-regional and regional levels. It will provide impetus to development and enable the two countries to realize their developmental aspirations, shared destiny and common vision of a peaceful and prosperous South Asia.nnThe proposed FoU is non-binding in nature and will be valid for five years.