India-Bhutan MoU on Petroleum Supply Strengthen Bilateral Ties

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New Delhi: In a significant move to strengthen bilateral relations between the two neighbouring nations, the Union Cabinet, led by Prime Minister Narendra Modi on Wednesday approved the signing of a memorandum of understanding (MoU) with the Bhutan government for the supply of petroleum, oil, lubricants (POL) and related products from India to Bhutan.

The government, however, said that the move aims to benefit India and its citizens with improved economic and commercial linkages with Bhutan irrespective of any gender, class or income bias, particularly in the area of hydrocarbon sector.

“”The MoU will promote bilateral trade in the hydrocarbon sector and will ensure a secure and long-term supply of petroleum products to Bhutan. Since, exports play a crucial role in realising Aatmanirbhar Bharat, the MoU will give thrust towards self-reliant India,” the government said in a statement.

Besides, it also approved the signing of MoU between India and Bhutan on extending co-operation in the field of energy efficiency and energy conservation measures. The MoU was signed between the Bureau of Energy Efficiency, Ministry of Power, Government of India and Department of Energy, Ministry of Energy and Natural Resources, Royal Government of Bhutan.

Meanwhile, the cabinet also approved the signing of an agreement between India and Bhutan in the area of food safety to facilitate trade meeting the requirements of the Indian regulator. “The move would promote ease of doing business and will reduce compliance costs for both sides,” the government said

“According to the agreement, Bhutan Food and Drug Authority (BFDA) will issue a health certificate as a proof of compliance with the requirements prescribed by FSSAI, while exporting the products to India,” the government said.

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