Economy

Cabinet approves stand that India will take at COP25

Our Bureau New Delhi | Updated on November 27, 2019 Published on November 27, 2019
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The Cabinet has approved India’s negotiating stand at the upcoming 25th Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). The meeting is scheduled to be held in Madrid, Spain (under the Presidency of Chile) from December 2 to 13.

India's approach will be guided by principles and provisions of UNFCCC and Paris Agreement particularly the principles of Equity and Common But Differentiated Responsibilities and Respective Capability (CBDR-RC), an official statement said.

“India has emphasised that developed countries should take a lead in undertaking ambitious actions and fulfil their climate finance commitments of mobilising $100 billion per annum by 2020 and progressively and substantially scale up their financial support to inform parties for future action through Nationally Determined Contributions (NDCs). India will further stress upon the need for fulfilling pre-2020 commitments by developed countries and that pre-2020 implementation gaps should not present an additional burden to developing countries in the post-2020 period,” the statement said.

In another decision, the Cabinet approved Post Facto the Agreement signed by Prime Minister Narendra Modi, on October 29 for establishment of Strategic Partnership Council between India and Saudi Arabia.

“The Agreement will enable the leadership at the highest level in both countries to meet regularly and monitor progress in the ongoing initiatives/projects under the strategic partnership. It will help identify new areas for forging strategic engagement and will define the goals to be achieved and benefits to be derived,” another official statement said.

A Memorandum of Understanding between India and Saudi Arabia in the field of combating illicit trafficking and smuggling of Narcotic Drugs, Psychotropic Substances and Chemical Precursors also got the Cabinet nod.

In addition to these, the signing of the Double Taxation Avoidance Agreement (DTAA) and Protocol between the Republic of India and the Republic of Chile for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income has got Cabinet nod on Wednesday.

“The DTAA will facilitate elimination of double taxation. Clear allocation of taxing rights between Contracting States through the Agreement will provide tax certainty to investors and businesses of both countries while augmenting the flow of investment through fixing of tax rates in source State on interest, royalties and fees for technical services,” an official statement said.

The Cabinet has also approved the allotment of 1,800 square meters of Airports Authority of India’s (AAI) land to Andhra Pradesh Education and Welfare Infrastructure Development Corporation (APEWIDC) for a period of 15 years at a nominal license fee of ₹ 1 per annum, for the construction of Ceremonial Lounge at Tirupati Airport.

A MoU, signed between India and Myanmar, on bilateral cooperation for Prevention of Trafficking in Persons, got the Cabinet nod.

In a decision taken by the Cabinet Committee on Economic Affairs, the Sikkim Mining Corporation was granted waiver on the repayment of loan of ₹54 lakh and interest thereon, amounting to ₹370.40 lakh, totalling ₹424.40 lakh plus the amount of interest that will accrue on the total amount, from April 1, 2019.

Published on November 27, 2019
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