The Union Cabinet has approved signing of Framework of Understanding (FoU) on Cooperation in the Hydrocarbon Sector with Bangladesh.
The 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.
The 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.
The proposed FoU is non-binding in nature and will be valid for five years.