India’s cabinet has given its nod to the pact inked with Bangladesh on setting up a framework of cooperation in trade remedial measures, an official release said.

The cabinet, chaired by Prime Minister Narendra Modi, gave the post-facto approval to the Memorandum of Understanding (MoU) inked on March 27.

The MoU was signed between India’s Director General of Trade Remedies and the Bangladesh Trade & Tariff Commission in Dhaka, the Press Information Bureau release said.

 The primary objective of the MoU is to promote cooperation between the two countries in the area of Trade Remedies.

It covers the broad activities related to exchange of information, undertaking capacity building activities and activities in accordance with various provisions of World Trade Organisation in the area of anti-dumping, countervailing and safeguard measures in bilateral trade between India and Bangladesh.

The MOU seeks to foster better cooperation between the authorities concerned of both nations so as to discourage unfair trade practices and promote rule based bilateral trading.