TNPSC Current Affairs April 2017
India and Republic of Korea sign Inter-Governmental MOU for Defence Industry Co-Operation in Shipbuilding
India and the Republic of Korea has signed an inter-governmental MoU( Memorandum of Understanding) for defence Industry Co-operation in Shipbuilding.
The MoU was signed by Shri Ashok Kumar Gupta, Secretary (defence Production) and Mr.Chang Myoung, Defence Acquistion and programme Administration from Republic of Korea Side.
About the MoU.
- The MoU is to develop and strengthen defence co-operation between both countries.
- Both countries will recommend the organisations for collaborating in the implementation of specific projects.
- The organisations recommended for co-operative projects may conclude separate agreements (contracts) between them to implement the specific projects.
- The MoU will come into effect from the date of signature by both countries and will be initially valid for a period of five years and would be automatically extendable for further successive five year at a time.