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India, Brazil to sign Strategic Action Plan
Why is it in news?
- India and Brazil will upgrade their strategic partnership with an “action plan” and sign a Bilateral Investment Treaty (BIT) when Brazilian President Jair Bolsonaro visits as the chief guest of the Republic Day celebrations from January 24 to 27.
More in news
- Social Security Agreement: Brazil and India will also exchange a Social Security Agreement (SSA, to allow investments in each other’s pension funds, to help business processes and encourage the flow of investment.
- Investments and trade between India and Brazil: In 2018, Indian investments in Brazil were around $6 billion and Brazilian investments in India are estimated at $1 billion and bilateral trade stands at about $8 billion.
- What is Bilateral Investment Treaty (BIT)? A bilateral investment treaty (BIT) is an agreement establishing the terms and conditions for private investment by nationals and companies of one state in another state.
Source
The Hindu