Current Affairs – May 2012 Bilateral Affairs
- Prime Minister Manmohan Singh returned 29 may after a three-day visit to Myanmar during which the two countries agreed to expand trade, improve connectivity and bring peace in border areas and emphasised on closer ties to boost energy security. The two countries inked a dozen agreements, including a $500 million credit line, on areas like border area development and air services. Manmohan Singh, who held wide-ranging talks with President Thein Sein, also met Myanmar’s iconic leader Aung San Suu Kyi, who said she was “very happy at the prospect of closer ties with India”.
- India and Bahrain, on 31 May 2012 made a Tax Information Exchange Agreement to promote economic cooperation and joint investment between the two countries. The agreement is aimed at increasing bilateral trade that stands at 1.7 billion dollar. The agreement with its provision for effective exchange of information between the two countries will help in reducing tax evasion and tax avoidance.The agreement was signed by Indian Minister of State for Finance Namo Narain Meena and Bahrain’s Minister of Transportation and Acting Chief Executive of Economic Development Board Kamal Ahmed in New Delhi. The two countries also inked a Memorandum of Understanding (MoU) to make the ties on technological front more effective. Under the newly signed MoU India will provide technical assistance to Bahrain and help it to develop its own IT sector in Bahrain.