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India, Brazil set to sign four key agreements
Tuesday, April
15, 2008
India and Brazil were to sign four agreements on Tuesday
which includes the extradition treaty and an Memorandum of
Understanding in the field of oil and natural gas.
The agreements would be signed in presence of President
Pratibha Patil on the last day of her state visit to Brazil.
Under this agreement the two countries would provide
extradition of any person against whom an arrest order is
issued by a competent court for a crime, which is punishable
in both the countries with an imprisonment for at least one
year or a more severe punishment.
"In case of a financial or revenue related crime, the
extradition may take place even in both the countries to not
have the same penalty for the crime," the agreement read.
The other agreement was aimed about strengthening the
bilateral cooperation and establishing the institutional
cooperative relationship between the two countries on oil and
natural gas development issues.
Besides these two, the two countries would also be signing the
MoU for agriculture and allied sectors and in civil defence
and humanitarian assistance.
The agreements were likely to be signed on Tuesday when the
President would be meeting her Brazilian counterpart Luiz
Inacio Lula De Silva.
Earlier, while addressing the business delegation at the
Federation of Industry of the State of Sao Paulo (FIESP), the
President said both India and Brazil were large and growing
economies with enormous opportunities for further rapid
growth.
"Our natural synergies and economic complementaries can be
exploited to mutual benefit....Over the past few years, our
captains of industry have shown increasing confidence in each
other and I am confident that you will also break new ground
and define new frontiers of collaboration.
The Indian economy has sustained high growth rates for several
years now. "Our macro-economic fundamentals are strong.
Domestic savings and investment rates are high and growing.
Labour as well as capital have become more efficient over the
years. We are thus confident that we will have high growth
rates of over nine per cent in the next two to three decades,"
she said.
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