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India and Cyprus sign 2 MoUs

Published on September 05, 2018
India and Cyprus have signed two agreements on combating money laundering and cooperation in the field of environment.
India and Cyprus sign 2 MoUs
  • These agreements were signed after wide-ranging talks between President Ram Nath Kovind and his Cypriot counterpart Nicos Anastasiades in Nicosia (capital of Cyprus).
  • President Kovind visited Cyprus on the first leg of his three-nation visit to Europe including Bulgaria and Czech Republic to continue India's high-level engagements with European countries.

Further Details:

  • The MoU on combating money laundering was signed between Financial Intelligence Unit, India, and Unit for Combating Money Laundering of Cyprus.
  • This agreement will further strengthen the institutional framework to facilitate investment cross-flows.

About India-Cyprus ties:

  • Cyprus is the eighth largest foreign investor in India with a cumulative foreign direct investment of about $9 billion in areas such as financial leasing, stock exchange, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and logistics.
  • The Double Taxation Avoidance Agreement (DTAA) between both the countries was revised in 2016.
  • Diplomatic ties between India and Cyprus were established in 1962.
  • Cyprus got the support of India during its struggle for independence from British colonial rule.
  • Bilateral trade between both the countries stood at EUR 76.5 million in 2015.
  • The major commodities exported by India to Cyprus are organic chemicals, vehicles & accessories and iron & steel.
  • India's main imports are aluminium and its products, wood pulp, machinery, boilers, engines, and plastic.

Question:

Q. India and which country have signed two agreements on combating money laundering and cooperation in the field of environment?
a. Seychelles
b. Cyprus
c. Bulgaria
d. None of the above
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