India, Chinese firms Ink MOUs which are worth USD 590 million. This deals include sectors like infrastructure, energy, agriculture, information technology, electronics and pharmaceuticals.
MoUs were signed at the China-India (Gujarat) Economic and Trade Cooperation Conference organised by the Government of Guangdong province of China. Other MoUs were signed between Indian and Chinese firms in the field of biotechnology, LED illuminators, furniture trade, engineering, ICT equipment, pharma and infrastructure projects. The conference was attended by top bureaucrats of Gujarat, including Chief Secretary G R Aloria and Additional Chief Secretary (ACS) for Industries Arvind Agarwal.
What is MOU?
A memorandum of understanding (MoU) describes a bilateral or multilateral agreement between two or more parties. It is the first stage in any contract. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement.
The required elements are:
- offer
- acceptance
- consideration
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