News:Cabinet approves agreement between India and Mongolia on Cooperation in the Exploration and Uses of Outer Space for Peaceful and Civilian Purposes.
India-Mongolia outer space cooperation agreement:
- The Union Cabinet has approved an agreement between India and Mongolia on cooperation in the exploration and uses of outer space for peaceful and civilian purposes.
- The agreement enables the countries to pursue research in planetary exploration, space system and application of space technology.
- The plan is to set up a Joint Working Group by drawing members from ISRO (Indian Space Research Organisation), DOS (Department of Space). Communications and Information Technology Authority(CITA) of Mongolia.
- The finances for the project are to be approved by the countries in stage-by-stage basis.
- India has established diplomatic relations with Mongolia in December 1955.
- Mongolia along with India and Bhutan co-sponsored famous UN Resolution for the recognition of Bangladesh as an independent country in 1972.
- The first-ever visit by Indian Prime Minister to Mongolia was in 2015 to mark the 60th anniversary of the establishment of diplomatic relations between India and Mongolia.
- During the visit,Indian PM had announced a credit line of US$1 billion for infrastructure sector in Mongolia.This is currently being utilized by Mongolia to build a first oil refinery.
- Mongolia is one of the 29 resource rich developing countries in the world according to the International Monetary Fund.
- In 2018, India exported 51.6 million USD of goods to Mongolia and imported goods with 1 million USD.However,this is very little as compared to that of its neighbours China and Soviet Union.