Cabinet has approved the proposed Memorandum of Understanding between Export-Import Bank of India and Export-Import Bank of Korea for export credit of 9 billion dollars. <br/><br/>The MoU is proposed to be signed between the two banks during Finance Minister Arun Jaitley's upcoming visit to Seoul, Korea this month for the Annual Financial Bilateral Dialogue. The decision is expected to promote the country's international exports, and deepen political and financial ties between the two countries. The export credit will be utilized through lending by EXIM Bank for promoting projects for priority sectors, including smart cities, railways, power generation and transmission in India.<br/><br/>Government has given its approval for signing and subsequent ratification of the Agreement on Transfer of sentenced persons between India and Somalia. This shall facilitate the Indian prisoners imprisoned in Somalia to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation. <br/><br/>Cabinet has approved the proposal for transfer of 4.64 hectares of land belonging to the Indian Institute of Soil and Water Conservation Research Centre at Vasad in Gujarat to the National Highways Authority of India. The transfer of land to the NHAl for construction of extension and six laning of Ahmedabad – Vadodara section of NH-8 is likely to benefit the region leading to enhanced opportunities for growth and development. <br/><br/>Cabinet also given its ex-post facto approval to the Agreement between India and Cyprus on Merchant Shipping, which was signed in April 2017. The Agreement in Merchant Shipping will pave the way for cooperation in eliminating any hindrances which may hamper the development of sea trade between the two nations. The MoU will encourage participation in the transport of goods between the countries, and also from third countries.<br/><br/>Besides, government also gave its nod to the bilateral MoU between SEBI and Securities and Exchange Organization, Iran in relation to mutual cooperation on matters pertaining to securities markets. The MoU will promote further development of economic links and cooperation between the two regulators, and aims at creating conditions for an effective development of securities markets in the two countries. <br/><br/>It gave its ex-post facto approval to the MoU between Bureau of Indian Standards and Direction Nationale De Industries, Republic of Mali on Standardization and Conformity Assessment. Cabinet also approved to the SEBI for entering into an MoU with European Securities and Markets Authority in relation to Mutual Co-operation.