New Delhi, Feb 15 (PTI) The Union Cabinet on Wednesday approved signing of a pact between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW).

The Memorandum of Understanding (MoU) is to provide recognition of the qualification, training of each others members and admit the members in good standing by prescribing a bridging mechanism on the prevailing terms and conditions, according to an official release.

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Both institutes will also provide each other with the information on material changes to their qualifying/admission requirements and any other relevant matters, among others.

"ICAI collaboration with ICAEW will bring a lot of professional opportunities for Indian CAs in the UK and also for Indian CAs who are looking for the global professinal opportunities in UK," the release said.

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The MoU was approved by the Cabinet chaired by Prime Minister Narendra Modi.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)