Cross-border cooperation (CBC) is a concerted process of building neighbourly relationships between local stakeholders and authorities on both sides of national land and sea borders; its aim is to foster the harmonious development of border communities.
Local communities and authorities do not pursue cross-border cooperation activities per se and border area citizens do not seek additional complex institutions. But both are eager to see more investments in infrastructure and have better, or even new, public services. They want more efficient waste collection, better employment opportunities, access to a wider culture and participation in markets and facilities that are located in the neighbouring country.
CBC is not about conveying additional powers to border communities or authorities. Rather, CBC is a more efficient way of exercising their powers. Communities located in border areas seek to build up cooperation across borders in order to:
- Promoting the socio-economic development of the border area. E.g. attracting new financial resources; efficiently using local capital (nature, finance, culture, organisations, relationships, etc); improving employment opportunities, etc.
- Developing economies of scale to provide better services. E.g. providing high-quality health-care and education; efficiently managing natural resources (i.e. rivers); upgrading transport infrastructures, etc.
- Widening cultural perspectives. E.g. promoting bilingualism and minority groups rights; promoting cultural diversity within educational curricula; promoting a non-ideological interpretation of history and mutual knowledge and trust, etc.
Abu Dhabi Global Market, ADGM, the international financial centre in Abu Dhabi, and the Mauritius Financial Services Commission, Mauritius FSC, have signed a Memorandum of Understanding, MoU, to bolster cross-border cooperation.
The MoU will strengthen regulatory cooperation for the supervision of financial institutions, facilitate joint collaboration and exchange of information.
This partnership reinforces ADGM’s commitment as an international financial centre to enhance and build stronger collaborations with global financial regulators and agencies. The agreement provides a framework for FSRA and Mauritius FSC to provide mutual assistance, exchange regulatory information and cooperate in supervision of cross-border establishments.