As per the decision, the Centre will pay Rs 25 crore towards the cost of airlifting the waste which will be removed within a year.
Madhya Pradesh Bhopal Gas Tragedy, Relief and Rehabilitation Minister Babulal Gaur said that the GoM under the chairmanship of Union Home Minister P Chidambaram has asked the state government to prepare an agreement within two weeks' time.
"The proposal has been agreed to. The waste will be disposed of in Germany. The cost of Rs 25 crore for airlifting the toxic material will be borne by the central government. The whole procedure of removing the waste will be completed within a year," Gaur told reporters here after the meeting.
He said the state government will submit the agreement to the Centre before the next meeting.
According to Madhya Pradesh government officials, the disposal would be carried out by German agency-GIZ IS.
About 346 MT toxic waste is lying within the premises of the erstwhile M/s Union Carbide India Ltd (UCIL) at Bhopal.
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The worst-ever industrial disaster had taken place at the Union Carbide plant on the intervening night of December 2-3, 1984.
According to a government data, a total compensation of over Rs 3,000 crore has been given in 5,295 cases of death, 4,902 cases of permanent disability, 5,27,894 cases of minor injury and 35,455 cases related to temporary disability among others.
Gaur, along with some senior state government officials, had on May 17 held a discussion with GIZ IS in Bhopal.
Today's GoM was attended by Union Urban Development Minister Kamal Nath, Minister of Health and Family Welfare, Ghulam Nabi Azad and Minister of Human Resource Development Kapil Sibal besides some senior officials of the central and state government departments.