News Brief
From UPI Interlinking To International Trade Corridor: Here Are The Eight Key Pacts Signed Between India And UAE During PM Modi's Visit
PM Modi with UAE President Mohamed Bin Zayed
India and United Arab Emirates (UAE) signed eight key agreements including on digital payment linkage and international trade corridor.
Upon his arrival in Abu Dhabi, PM Modi was received at the airport by the UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Later in the day, the two leaders held one-on-one and delegation level talks.
According to a Ministry of External Affairs statement, the two leaders reviewed the bilateral India-UAE partnership and discussed new areas of cooperation.
"They welcomed deepening of the Comprehensive Strategic Partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture and people to people ties," the MEA said.
Discussions also covered regional and global issues, it added.
Further, several key agreements were signed and exchanged in the presence of PM Modi and President Zayd Al Nahyan.
Here are the key agreements/MoUs signed between the two countries:
Bilateral Investment Treaty: A bilateral investment treaty was signed to further promote investment in both countries. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with UAE.
MoU on Cooperation in Electricity Interconnection and Trade: This deal will open new areas of collaboration between India and UAE in the field of energy, including energy security and energy trade.
Inter-governmental Framework Agreement for India-Middle East-Europe Economic Corridor: This agreement builds upon existing cooperation to enhance regional connectivity, specifically focusing on economic corridor linking India, the Middle East, and Europe.
MoU on Cooperation in Digital Infrastructure Projects: Establishes a framework for cooperation in digital infrastructure, facilitating investment and knowledge exchange between India and the UAE in this sector.
Cooperation Protocol between National Libraries and Archives: This protocol outlines extensive cooperation between the UAE and India in archival material, including restoration and preservation efforts.
MoU for Development of National Maritime Heritage Complex (NMHC): Aims to enhance collaboration between India and the UAE in supporting the Maritime Heritage Complex at Lothal, Gujarat, fostering engagement in maritime heritage.
Agreement on interlinking of the instant payment platforms - UPI (India) and AANI (UAE) : This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year PM Modi's visit to Abu Dhabi.
Agreement on inter-linking domestic debit/credit cards - RuPay (India) with JAYWAN (UAE) : Strengthens financial sector cooperation between the two countries by enabling the universal acceptance of RuPay cards across the UAE.
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