India and UAE Strengthen Ties with Exchange of Multiple MoUs

New Delhi/Abu Dhabi, February 13, 2024- India and the United Arab Emirates(UAE) took strides towards deepening their bilateral relationship as they exchanged several memoranda of understanding (MoUs) during a ceremony graced by the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.

Among the key agreements, an MoU on the interlinking of instant payment platforms – India’s Unified Payments Interface (UPI) and UAE’s AANI – was exchanged. This development is poised to streamline cross-border transactions between the two nations, enhancing economic collaboration.

The MoUs encompassed a wide array of sectors, including investment, digital infrastructure, energy, and cultural cooperation. Notably, the Bilateral Investment Treaty aims to foster greater investment flows between India and the UAE. This treaty aligns with existing agreements such as the Comprehensive Economic Partnership Agreement.

Furthermore, agreements on electrical interconnection and trade signify a mutual commitment to enhancing energy security and facilitating energy trade. The Intergovernmental Framework Agreement on the India-Middle East Economic Corridor underscores efforts to promote regional connectivity and economic cooperation.

In the digital sphere, cooperation in digital infrastructure projects and the interlinking of payment platforms mark a step towards technological advancement and financial inclusion. The collaboration protocol between national archives and cooperation in heritage and museum sectors aim to preserve cultural heritage and promote mutual understanding.

Of particular significance is the agreement on interlinking domestic debit and credit cards – India’s RuPay with UAE’s JAYWAN – which will enhance financial sector cooperation and expand the acceptance of RuPay cards across the UAE.

During the ceremony, Prime Minister Modi commended the launch of UAE’s domestic card, JAYWAN, based on the digital RuPay stack, highlighting its potential to deepen financial integration between the two countries. The leaders also witnessed a transaction using the JAYWAN card.

Moreover, discussions between the leaders emphasized the strengthening of the energy partnership, acknowledging the UAE’s role as a major supplier of crude and LPG to India, along with India’s increasing involvement in long-term LNG contracts.

In a related development, ahead of the official visit, RITES Limited inked an agreement with Abu Dhabi Ports Company and the Gujarat Maritime Board to enhance port infrastructure and foster connectivity, further solidifying the foundation for robust economic cooperation between India and the UAE.

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