Multiple memoranda of understanding, including an MoU on interlinking of the instant payment platforms – UPI and UAE’s AANI, were exchanged between India and the United Arab Emirates in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.
This will facilitate seamless cross-border transactions between the two countries.
The MoUs covered multiple areas, ranging from investment treaty, digital infrastructure projects and the interlinking of debit cards, credit cards and the online payment platforms.
The Ministry of External Affairs said in a statement that the MoU for the Bilateral Investment Treaty will be a key enabler for further promoting investments in both countries. India has signed both a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with UAE.
MoU has been exchanged for cooperation in the field of electrical interconnection and trade which will open new areas of collaboration in the field of energy, including energy security and energy trade.
An Intergovernmental Framework Agreement was also signed between India and UAE on the India-Middle East Economic Corridor which would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity, the MEA stated.
The agreement for cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate the sharing of technical knowledge, skills and expertise.
The two countries have also established a cooperation protocol between the national archives of the two countries, which will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
Another MoU focuses on cooperation in the field of heritage and museums. This would foster engagement between the two countries aimed at supporting of the Maritime Heritage Complex at Lothal, Gujarat.
According to the MEA, agreement has also been signed 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 during Hon’ble PM’s visit to Abu Dhabi.
Another agreement on inter-linking domestic debit and credit cards – RuPay (India) with JAYWAN (UAE) has been signed. It is an important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.
Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, JAYWAN, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction made using the JAYWAN card.
The leaders also discussed the strengthening of the energy partnership. They appreciated that in addition to the UAE being among the largest sources of crude and LPG, India is now entering into long-term contracts for LNG, the MEA statement read.
Ahead of the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. These would help in building port infrastructure and further enhance connectivity between the two countries.
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