Prime Minister Narendra Modi on Tuesday engaged in extensive discussions with UAE President Sheikh Mohammed bin Zayed Al Nahyan, aimed at strengthening bilateral ties between the two nations. PM Modi is presently on a three-day visit to the UAE and Qatar.
Emphasizing cooperation across various sectors, the leaders explored avenues in trade, investment, digital infrastructure, fintech, energy, basic infrastructure, culture, and people-to-people relations. Additionally, they addressed regional and global issues, particularly focusing on enhancing energy partnerships.
Foreign Secretary Vinay Mohan Kwatra briefed the media on the memorandum of understanding (MoU) signed during the visit, highlighting the significant agreements aimed at boosting cooperation and partnership between India and the UAE.
The agreements cover diverse areas such as electrical interconnection and trade cooperation, an intergovernmental framework agreement on India-Middle East economic corridors, collaboration in digital infrastructure projects, a bilateral investment treaty, heritage and museum sectors, cooperation between national archives, linking fast payment platforms, and integration of domestic debit and credit cards.
The bilateral investment treaty aims to stimulate investment flows between the two countries, while collaboration in electrical interconnection and trade will boost cooperation in the energy sector, ensuring energy security and facilitating trade.
Moreover, the intergovernmental framework agreement seeks to enhance bilateral connectivity, leveraging past cooperation. Collaboration in digital infrastructure projects will facilitate extensive cooperation and the exchange of technical expertise.
Furthermore, agreements in the heritage and museum sectors aim to deepen cultural ties and stimulate business exchanges.
The integration of domestic debit and credit cards, including RuPay and Jaywan, is expected to further enhance financial cooperation, promoting increased financial integration and the widespread acceptance of RuPay in the UAE.
