The Union Cabinet on Wednesday approved the Inter-Governmental Framework Agreement (IGFA) signed between India and UAE on February 13, aimed at operationalising the India-Middle East Europe Economic Corridor (IMEC).
The agreement will strengthen cooperation between the two countries in the ports, maritime, and logistics sectors, facilitating potential investments and collaborations for the development of the IMEC.
As per the agreement, India-UAE cooperation will be based on a set of mutually agreed-upon principles, guidelines and agreements aligned with the rules and regulations of each country’s jurisdiction.