The BIT will be a key enabler for further promoting investments in both countries. India has signed both BIT and Comprehensive Economic Partnership Agreement with the UAE.
The agreement on interlinking of the instant payment platforms — UPI (India) and AANI (UAE) — 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 PM Modi’s visit to Abu Dhabi.
The agreement on inter-linking domestic debit/credit cards — RuPay (India) with JAYWAN (UAE) — is an important step in building financial sector cooperation which will enhance the universal acceptance of RuPay across the UAE.
Modi congratulated Zayed 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 MoU on cooperation in the field of electrical interconnection and trade opens new areas of collaboration in the field of energy, including energy security and energy trade.An Intergovernmental Framework Agreement between India and the UAE on the India-Middle East Economic Corridor would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.The MoU on cooperation in digital infrastructure projects will create a framework for a wide ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate sharing of technical knowledge, skills and expertise.
The cooperation protocol between the national archives of the two countries will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
The MoU for cooperation in the field of heritage and museums would foster engagement between the two countries aimed at supporting the Maritime Heritage Complex at Lothal, Gujarat.
The leaders also discussed the strengthening of 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.
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.
Modi is on a two day visit to the UAE, his seventh trip to the Gulf nation since 2015.
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