India and the UAE on Tuesday finalised seven agreements, including a Bilateral Investment Treaty (BIT), an Intergovernmental Framework Agreement for the India-Middle East-Europe Economic Corridor and Memoranda of Understanding (MoUs) connecting payment systems.
These agreements were reached following discussions between Prime Minister Narendra Modi and President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.
The BIT is expected to play a crucial role in encouraging investments in both nations, as India has now signed both the BIT and the Comprehensive Economic Partnership Agreement with the UAE.
The agreement between the two countries’ instant payment platforms, UPI (India) and AANI (UAE), aims to facilitate smooth cross-border transactions. This builds on the previous Memorandum of Understanding signed during PM Modi’s visit to Abu Dhabi in July last year.
Additionally, the agreement linking domestic debit/credit cards, RuPay (India), with JAYWAN (UAE) is a significant step in fostering cooperation in the financial sector and promoting the universal acceptance of RuPay in the UAE.
PM Modi acknowledged and congratulated President Zayed Al Nahyan on the launch of the UAE’s domestic card JAYWAN, which is based on the digital RuPay credit and debit card system. The leaders observed a transaction made using the JAYWAN card.
The MoU on cooperation in electrical interconnection and trade introduces new avenues for collaboration in the energy sector, emphasizing energy security and trade.
The Intergovernmental Framework Agreement on the India-Middle East Economic Corridor builds on previous agreements and cooperation, aiming to enhance regional connectivity and further strengthen the collaboration between India and the UAE.
