India and the United Arab Emirates signed an array of agreements on February 13, during the first day of Prime Minister Narendra Modi's two-day visit to the Middle Eastern country.
The pacts relate to bilateral trade, investments and the India Middle East Economic Corridor (IMEC), among others.
In an official release, New Delhi said the 'Bilateral Investment Treaty' was signed by the two sides.
"This agreement 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," the Prime Minister's Office (PMO) said.
A memorandum of understanding (MoU) has also been signed on cooperation in the field of electrical interconnection and trade, the statement said. This opens new areas of collaboration in the field of energy, including energy security and energy trade, it added.
For the IMEC, which was first announced during the G20 Summit last year, India and the UAE have formed an "Intergovernmental Framework Agreement", which would build on previous understandings and cooperation on this matter and "foster India and the UAE cooperation furthering regional connectivity".
Here are some of the other pacts inked between India and the UAE:
- MoU on cooperation in Digital Infrastructure Projects: This 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.
- Cooperation protocol between the National Archives of the two countries: This protocol will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
- MoU for 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.
- Agreement 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.
- Agreement on inter-linking domestic debit/credit cards - RuPay (India) with JAYWAN (UAE): This will enhance the universal acceptance of RuPay across the UAE, the PMO said.
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