India and the UAE sign agreements to connect digital payment platforms, enhance trade, and collaborate on energy initiatives ICCBizNews

By Manoj, ICCBizNews

Referring to MBZ as his "brother" multiple times in his opening statement prior to the bilateral meeting, Modi, who arrived in Abu Dhabi on Tuesday afternoon, expressed, "Each time I visit, it feels as though I have returned home, surrounded by my family."

During a meeting between Prime Minister Narendra Modi and UAE's President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on Tuesday, India and the UAE entered into agreements covering bilateral investment promotion, port infrastructure development, power trade, interlinking of digital payment platforms such as UPI, credit and debit cards, and an intergovernmental framework agreement on the India-Middle East Economic Corridor.

In his opening statement before the bilateral meeting, Modi repeatedly referred to MBZ as his "brother" and expressed a sense of familiarity, stating, "Whenever I have come here, I feel like I have come home and I am with my family." Modi, who reached Abu Dhabi on Tuesday afternoon, expressed gratitude to MBZ for personally receiving him at Abu Dhabi airport.

The two leaders have met five times in the last seven months, marking Modi's seventh visit to the UAE since taking office. Following one-on-one and delegation-level talks, the Ministry of External Affairs (MEA) reported that they reviewed the bilateral partnership, exploring new areas of cooperation.

The MEA highlighted the deepening comprehensive strategic partnership across various sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture, and people-to-people ties. The discussions also encompassed regional and global issues.

Key agreements included the Bilateral Investment Treaty, considered a significant enabler for promoting investments in both countries. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with the UAE. The MEA emphasized the long-term impact of the Bilateral Investment Treaty, and Modi noted its significance in the context of G20 countries.

The intergovernmental framework agreement on the India-Middle East Economic Corridor was signed to further regional connectivity. This corridor, announced during the G20 leaders' summit in New Delhi in September 2023, received appreciation from Modi for its anticipated long-term impact.

Digital collaboration included agreements on the interlinking of UPI (India) and AANI (UAE) digital payment platforms, facilitating seamless cross-border transactions. Additionally, a pact was signed for interlinking domestic debit/credit cards—RuPay (India) with JAYWAN (UAE)—aiming to enhance the universal acceptance of RuPay in the UAE.

Pacts on energy, an MoU on electrical interconnection and trade, cooperation in digital infrastructure projects, and cultural collaborations through protocols between the National Archives and heritage institutions were also part of the agreements. RITES Limited signed agreements with Abu Dhabi Ports Company and Gujarat Maritime Board for building port infrastructure and enhancing connectivity.

Modi expressed appreciation for MBZ's support in granting land for the construction of the BAPS Temple in Abu Dhabi, noting its significance in celebrating UAE-India friendship and cultural bonds. The MEA highlighted that the BAPS Temple represents the UAE's commitment to harmony, tolerance, and peaceful coexistence. Modi is scheduled to address the World Government Summit and inaugurate the BAPS Temple, the first Hindu temple in the country, before heading to Qatar on Wednesday.

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