Beyond Oil and RuPay | India, UAE ink historic agreements for economic growth

New Delhi, Feb 13: During a series of one-on-one and delegation-level discussions, Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan reviewed the existing bilateral partnership and explored avenues for enhanced cooperation.

The leaders expressed satisfaction with the deepening of the comprehensive strategic partnership between the two nations, particularly in sectors like trade and investment, digital infrastructure, fintech, energy, infrastructure, culture, and people-to-people ties.

Additionally, they addressed regional and global issues of mutual concern.

The discussions culminated in the exchange of several agreements and memoranda of understanding (MoUs) aimed at fostering closer ties and promoting collaboration in various fields.

BILATERAL INVESTMENT TREATY

This agreement, along with the existing Comprehensive Economic Partnership Agreement, is poised to facilitate increased investments in both countries.

MOU ON COOPERATION IN ELECTRICAL INTERCONNECTIONS AND TRADE

This paves the way for collaboration in the energy sector, including energy security and trade.

INTERGOVERNMENTAL FRAMEWORK AGREEMENT ON THE INDIA-MIDDLE EAST ECONOMIC CORRIDOR

Building upon previous cooperation, this agreement aims to enhance regional connectivity and economic cooperation.

MOU ON COOPERATION IN DIGITAL INFRASTRUCTURE PROJECTS

This framework would facilitate investment cooperation and knowledge sharing in the digital infrastructure sector.

COOPERATION PROTOCOL BETWEEN NATIONAL ARCHIVES

This protocol outlines extensive cooperation in archival material restoration and preservation.

MOU FOR COOPERATION IN HERITAGE AND MUSEUMS

Focused on supporting the Maritime Heritage Complex at Lothal, Gujarat, this agreement aims to enhance cultural engagement.

AGREEMENT ON INTERLINKING PAYMENT PLATFORMS

Facilitating seamless cross-border transactions, this agreement links India's UPI platform with UAE's AANI system.

AGREEMENT ON INTERLINKING DOMESTIC DEBIT AND CREDIT CARDS

Connecting India's RuPay with UAE's JAYWAN, this move strengthens financial sector cooperation and promotes the universal acceptance of RuPay in the UAE.

During the discussions, PM Modi commended the UAE President on the launch of UAE’s domestic card JAYWAN, which is based on the digital RuPay credit and debit card stack.

The leaders also witnessed a transaction made using the JAYWAN card.

In addition, the leaders discussed the strengthening of energy partnerships, particularly noting India's long-term LNG contracts with the UAE.

Ahead of the visit, agreements were signed between RITES Limited and Abu Dhabi Ports Company, as well as between Gujarat Maritime Board and Abu Dhabi Ports Company, aimed at bolstering port infrastructure and enhancing connectivity between the two countries.