With this, India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with the UAE
In a development that is set to further strengthen ties between the two countries, India and the United Arab Emirates (UAE) signed a Bilateral Investment Treaty on Tuesday (February 13, 2024).
The pact was signed in Abu Dhabi in the Presence of India's Prime Minister Narendra Modi and UAE's President Sheikh Mohamed bin Zayed Al Nahyan. The Indian Prime Minister is on a two-day visit to the UAE.
"Had an excellent meeting with my brother HH @MohamedBinZayed. India-UAE friendship is growing stronger and stronger, greatly benefitting the people of our nations," Prime Minister Modi posted on social media platform X.
According to an official statement, the Bilateral Investment Treaty will be a key enabler for further promoting investments in both countries. With this, India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
Additionally, the leaders oversaw the signing of two pacts which will facilitate cross-border transactions and allow the use of RuPay in the UAE.
An 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 Prime Minister Modi 's visit to Abu Dhabi.
On the other hand, the agreement on inter-linking domestic debit/credit cards - RuPay (India) with JAYWAN (UAE) - is being described as an important step in building financial sector cooperation. This will enhance the universal acceptance of RuPay across the UAE.
The two leaders also witnessed the exchange of following:
1. MoU on cooperation in the field of electrical interconnection and trade: This opens new areas of collaboration in the field of energy, including energy security and energy trade.
2. An Intergovernmental Framework Agreement between India and UAE on the India-Middle East Economic Corridor: This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.
3. 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.
4. 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.
5. MoU for cooperation in the field of heritage and museums: This would foster engagement between the two countries aimed at supporting the Maritime Heritage Complex at Lothal, Gujarat.
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.
According to an official statement, the two leaders welcomed deepening of the Comprehensive Strategic Partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture and people to people ties. Their discussions also covered regional and global issues.
Earlier, in a special and warm gesture, Prime Minister Modi was received at the airport by UAE President Sheikh Mohamed bin Zayed Al Nahyan, and thereafter, accorded a ceremonial welcome.
"Over the last nine years, our cooperation with the UAE in diverse sectors such as trade and investment, defence and security, food and energy security and education has grown manifold. Our cultural and people-to-people connect is stronger than ever," Prime Minister Modi said in his departure statement from New Delhi.