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India and UAE Sign 10 Pacts, Including IMEC, During PM Modi’s Visit

During Prime Minister Narendra Modi’s ongoing visit to the United Arab Emirates (UAE), India and the UAE have signed ten agreements aimed at strengthening cooperation in various sectors. These agreements, including memoranda of understanding and formal agreements, were formalized during a meeting between PM Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Foreign Secretary Vinay Mohan Kwatra
Foreign Secretary Vinay Mohan Kwatra
Enhancing Collaboration in Critical Sectors:
The agreements focus on enhancing collaboration in critical sectors such as energy, infrastructure, investments, and archival management. They aim to foster cooperation in areas like electricity interconnection and trade, green hydrogen, energy storage, and ensuring energy security.

IMEC and Regional Connectivity:
The Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor (IMEC) will further regional connectivity. This agreement will focus on cooperation in logistics platforms and supply chain services, including general cargo, bulk containers, and liquid goods.

Alternative to BRI:
The IMEC is seen as an alternative to China’s Belt and Road Initiative (BRI) and will connect India, the UAE, Saudi Arabia, Jordan, Israel, and Europe. It aims to strengthen, deepen, and extend regional connectivity between the parties involved.
Digital Infrastructure Projects:
The MoU on Cooperation in Digital Infrastructure Projects will create a framework for cooperation in the digital infrastructure sector. It will facilitate investment cooperation and the sharing of technical knowledge, skills, and expertise.

Bilateral Investment Treaty:
The Bilateral Investment Treaty will set the basis for a stronger investment partnership between India and the UAE. It focuses on protecting existing investments and advancing further capital flows between the two economies.

National Maritime Heritage Complex (NMHC):
The MoU on the Development of the National Maritime Heritage Complex (NMHC) will support the Maritime Heritage Complex at Lothal, Gujarat. It aims to develop this project comprehensively.

Archives Management:
The Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India will promote extensive bilateral cooperation in archives management. It includes the exchange of expertise, historical information, research, and studies.

Instant Payment Platforms and Debit/Credit Cards:
The agreement on interlinking of instant payment platforms (UPI and AANI) and domestic debit/credit cards (RuPay and JAYWAN) will facilitate seamless cross-border transactions and enhance financial sector cooperation.
These agreements between India and the UAE signify a commitment to strengthening bilateral ties and fostering cooperation in various sectors. They aim to enhance connectivity, promote investment, and facilitate seamless transactions between the two countries.

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