India, UAE Sign 8 Pacts; PM Modi, President Al Nahyan Meet
MoUs Signed: Investment Treaty, Digital Projects, Debit/Credit Card Integration
India and the United Arab Emirates (UAE) exchanged multiple memoranda of understanding, including one on the interlinking of instant payment platforms – UPI and UAE’s AANI. This initiative, witnessed by Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, aims to facilitate seamless cross-border transactions.
The agreements covered diverse areas such as investment treaties, digital infrastructure projects, and the interlinking of debit cards, credit cards, and online payment platforms. According to the Ministry of External Affairs, the Bilateral Investment Treaty MoU is crucial for fostering investments in both nations. India has previously signed both a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with the UAE.
The agreement on electrical interconnection and trade cooperation is expected to open new avenues in the energy sector, including energy security and trade. Additionally, an Intergovernmental Framework Agreement on the India-Middle East Economic Corridor was signed to strengthen regional connectivity.
The MoU on Digital Infrastructure Projects aims to facilitate broad cooperation and investment in the digital infrastructure sector, fostering the exchange of technical knowledge and expertise. A cooperation protocol between the national archives of both countries was established, focusing on the restoration and preservation of archival material.
Further, an MoU on heritage and museums cooperation will support the Maritime Heritage Complex at Lothal, Gujarat. Notably, an agreement was reached on interlinking the instant payment platforms – UPI and AANI, promoting seamless cross-border transactions. A similar agreement was signed for interlinking domestic debit and credit cards – RuPay (India) with JAYWAN (UAE), enhancing the universal acceptance of RuPay across the UAE.
During the visit, Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, JAYWAN, based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction using the JAYWAN card. Energy partnership strengthening was also discussed, acknowledging the UAE as a significant source of crude and LPG for India. India is entering into long-term LNG contracts with the UAE.
Before the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board to develop port infrastructure, enhancing connectivity between the two countries.
