News Excerpt:

During the Indian PM seventh visit to the Gulf kingdom, India and the United Arab Emirates (UAE) signed eight pacts, including a bilateral investment treaty and a framework deal to foster regional connectivity.

Pacts Signed:

• Bilateral Investment Treaty: This agreement will be a key enabler for further promoting investments in both countries. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with UAE.
• MoU on cooperation in the field of electricity interconnection and trade: This opens new areas of collaboration in the field of energy, including energy security and energy trade.
• Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor : This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.
• 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.
• Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India : This protocol will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
• MoU on Development of National Maritime Heritage Complex (NMHC) : This would foster engagement between the two countries aimed at supporting the Maritime Heritage Complex at Lothal, Gujarat.
• Agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE) : This 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 Hon’ble PM’s visit to Abu Dhabi.
• Agreement on inter-linking domestic debit/credit cards – RuPay (India) with JAYWAN (UAE) : An important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.