India-UAE Sign Key Agreements to Boost Bilateral Ties

• 14 Feb 2024

On 13^th February, 2024, Prime Minister met UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, marking his seventh visit to the UAE since taking office.

Key Points

• Bilateral Investment Promotion: India and the UAE signed pacts on bilateral investment promotion, port infrastructure development, power trade, and interlinking digital payment platforms like UPI, credit, and debit cards.
• Strengthening Comprehensive Strategic Partnership: Both leaders reviewed the comprehensive strategic partnership, emphasizing cooperation in trade, investment, digital infrastructure, fintech, energy, culture, and people-to-people ties.
• Bilateral Investment Treaty: The signing of the Bilateral Investment Treaty aims to further promote investments between the two countries, reflecting a long-term commitment to strengthening economic ties.
• India-Middle East Economic Corridor: An intergovernmental framework agreement on the India-Middle East Economic Corridor was signed, fostering regional connectivity and cooperation.
• Enhanced Financial Sector Cooperation: Agreements were made to interlink digital payment platforms (UPI and AANI) and domestic debit/credit cards (RuPay and JAYWAN), enhancing financial sector cooperation and facilitating cross-border transactions.
• Energy Partnership and Infrastructure Projects: Pacts were signed on energy cooperation, electrical interconnection, and digital infrastructure projects, signaling mutual collaboration in vital sectors.
• Cultural Cooperation: Cooperation protocols between the National Archives and agreements on heritage and museums aim to promote extensive bilateral cooperation in cultural preservation and restoration.
• Gratitude and Symbolic Gestures: Prime Minister expressed gratitude for UAE's support and graciousness in granting land for the construction of the BAPS Temple in Abu Dhabi, symbolizing the deep-rooted cultural bonds between the two nations.
• BAPS Temple Inauguration: PM will inaugurate the BAPS Temple, the first Hindu temple in the UAE, further highlighting the celebration of friendship and harmony between India and the UAE.