India-UAE Sign Key Agreements to Boost Bilateral Ties

  • 14 Feb 2024

On 13th 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.