PM Modi’s UAE visit: 10 MoUs, agreements signed between India, UAE

PM Modi in UAE: India and the UAE have signed 10 agreements to collaborate in areas such as energy, infrastructure, investments, and archive management, as announced by Foreign Secretary Vinay Kwatra on Wednesday. These agreements were signed during a meeting between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. 

The MoU in the field of electricity interconnection and trade will focus on green hydrogen, energy storage, and cooperation on energy security and trade. The Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor (IMEC) aims to enhance regional connectivity.

The primary aspects of the recently signed agreement encompass collaboration on logistics platforms and supply chain services for all kinds of general cargo, bulk containers, and liquid. This cooperation is seen as vital to advancing the goals of the specific corridors. 

One of the objectives is to expedite the operation of the IMEC and enhance regional connectivity amongst the concerned parties, said the spokesperson. The announcement of the corridor was made in New Delhi during the G20 summit held in September. The IMEC, anticipated as an alternative to China's Belt and Road Initiative (BRI), will link India, the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe.

Foreign Secretary Kwatra announced that the Memorandum of Understanding (MoU) on Cooperation in Digital Infrastructure projects will establish a comprehensive cooperation framework. This includes investment cooperation in the digital infrastructure sector and the exchange of technical knowledge and skills. Government and regulatory authorities will form partnerships under this MoU, focusing on high power computing, digital innovation, and data management platforms. 

Kwatra also mentioned that the Bilateral Investment Treaty will strengthen a broad-based investment partnership. It will not only protect existing investments but also promote further capital flows between the two economies. 

The MoU on the Development of the National Maritime Heritage Complex (NMHC) aims to foster engagement between the two countries to support the Maritime Heritage Complex at Lothal, Gujarat. Both parties will collaborate extensively to develop this project, as stated by the foreign secretary.

The Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India will establish expansive bilateral cooperation in the field of restoration and preservation of archival material. This protocol will also bolster cooperation in archives management via the exchange of expertise, historical information, research, and studies. 

Additionally, the agreement on the interlinking of the instant payment platforms, UPI of India and AANI of UAE, will enable seamless cross-border transactions. An agreement on interlinking domestic debit/credit cards, RuPay of India with JAYWAN of UAE, was highlighted as a significant step in fostering financial sector cooperation, which will boost the universal acceptance of RuPay across the UAE.

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