IMEC, UPI among deals signed during PM Modi’s UAE visit

India and the United Arab Emirates (UAE) signed eight deals, including a cooperation agreement for the India-Middle East-Europe Economic Corridor (IMEC) during Prime Minister Narendra Modi’s two-day official visit to the Gulf nation. 

Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan witnessed the signing of the deals after one-on-one and delegation-level talks, where they reviewed the bilateral partnership and discussed new areas of cooperation. 

“They welcomed the deepening of the comprehensive strategic partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture, and people-to-people ties. Discussions also covered regional and global issues,” the ministry of external affairs (MEA) said in a statement. 

The two countries signed a bilateral investment treaty, which 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 the UAE.

An agreement on interlinking of the instant payment platforms of the two countries—India’s UPI and UAE’s AANI—was also signed, which will facilitate seamless cross-border transactions. 

Another agreement enables interlinking of the domestic debit and credit cards—RuPay in India and JAYWAN in the UAE. 

This follows the MoU on interlinking payment and messaging systems signed in July last year during the prime minister’s visit to Abu Dhabi.

“An important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE,” the MEA said. 

A cooperation protocol between the National Library and Archives of the UAE and the National Archives of India was also signed. 

This protocol will shape extensive bilateral cooperation in this field including restoration and preservation of archival material, the government said.

Three memoranda of understanding were also signed between the two nations, including for cooperation in the field of electricity interconnection and trade; cooperation in digital infrastructure projects; and development of the National Maritime Heritage Complex (NMHC) at Lothal in Gujarat.

The two leaders also witnessed the signing of an inter-governmental framework agreement concerning cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor (IMEC).

This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.

An agreement on IMEC was signed by leaders of the US, India, Saudi Arabia, the United Arab Emirates, France, Germany, Italy, and the European Union on the sidelines of the G20 Summit in September last year. 

Earlier, Prime Minister Modi was received at the airport by Nahyan in a special gesture. 

Speaking at a diaspora gathering in Abu Dhabi later in the evening, Modi said the ties between the two countries serve as a model for the world and they are scripting a new history in the third decade of the 21st century.

“Our partnership is getting stronger in all areas and reaching newer heights. It’s India’s wish that our partnership keeps getting stronger every passing day,” he said.

“India and the UAE are partners in progress. Our relationship is of talent, innovation, and culture,” Modi said at the ‘Ahlan Modi’ (Arabic for Hello Modi) event.