New Delhi: In a significant move towards enhancing bilateral ties and fostering economic cooperation, India and the United Arab Emirates exchanged multiple memoranda of understanding (MoUs). Among these agreements was a notable MoU on linking the instant payment platforms of both nations, namely India’s UPI and UAE’s AANI.
The exchange ceremony took place in the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the importance of the collaborations between the two nations.
India signs MoU to interlink UPI with UAE’s instant payment platform AANI
Read @ANI Story | https://t.co/Ct7bEcgocI#UPI #RuPay #PMModi pic.twitter.com/EwFb244uFP — ANI Digital (@ani_digital) February 13, 2024
These agreements will enable smooth cross-border transactions between India and the United Arab Emirates. The MoUs encompass various sectors, including investment treaties, digital infrastructure projects, and the integration of debit cards, credit cards, and online payment platforms.
The Ministry of External Affairs stated that the Bilateral Investment Treaty MoU will greatly support increasing investments in both nations. India has ratified both a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with the UAE.
The MoU has been exchanged to collaborate on electrical interconnection and trade, paving the way for new opportunities for cooperation in energy, including energy security and trade.
An Intergovernmental Framework Agreement was also signed between India and UAE on the India-Middle East Economic Corridor which would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity, the MEA stated.
The agreement for cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate the sharing of technical knowledge, skills and expertise.
The two countries have also established a cooperation protocol between the national archives of the two countries, which will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
Another MoU focuses on cooperation in the field of heritage and museums. This would foster engagement between the two countries aimed at supporting of the Maritime Heritage Complex at Lothal, Gujarat.
According to the MEA, agreement has also been signed 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.
Another agreement on inter-linking domestic debit and credit cards – RuPay (India) with JAYWAN (UAE) has been signed. It is an important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.
Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, JAYWAN, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction made using the JAYWAN card.
The leaders also discussed the strengthening of the energy partnership. They appreciated that in addition to the UAE being among the largest sources of crude and LPG, India is now entering into long-term contracts for LNG, the MEA statement read.
Ahead of the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. These would help in building port infrastructure and further enhance connectivity between the two countries. (With ANI Inputs)