PM Narendra Modi and President H.H. Sheikh Mohamed bin Zayed held a bilateral meeting, and several Memoranda of Understanding (MoUs) were exchanged in their presence…reports Asian Lite News
President His Highness Sheikh Mohamed bin Zayed Al Nahyan and visiting Indian Prime Minister Narendra Modi discussed the Comprehensive Strategic Partnership and Comprehensive Economic Partnership between the UAE and India. They examined ways to bolster these ties, aimed at fostering sustainable development and prosperity for both peoples.
This took place during the Indian Prime Minister’s visit to the UAE, where he is scheduled to participate in the World Governments Summit 2024 in Dubai. In a special and warm gesture, Modi was received at the airport by the President Sheikh Mohamed bin Zayed, and thereafter, accorded a ceremonial welcome.
The two leaders held one-on-one and delegation-level talks. 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 meeting also touched upon the importance of the World Governments Summit, held under the theme “Shaping Future Governments”. The summit provides a global forum to exchange expertise and inspiring experiences to develop governmental work and find innovative solutions to shared challenges while enhancing national development, sustainability, and future preparedness.
The leaders also witnessed the exchange of memoranda of understanding and agreements aimed at enhancing the comprehensive strategic partnership between the two countries and expanding cooperation, especially in vital fields.
The agreements and memoranda covered areas of investment, trade, digital infrastructure projects, electrical connectivity, maritime transport, ports, and railways, in addition to cross-border remittance network connectivity, linking instant payment platforms, and a framework agreement on enabling the economic corridor between India, the Middle East, and Europe, among other vital areas.
Key Deals Signed
An investment treaty was signed between India and UAE following the bilateral meeting. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with UAE, which are going to be a key enabler for further promoting investments in both countries.
Explaining the bilateral investment treaty, India’s foreign secretary Vinay Kwatra said it aims to promote further capital flows between the two economies.
“The agreement will set the basis for a stronger and more extensive wide-ranging investments partnership, cause it focuses not just on protecting the existing investment it also advances the objective of promoting further capital flows between the two economies,” Kwatra told reporters.
Besides the bilateral investment treaty, an Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor was inked to further regional connectivity.
MoUs on cooperation in the field of electricity interconnection and trade, Cooperation in Digital Infrastructure Projects; Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India; Development of the National Maritime Heritage Complex; interlinking of the instant payment platforms – UPI (India) and AANI (UAE); and inter-linking domestic debit/credit cards – RuPay (India) with JAYWAN (UAE), among others.
PM Modi congratulated President Sheikh Mohamed bin Zayed 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.
Both leaders also discussed the strengthening of energy partnerships. 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.
Following the significant agreement to interlink India and UAE’s respective instant payment platforms, UPI and AANI, the services connectivity is likely to be formally rolled out within three months.
UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
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Important stakes involved in bilateral
Both leaders during their delegation level and one-to one talks, discussed significant global developments including the ongoing Israel-Hamas conflict and tensions in the Red Sea, Foreign Secretary Vinay Kwatra said.
Addressing a special briefing on PM Modi’s ongoing visit to the UAE, Kwatra said the two issues were a “very important element” of discussions in the talks held between the two leaders on Tuesday, adding that there are important stakes involved whenever any disturbance takes place.
“The developments in this region, have been a very important element of discussions between the two leaders (PM Modi and President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan), not just yesterday, but even in their previous meetings,” he said.
The Foreign Secretary said that the region is an important source of wider energy security all across the world, including for India.
“There are important stakes involved whenever any disturbance takes place. So, yes, the discussions did feature the Israel-Palestine and the situation in the Red Sea did focus on the discussions between the two leaders,” Kwatra said.