Eight important agreements were signed on Tuesday between India and Middle East, spanning critical sectors such as investments, electricity trade, and digital payment platforms. The agreements were signed during discussions between Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan, highlighting the deepening relationship between the two nations.
Prime Minister Modi, commencing his two-nation tour, arrived in Abu Dhabi, where he was warmly received by President Mohamed bin Zayed, marking a symbolic start to the bilateral talks. The discussions between the two leaders culminated in the exchange of eight agreements, including a bilateral investment treaty aimed at facilitating further investments in both countries. Modi, in his address, hailed the UAE leader as his “brother,” emphasizing the familial bond shared between the two nations.
A notable highlight of the agreements was the establishment of a bilateral investment treaty, deemed a significant step towards fostering economic cooperation. The Comprehensive Economic Partnership Agreement (FTA) of 2022 paved the way for this treaty, eliminating duties on 99% of the UAE’s imports from India, thus enhancing trade relations significantly.
Moreover, the signing of a memorandum of understanding (MoU) on cooperation in electrical interconnection and trade signifies a new chapter in energy collaboration, promising advancements in energy security. The integration of digital payment platforms, including India’s Unified Payment Interface (UPI) and the UAE’s AANI, is expected to revolutionize cross-border transactions, enhancing financial sector cooperation.
The inauguration of the BAPS Mandir in Abu Dhabi, a project emblematic of the strong bilateral ties, reflected the UAE’s commitment to fostering harmony and tolerance. Modi extended his gratitude to President Mohamed bin Zayed for his support in realizing this landmark project, further cementing the bond between the two nations.
Additionally, agreements on digital infrastructure projects, heritage preservation, and museums were signed, reflecting the diverse spectrum of collaboration between India and the UAE. The inter-governmental framework agreement on the India-Middle East-Europe Economic Corridor (IMEC) is also believed to boost regional connectivity and economic development.
Thus, the signing of eight pacts between India and the UAE signifies a significant milestone in their enduring partnership, promising enhanced cooperation across diverse sectors and paving the way for a prosperous future built on mutual trust and collaboration.