India, UAE ink pacts on linking digital payment platforms, trade, energy
- Recently, the Indian Prime Minister met the UAE's President in Abu Dhabi and signed several pacts.
- These include bilateral investment promotion, port infrastructure development, power trade, interlinking of digital payment platforms like the UPI, credit and debit card.
Key Agreements Signed
- A Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement to promote investments.
- An intergovernmental framework agreement on the India-Middle East Economic Corridor furthering regional connectivity.
- Agreements on interlinking of digital payment platforms viz. UPI (India) and AANI (UAE) to facilitate seamless cross-border transactions between the two countries.
- Pact on interlinking domestic debit/ credit cards - RuPay (India) with JAYWAN (UAE).
- This will enhance the universal acceptance of RuPay across the UAE.
- Pacts on energy, an MoU on cooperation in the field of electrical interconnection and trade.
- This opens new areas of collaboration in the field of energy, including energy security and energy trade.
- An MoU on cooperation in digital infrastructure projects creating a framework for wide ranging cooperation and facilitating sharing of technical knowledge, skills and expertise.
- MoUs in the cultural domain to promote cultural exchange and collaboration such as cooperation in heritage preservation and museums.
- Agreements on port infrastructure development to enhance connectivity and trade facilitation.
Prelims Takeaway
- Comprehensive Economic Partnership Agreement
- Bilateral Investment Treaty
- India-Middle East Economic Corridor
- UPI