homeeconomy NewsPM Modi's diplomatic triumph: India UAE relations bolstered with renewed investment treaty, technological integration
PM Modi's diplomatic triumph: India-UAE relations bolstered with renewed investment treaty, technological integration
India and UAE have signed a bilateral investment treaty today. Key MoUs ranging from interlinking instant payment platforms and boosting cooperation on energy security and trade were signed as well.
Prime Minister Narendra Modi's ongoing visit to Abu Dhabi marks a significant milestone in the diplomatic relations between India and the UAE. This visit, part of the UAE-Qatar leg, is the seventh by Prime Minister Modi to the UAE since 2014.
The focus of the visit has been on fortifying trade agreements, renewing bilateral investment treaties, and enhancing technological cooperation.
One of the key achievements during the visit is the renewal of the 10-year-old bilateral investment treaty between India and the UAE. This treaty plays a crucial role in protecting investments made by companies from both nations.
The renewal not only safeguards existing investments but also fosters confidence among investors, potentially leading to increased investment flows between the two countries.
Addressing the need for seamless cross-border transactions, Prime Minister Modi's visit has resulted in the interlinking of India's Unified Payments Interface (UPI) and the UAE's Application of AANI. This integration will facilitate smoother and more efficient cross-border payment mechanisms, benefiting businesses and individuals engaged in international transactions.
Another noteworthy development is the agreement to interlink India's RuPay cards with UAE's JAYWAN card. This collaboration will enable the usage of RuPay cards in the UAE, enhancing financial connectivity between the two nations.
Prime Minister Modi's visit has resulted in the signing of eight agreements, reflecting the commitment to strengthening various aspects of bilateral cooperation. These agreements encompass a wide range of areas, including boosting digital public infrastructure and enhancing collaboration in the electronics sector.
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