India and the UAE have solidified their bilateral relationship during Prime Minister Narendra Modi's visit to Abu Dhabi, by signing 10 pacts aimed at enhancing collaboration in vital sectors such as energy, infrastructure, investments, and archive management, announced Foreign Secretary Vinay Kwatra on Wednesday.
Kwatra emphasised that the bilateral trade between the two nations stands at nearly USD 85 billion, with the UAE ranking as the fourth-largest investor in the Indian economy.
He further detailed the outcomes of Modi's visit, stating that the Prime Minister was warmly received by the President of the UAE, Sheikh Mohammed Bin Zayed, and accorded a ceremonial welcome at the airport upon his arrival.
The bilateral discussions between Modi and UAE leaders covered a wide range of topics, including regional and global developments, as well as the entire spectrum of bilateral engagement.
A total of 10 Memorandums of Understanding (MoUs) were signed, signifying the multifaceted nature of the relationship between the two countries.
The first MoU pertains to cooperation in the field of electricity connection and trade. This agreement aims to strengthen the partnership between India and the UAE in two crucial domains: energy security and energy trade, with a focus on clean energy trade, particularly in areas such as green hydrogen and energy storage.
Another significant pact is the Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor (IMEC).
This agreement aims to enhance regional connectivity by fostering cooperation on logistics platforms and supply chain services, thereby benefiting all parties involved.
Additionally, an MoU was signed between the Ministry of Investment of the UAE and India's Ministry of Electronics and Technology (MEITY) to promote cooperation on digital infrastructure projects.
This framework agreement will facilitate investment cooperation in digital infrastructures and promote the development of capabilities, technical knowledge sharing, and expertise exchange in areas such as high-power computing and digital innovation.
Furthermore, the bilateral investment treaty between India and the UAE is expected to strengthen investment partnerships by providing a conducive environment for capital flows between the two economies.
Other agreements include cooperation protocols at the National Archives of India to promote collaboration in archives management, an agreement on the interlinking of instant payment platforms (UPI and AANI), and an agreement on interlinking domestic debit/credit cards (RuPay and JAYWAN).
During his visit, Prime Minister Modi also interacted with students at IIT Abu Dhabi and addressed the Indian diaspora at Zayed Sports City in an event titled "Ahlan Modi."
Modi is scheduled to inaugurate the first Hindu temple in Abu Dhabi and lead a dedication ceremony later on Wednesday.
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