New Delhi: In a big transfer in direction of enhancing bilateral ties and fostering financial cooperation, India and the United Arab Emirates exchanged a number of memoranda of understanding (MoUs). Among these agreements was a notable MoU on linking the moment fee platforms of each nations, particularly India’s UPI and UAE’s AANI.
The change ceremony happened within the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the significance of the collaborations between the 2 nations.
India indicators MoU to interlink UPI with UAE’s immediate fee platform AANI
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These agreements will allow clean cross-border transactions between India and the United Arab Emirates. The MoUs embody varied sectors, together with funding treaties, digital infrastructure tasks, and the mixing of debit playing cards, bank cards, and on-line fee platforms.
The Ministry of External Affairs said that the Bilateral Investment Treaty MoU will drastically help rising investments in each nations. India has ratified each a bilateral funding treaty and a Comprehensive Economic Partnership Agreement with the UAE.
MoU has been exchanged to collaborate on electrical interconnection and commerce, paving the best way for brand spanking new alternatives for cooperation in power, together with power safety and commerce.
An Intergovernmental Framework Agreement was additionally signed between India and UAE on the India-Middle East Economic Corridor which might construct on earlier understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity, the MEA said.
The settlement for cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, together with funding cooperation, within the digital infrastructure sector and in addition facilitate the sharing of technical data, abilities and experience.
The two nations have additionally established a cooperation protocol between the nationwide archives of the 2 nations, which can form intensive bilateral cooperation on this area together with restoration and preservation of archival materials.
Another MoU focuses on cooperation within the area of heritage and museums. This would foster engagement between the 2 nations geared toward supporting of the Maritime Heritage Complex at Lothal, Gujarat.
According to the MEA, settlement has additionally been signed on interlinking of the moment fee platforms – UPI (India) and AANI (UAE). This will facilitate seamless cross-border transactions between the 2 nations. This follows the MoU on interlinking fee and messaging techniques signed in July final yr throughout Hon’ble PM’s go to to Abu Dhabi.
Another settlement on inter-linking home debit and bank cards – RuPay (India) with JAYWAN (UAE) has been signed. It is a crucial step in constructing monetary sector cooperation, this can improve the common acceptance of RuPay throughout the UAE.
Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s home card, JAYWAN, which is predicated on the digital RuPay credit score and debit card stack. The leaders witnessed a transaction made utilizing the JAYWAN card.
The leaders additionally mentioned the strengthening of the power partnership. They appreciated that along with the UAE being among the many largest sources of crude and LPG, India is now getting into into long-term contracts for LNG, the MEA assertion learn.
Ahead of the go to, RITES Limited signed an settlement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. These would assist in constructing port infrastructure and additional improve connectivity between the 2 nations. (With ANI Inputs)
Source: zeenews.india.com
