India, UAE ink 10 pacts for collaboration during PM Modi's visit

Abu Dhabi: In a bid to further strengthen their bilateral relationship, India and the UAE have inked 10 pacts for collaboration in key sectors like energy, infrastructure, investments, and management of archives, Foreign Secretary Vinay Kwatra said here on Wednesday.

The 10 memoranda of understanding and agreements were signed during the meeting Prime Minister Narendra Modi had with UAE President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday.

He said the MoU in the field of electricity interconnection and trade will focus on green hydrogen and energy storage, besides cooperation on ensuring energy security and trade.

Kwatra said the Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor (IMEC) will further regional connectivity.

“The main areas under this agreement include cooperation on logistics platforms which is a crucial element of furthering the objectives of these particular corridors and provision of supply chain services to cover all types of general cargo, bulk containers, and liquid,” he said.

“One of the aims is to see how quickly the IMEC gets operated and benefits the core objective of stronger, deeper, more extensive regional connectivity between the parties involved,” Kwatra said.

The corridor was announced in New Delhi during the G20 summit in September.

The IMEC is being seen as an alternative to China's Belt and Road Initiative (BRI).

The IMEC will connect India, the United Arab Emirates (UAE), Saudi Arabia, Jordan, Israel and Europe.

Kwatra said the MoU on Cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate the sharing of technical knowledge, skills and expertise.

“Government agencies as well as regulatory authorities will seek to forge partnerships under this MoU. This would focus on key areas of digital space that includes high power computing, digital innovation, and platforms relating to management of data,” the foreign secretary said.

He said the Bilateral Investment Treaty will set the basis for a stronger, wide-ranging investment partnership because it focuses, not just on protecting the existing investments, but also advances the objective of further capital flows between the two economies.

The MoU on the Development of the National Maritime Heritage Complex (NMHC) would foster engagement between the two countries aimed at supporting the Maritime Heritage Complex at Lothal, Gujarat.

“The two sides will work closely to develop this project in a comprehensive fashion,” the foreign secretary said.

He said the Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.

The protocol will promote cooperation in archives management through the exchange of expertise, historical information, research, and studies.

The agreement on interlinking of the instant payment platforms - UPI (India) and AANI (UAE) will facilitate seamless cross-border transactions between the two countries.

Kwatra said the agreement on inter-linking domestic debit/credit cards - RuPay (India) with JAYWAN (UAE) was an important step in building financial sector cooperation and will enhance the universal acceptance of RuPay across the UAE.