India, UAE sign bilateral investment, six other pacts
PM Narendra Modi and President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.
The BIT will be a key enabler for further promoting investments in both countries. India has signed both BIT and Comprehensive Economic Partnership Agreement with the UAE.
The agreement on interlinking of the instant payment platforms — UPI (India) and AANI (UAE) — will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interlinking payment and messaging systems signed in July last year during PM Modi's visit to Abu Dhabi.
The agreement on inter-linking domestic debit/credit cards — RuPay (India) with JAYWAN (UAE) — is an important step in building financial sector cooperation which will enhance the universal acceptance of RuPay across the UAE.
Modi congratulated Zayed Al Nahyan on the launch of UAE's domestic card JAYWAN, which is based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction made using the JAYWAN card.
The MoU on cooperation in the field of electrical interconnection and trade opens new areas of collaboration in the field of energy, including energy security and energy trade.
An Intergovernmental Framework Agreement between India and the UAE on the India-Middle East Economic Corridor would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.
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