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The agreements, which span a number of sectors of collaboration between India and the UAE, were emphasized by Foreign Secretary Vinay Kwatra. The agreements cover energy security and clean energy trade, with a special emphasis on green hydrogen and energy storage. They also cover cooperation in the connection and exchange of power.
Prime Minister Narendra Modi signed ten agreements to strengthen cooperation between India and the UAE in important areas like as energy, infrastructure, investments, and archive management while he was in Abu Dhabi. According to Foreign Secretary Vinay Kwatra, the UAE is the fourth-largest investor in the Indian economy, with bilateral commerce between the two nations approaching USD 85 billion.
Kwatra emphasized the importance of the agreements, which covered a range of sectors in which India and the UAE would cooperate. The agreements involve collaboration in the connection and exchange of power, with an emphasis on energy security and commerce in clean energy, specifically in green hydrogen and energy storage.
In a genuine gesture, Kwatra reported that on Tuesday, the PM was greeted ceremoniously at the airport and received by Sheikh Mohammed Bin Zayed, the President of the United Arab Emirates.
Modi, who arrived in Abu Dhabi on Tuesday afternoon, referred to MBZ as his “brother” multiple times in his opening remarks prior to the bilateral meeting.
This is Modi’s fifth visit to the UAE since taking office, and the two leaders have already met five times in the past seven months. The two leaders assessed the bilateral partnership and explored new areas of collaboration, according to the Ministry of External Affairs (MEA), after having discussions at the delegation and one-on-one levels.
The partnership between India and the UAE is expanding and benefits the people of both countries immensely,” Modi also wrote on “X.”
They applauded the strengthening of the comprehensive strategic cooperation across sectors, including trade and investment, energy, digital infrastructure, fintech, infrastructure, culture, and people-to-people linkages, the MEA said in a statement. Regional and international concerns were also covered.
The Bilateral Investment Treaty, which was signed by the two parties, is expected to be a “key enabler for further promoting investments in both countries.” India and the UAE have inked a Comprehensive Economic Partnership Agreement as well as a Bilateral Investment Treaty.
“The Bilateral Investment Treaty is going to have a lasting effect, and the G20 nations will observe that India and the UAE (United Arab Emirates) are progressing in this direction,” Modi said to MBZ.
India-the UAE Economic Corridor
Regional connection would be increased, according to Kwatra, via the Intergovernmental Framework Agreement for Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor (IMEC).
“The primary topics covered under this agreement are those related to collaboration on logistics platforms, which is essential to advancing the goals of this specific quality to the supply chain services, which encompass not only one or two but also all forms of general cargo, including liquid and containers,” the speaker said..
A primary purpose is to assess the speed at which the IMEC can be operationalized and contribute to the main goal of enhancing the regional connectivity among the concerned parties, according to Kwatra.
During the September G20 conference in New Delhi, the corridor was announced.
One potential substitute for China’s Belt and Road Initiative (BRI) is the IMEC.
India and the UAE, Saudi Arabia, Jordan, Israel, and Europe will all be connected by it.
Initiatives for digital infrastructure
An MOU for collaboration on digital infrastructure projects has been inked by the Ministry of Investment of the United Arab Emirates and the Ministry of Electronics and Technology (MEITY) of India.
Bilateral agreement for investments
During a briefing regarding the bilateral investment treaty between the UAE and India, Kwatra stated that the deal will serve as a foundation for more robust and comprehensive investment partnerships, as it goes beyond simply safeguarding current assets.
Complex of National Maritime Heritage
The MOU for the construction of the National Maritime Heritage Complex comes next. This complex of national maritime heritage is located in Gujarat’s Lothal. Both parties will collaborate closely, and the pertinent departments will develop this initiative thoroughly,” he stated.
India’s nautical heritage will be showcased in the National nautical Heritage Complex (NMHC), a tourism complex that is now under construction in the Bhavnagar district of Gujarat, close to Lothal. There will include hotels, resorts, educational facilities, museums, and amusement parks within the complex.
India’s National Archives
“The protocol for collaboration has been decided upon at the National Archives of India. Through the sharing of knowledge, historical data, research, and other activities, the goal is to foster collaboration in the management of archives,” stated Kwatra.
Platforms for instant payments
Additionally, agreements have been signed on the interconnection of domestic debit/credit cards through RuPay (India) and JAYWAN (UAE) and the instant payment systems UPI (India) and AANI (UAE).
Prime Minister Modi also spoke with the inaugural class of IIT Abu Dhabi during his visit. He spoke Tuesday night at the “Ahlan Modi” event, an assembly of the Indian diaspora held in Zayed Sports City.
Later on Wednesday, Modi will preside over a dedication ceremony and the opening of the first Hindu temple in Abu Dhabi.
