Investment treaty, UPI to IMEC, PM Modi holds wide-ranging talks with UAE President

Prime Minister Narendra Modi on Tuesday held wide-ranging talks with the UAE’s President Sheikh Mohamed bin Zayed Al Nahyan to take forward the bilateral strategic partnership.

Both leaders held one-on-one and delegation-level talks, reviewed the bilateral partnership and discussed new areas of cooperation. They also talked about deepening the comprehensive strategic partnership across sectors, including trade and investment, digital infrastructure, fintech, energy, infrastructure, culture and people-to-people ties, the MEA said in a statement.

Bilateral Investment Treaty: This agreement will be a key enabler for further promoting investments in both countries. India has signed both a Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with UAE.

MoU on cooperation in the field of electrical interconnection and trade: This opens new areas of collaboration in the field of energy, including energy security and energy trade.

An Intergovernmental Framework Agreement between India and UAE on the India-Middle East Economic Corridor: This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.

MoU on cooperation in Digital Infrastructure Projects: This 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.

Cooperation protocol between the National Archives of the two countries: This protocol will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.

MoU for cooperation in the field of heritage and museums: This would foster engagement between the two countries aimed at supporting the Maritime Heritage Complex at Lothal, Gujarat.

Agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE): This 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 Hon’ble PM’s visit to Abu Dhabi.

Agreement on inter-linking domestic debit/credit cards – RuPay (India) with JAYWAN (UAE): An important step in building financial sector cooperation, this will enhance the universal acceptance of RuPay across the UAE.

Prime Minister congratulated President Sheikh Mohamed bin 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.

PM Modi also thanked President Mohamed bin Zayed for his support and for his graciousness in granting the land for the construction of the BAPS Temple in Abu Dhabi. Both sides noted that the BAPS Temple is a celebration of UAE-India friendship, deep-rooted cultural bonds and an embodiment of the UAE’s global commitment to harmony, tolerance and peaceful coexistence, it said.

Modi was received at the airport by Mohamed bin Zayed where they hugged each other. He was later given a guard of honour.”Immensely grateful to my brother, HH @MohamedBinZayed for taking the time to receive me at Abu Dhabi airport,” Modi posted on X.

“I thank you for this grand welcome of me and my team. As you said, I feel that whenever I have come here, I have always felt that I have come to my home and family,” Prime Minister Modi said in his opening remarks at the bilateral meeting with the UAE President.

“We have met five times in the last seven months. Today, there is a mutual partnership between India and UAE in every sector,” he said.

Modi, who will inaugurate the Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS) Mandir, the first Hindu stone temple in Abu Dhabi, on Wednesday, said: “The BAPS temple in the UAE is an example of your affinity for India.”He said the construction of the BAPS temple in Abu Dhabi would not be possible without the support from the UAE’s leadership.

India and the UAE are going to sign a bilateral investment treaty, the Prime Minister said.