India and UAE sign framework for India-Middle East Economic Corridor and sign 10 MoUs

External Affairs Minister Vinay Kwatra said that the Inter-Governmental Cooperation Framework Agreement on the India-Middle East Economic Corridor (IMEC) signed by the Government of India and the Government of the United Arab Emirates aims to understand how IMEC operates and whether it achieves the core goals set by the two countries.

He also said that India and the UAE signed the agreement in the presence of Indian Prime Minister Narendra Modi and UAE President Mohamed bin Zayed Al Nahyan, who are on a two-day visit to the West Asian country. 10 Memoranda of Agreement.

“This agreement establishes cooperation and explores specific actions that both parties will take to promote cooperation in this area,” Quatra said.

“Now, supply chain services are not limited to just one or two things, but cover all types of general cargo, bulk containers and liquid ball cargo. One of the purposes of this is to understand the start-up, operations and benefits of IMEC speed towards the core objective of stronger, deeper and broader regional connectivity among all parties involved,” Kwatra further added.

The IMEC initiative was launched during the 2023 G20 Summit in New Delhi.

Quatra stressed that the main areas covered by the agreement relate to cooperation on logistics platforms, which is a key factor in advancing the objectives of this particular corridor.

India and the UAE signed a memorandum of understanding to further strengthen cooperation in the field of power connectivity and trade, aiming to strengthen the partnership between the two countries in the field of energy trade and security, with a focus on green hydrogen.

“Of course, investment policy research, research, development and innovation cooperation across the clean and green energy sector will also form an important part of the partnership under this MoU,” Quatra added.

The UAE Ministry of Investment and the Indian Ministry of Electronics and Technology (MEITY) have signed a memorandum of understanding on cooperation in digital infrastructure projects.

“This is a framework agreement focused on investment cooperation in the field of digital infrastructure. Naturally, the focus is on developing capabilities and sharing technical knowledge, advice, skills and expertise within this specific framework. Government agencies as well as regulators will also seek to The partnership is established under this specific digital infrastructure MOU.

“This will focus on some key areas of the digital space, including high-power computing, digital innovation and platforms related to data management,” he said.

Presenting the India-UAE Bilateral Investment Treaty, Kwatra said the agreement will lay the foundation for a stronger, broader and broader investment partnership as it not only looks at protecting existing investments but also promotes further Investment targets in India and UAE. capital flows between the two countries.

“(Signed) Memorandum of Understanding on the development of the National Marine Heritage Complex. This is the National Marine Heritage Complex in Lothal, Gujarat. The two parties will work closely together and the relevant departments will fully promote the project.”

The National Maritime Heritage Complex (NMHC) is a tourism complex under construction near Lothal in Bhavnagar district, Gujarat, India, that will showcase India’s maritime heritage. The complex will house museums, amusement parks, educational institutions, hotels and resorts.

“The National Archives of India has agreed on a cooperation agreement. The objective is to promote cooperation in archives management through exchange of expertise, historical information, search and research, etc.,” Kwatra said.

Agreements were also signed on the interconnection of instant payment platforms UPI (India) and AANI (UAE), as well as an agreement on the interconnection of domestic debit/credit cards – RuPay (India) and JAYWAN (UAE).

(Inputs from PTI)