India signs deal with UAE to fast-track operation of vital India-Middle East-Europe Economic Corridor

As Prime Minister Narendra Modi visits the Gulf, India and the UAE signed an agreement to quickly implement the ambitious India-Middle East-Europe Economic Corridor, despite a push by the Houthis in Israel and Hamas There were many attacks on ships in the Red Sea during the war.

Foreign Secretary Vinay Quatra said on Wednesday that Modi discussed the G-20 summit in New Delhi in September last year during his talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday. IMEC issues announced during.

The India-Middle East-Europe Economic Corridor (IMEC) will connect India, the United Arab Emirates (UAE), Saudi Arabia, Jordan, Israel and Europe and is seen as an important alternative to China’s “One Belt, One Road” Initiative (BRI). ), a multinational infrastructure project.

Briefing reporters on Modi’s visit to the UAE, Kwatra said the inter-governmental framework agreement on empowerment and operational cooperation of the India-Middle East-Europe Economic Corridor (IMEC) will further promote regional connectivity.

“One of the objectives is to understand how quickly IMEC can operate and contribute to the core objective of stronger, deeper and broader regional connectivity among all parties involved,” he said.

Quatra said ongoing unrest in the region over the conflict in Gaza and the situation in the Red Sea was worrying.

“Both countries and leaders will continue to monitor, supervise and exchange views on it. But it is also important to ensure that the economic cooperation that can be pursued and advanced continues to persist and maintain momentum,” the foreign secretary said.

Kwatra said that the main areas of the IMEC agreement are those related to cooperation on logistics platforms, which is a key factor in advancing this specific quality goal of supply chain service delivery.

“Our supply chain services are not limited to just one or two things, but cover all types of general cargo, bulk containers and liquid bulk cargo,” he said.

It is also reported that the UAE Ministry of Investment and the Indian Ministry of Electronics and Technology (MEITY) 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, and 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 be looking to form partnerships under this specific digital infrastructure MoU,” he added.

Introducing the bilateral investment treaty between India and the UAE, Kwatra said the agreement will lay the foundation for a stronger, broader and broader investment partnership as it does not only focus on protecting existing investments.

Apart from the agreement to fast-track the important IMEC, India and the UAE also signed a number of bilateral agreements during Prime Minister Narendra Modi’s visit to the Gulf region.

He will inaugurate the largest Hindu stone temple in Abu Dhabi on Wednesday after attending an “Alam Modi” event on Tuesday that saw massive participation from the Indian diaspora.

Modi attended the World Government Summit in Dubai and after the temple event, he will travel to Doha to meet the leader of Qatar as part of his two-day visit to the Gulf region, his first since 2015. Seven visits.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)