India, UAE sign bilateral investment treaty, other agreements

14 Feb '24

1 min read

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India and the UAE yesterday signed a bilateral investment treaty along with other agreements on a variety of fields, including energy, fintech and digital infrastructure projects, during Prime Minister Narendra Modi's two-day visit to the latter.
Two other agreements on interlinking of instant payment platforms and debit-credit cards were signed as well.

India and the United Arab Emirates (UAE) yesterday signed a bilateral investment treaty along with other agreements on a variety of fields, including energy, fintech and digital infrastructure projects, during Prime Minister Narendra Modi's two-day visit to the latter.

The bilateral investment treaty will be a key enabler for further promoting investments in both countries, the Indian ministry of external affairs said in a release.

India already has a Comprehensive Economic Partnership Agreement with the UAE.

An inter-governmental framework agreement on cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor was signed.

Two other agreements—one on interlinking of the instant payment platforms UPI (India) and AANI (UAE), and the other on interlinking domestic debit and credit cards RuPay (India) with JAYWAN (UAE)—were signed as well.

Ahead of the visit, India’s RITES Limited and Gujarat Maritime Board signed separate agreements with Abu Dhabi Ports Company to help build port infrastructure and further enhance connectivity between the two countries.

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