Numerous memoranda of understanding were exchanged between India and the United Arab Emirates, overseen by Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan. One notable MoU pertained to linking the instant payment platforms UPI and UAE’s AANI, aiming to streamline cross-border transactions.
The range of MoUs encompassed various sectors, from investment treaties to digital infrastructure projects, including the integration of debit cards, credit cards, and online payment platforms. The Ministry of External Affairs emphasized the significance of the Bilateral Investment Treaty MoU in promoting investments in both nations, alongside the Comprehensive Economic Partnership Agreement already established between India and UAE.
Additionally, agreements were exchanged for collaboration in electrical interconnection, trade, and the India-Middle East Economic Corridor. These agreements aim to enhance cooperation in energy, regional connectivity, and economic corridors.
Furthermore, a cooperation protocol was established between the national archives of both countries, focusing on archival material restoration and preservation. Similarly, an MoU concerning heritage and museums was inked, emphasizing support for the Maritime Heritage Complex at Lothal, Gujarat.
Notably, an agreement was signed to interlink UPI (India) and AANI (UAE) instant payment platforms, further easing cross-border transactions. Another significant pact involved linking domestic debit and credit cards, namely RuPay (India) with JAYWAN (UAE), fostering financial sector cooperation and expanding RuPay’s acceptance in the UAE.
During the visit, Prime Minister Modi commended UAE President Al Nahyan on the launch of JAYWAN, a domestic card based on the RuPay digital credit and debit card stack. The leaders observed a transaction made using the JAYWAN card.
Energy partnership discussions highlighted the UAE’s role as a major source of crude and LPG for India, with India now securing long-term LNG contracts. Additionally, RITES Limited signed agreements with Abu Dhabi Ports Company and the Gujarat Maritime Board, aiming to enhance port infrastructure and connectivity between the two nations.