During bilateral talks with Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, Prime Minister Narendra Modi signed several significant Memorandums of Understanding (MoUs) to enhance and solidify the relationship between the two nations.
Here are the key highlights of the deals signed between India and the UAE.
New IIT Delhi Campus in Abu Dhabi
A branch of India's top engineering institute, IIT (Indian Institute of Technology) Delhi, will soon open its doors in Abu Dhabi.
The Indian Ministry of Education, the UAE’s Abu Dhabi Department of Education and Knowledge and the Indian Institute of Technology, Delhi (IIT) signed an MoU to launch the first-ever IIT in the Middle East/North Africa (MENA) region.
Prime Minister Narendra Modi tweeted about the recent signing of Memorandums of Understanding (MoUs) with the UAE government.
© Photo : Twitter/@narendramodi
Promoting Local Currencies
The Reserve Bank of India and the Central Bank of the UAE (CBUAE) signed a MoU on the Local Currency Settlement (LCS) System.
This will promote the use of India's Rupee (INR) and the UAE's Dirham (AED) for cross-border transactions.
Interlinking Payment System
The Reserve Bank of India and the Central Bank of the UAE (CBUAE) also signed another MoU that will facilitate the integration of the Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE.
The agreement will also enable interlinking card switches of the two countries – RuPay switch and UAESWITCH that will facilitate the mutual acceptance of their domestic cards and processing of card transactions directly without relying on any other network.
Prime Minister Narendra Modi tweeted about the recent signing of Memorandums of Understanding (MoUs) with the UAE government.
© Photo : Twitter/@narendraModi
India and the UAE also held bilateral talks focusing on trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.