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India, UAE Ink Pact to Link UPI with Instant Payment Platform

 

India and the United Arab Emirates (UAE) exchanged multiple memoranda of understanding (MoUs) during the visit of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan. The agreements span various areas, showcasing the depth of cooperation between the two nations.

One key MoU focuses on the interlinking of instant payment platforms, specifically the Unified Payments Interface (UPI) of India and the UAE's AANI. This collaboration aims to facilitate seamless cross-border transactions, fostering financial connectivity between India and the UAE.

Several other MoUs were exchanged covering diverse sectors. These include an investment treaty, emphasizing a commitment to fostering investments in both countries. India has previously inked both a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with the UAE.

Cooperation in digital infrastructure projects is also on the agenda, aiming to enhance collaboration, investment, and the exchange of technical knowledge in the digital infrastructure sector. Additionally, an agreement in the field of electrical interconnection and trade promises to open new avenues for collaboration in energy-related areas, including energy security and trade.

An Intergovernmental Framework Agreement was signed for the India-Middle East Economic Corridor, building on previous agreements and aiming to enhance regional connectivity between India and the UAE.

The MoUs extend beyond economic cooperation to encompass cultural and heritage domains. A protocol between the national archives of both countries is set to facilitate extensive bilateral cooperation in archival material restoration and preservation.

In the field of heritage and museums, an MoU aims to encourage engagement and support for the Maritime Heritage Complex at Lothal, Gujarat.

A crucial agreement focuses on the interlinking of domestic payment platforms, connecting RuPay (India) with JAYWAN (UAE). This step is pivotal in enhancing financial sector cooperation and promoting the universal acceptance of RuPay in the UAE.

During the visit, Prime Minister Modi congratulated UAE President Al Nahyan on the launch of the UAE's domestic card, JAYWAN, based on the digital RuPay credit and debit card stack. The leaders witnessed a transaction using the JAYWAN card.

Discussions between the leaders also emphasized strengthening the energy partnership, acknowledging the UAE as a significant source of crude and LPG for India. Notably, India is venturing into long-term LNG contracts with the UAE.

Additionally, RITES Limited, a public sector enterprise in India, signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board to collaborate on port infrastructure development. This initiative aims to enhance connectivity and trade between the two countries.

In essence, these comprehensive MoUs and agreements underscore the commitment of India and the UAE to foster collaboration across various sectors, laying the foundation for a robust and multifaceted bilateral relationship

Feb. 14, 2024 4:02 p.m. 1426

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