UAE India Business

UAE India Business Agreement 2024

7 agreements were signed between India and UAE Business to increase mutual cooperation. MSCI has increased India’s weightage in its Global Standard (Emerging Markets) index to a historic high of 18.2%. At the same time, Sonali Korde has been made the assistant to USAID Administrator Samantha Power.

7 agreements signed between India and UAE Business to increase cooperation: India and the United Arab Emirates (UAE) signed seven agreements on Tuesday. These include a Bilateral Investment Treaty (BIT), an Intergovernmental Framework Agreement on the India-Middle East-Europe Economic Corridor, and MoU linking payment systems.

On February 13, 2024, during Prime Minister Modi’s visit to the UAE, India and the United Arab Emirates signed seven agreements to strengthen their strategic partnership and collaboration across various sectors. Here’s a breakdown of the agreements:

I. 7 Agreements Signed

Prime Minister Narendra Modi And UAE President Mohammed bin Zayed Al Nahyan

A. Economic Cooperation:

1. Bilateral Investment Treaty (BIT): This key agreement fosters investment across sectors, providing legal protection and security for investments by both nations.

2. Intergovernmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEC): This framework facilitates regional connectivity by promoting trade and investment along the proposed corridor.

3. Memorandum of Understanding (MoU) on Cooperation in Digital Infrastructure Projects: This agreement encourages collaboration in digital infrastructure development, sharing knowledge and expertise.

4. Agreement on interlinking domestic debit/credit cards: This links India’s RuPay with UAE’s JAYWAN, enhancing card usability and cross-border transactions.

5. Agreement on interlinking instant payment platforms: This connects India’s UPI with UAE’s AANI, enabling faster and easier real-time payments.

B. Other Agreements:

6. Cooperation Protocol between National Libraries and Archives: This promotes cultural exchange by facilitating collaboration in preserving and sharing historical records.

7. Agreement on Mutual Legal Assistance in Criminal Matters: This enhances cooperation in criminal investigations and legal proceedings.

C. Additional agreements:

Before the visit, RITES Limited signed agreements with Abu Dhabi Ports Company to develop port infrastructure, further strengthening connectivity.

D. Significance:

These agreements mark a significant step in deepening India-UAE ties, particularly in economic and cultural spheres. They are expected to:

1. Increase bilateral trade and investment: The BIT and economic agreements will incentivize investments, potentially boosting trade volume beyond the current $85 billion.

2. Enhance regional connectivity: The IMEC framework promotes seamless trade and logistics across the region.

3. Boost digital cooperation: The MoU on digital infrastructure will foster knowledge sharing and joint projects, advancing both nations’ digital economies.

4. Simplify financial transactions: Linking payment platforms and cards will ease money transfers and facilitate business transactions.

5. Promote cultural exchange: Collaboration between libraries and archives will preserve shared heritage and deepen cultural understanding.

These agreements showcase a strong commitment to strengthening the India-UAE strategic partnership, with benefits expected to flow across various sectors and contribute to the prosperity of both nations.

II. Latest Special Information About India UAE

PM Modi Baps Hindu Mandir In Abu Dhabi UAE

 Inspired by Pramukh Swami Maharaj and consecrated by Mahant Swami Maharaj on 14 February 2024, this is the first Hindu traditional mandir to undergo complete digital modeling and seismic simulation. Prime Minister Narendra Modi inaugurated the temple BAPS Hindu Mandir in Abu Dhabi. Public access to the temple will begin on March 1st, 2024.

1. This temple is located in Abu Dhabi, the capital of UAE.

2. The temple has been constructed by ‘Bochasanwasi Akshar Purushottam Swaminarayan Sanstha i.e. BAPS‘.

3. It was built for Rs 700 crore and is spread over 27 acres.

Baps Hindu Mandir 2024

4. UAE President Sheikh Mohammed bin Zayed Al Nahyan donated this place.

5. This temple is built from pink sandstone (red sandstone) of Jaipur, this is the same stone with which the temple in Ayodhya is built.

6. BAPS is an organization that has built more than 1,100 Hindu temples across the world.

7. The Swaminarayan sect started the construction of its first temple in February 1822 in Ahmedabad, Gujarat.

8. Akshardham temple in Delhi has also been constructed by this same organization.

Abu Dhabi Hindu Temple

9. The UAE government cannot be praised enough for the construction of the temple. But the biggest contribution to this is from my brother Sheikh Mohammed bin Zayed.