Bilateral Investment Treaty (BIT) and other 6 pacts, signed recently between India and the UAE aims to promote investments and foster economic ties.
About the Bilateral Investment Treaty (BIT):
- It is signed to promote investments in both India and the UAE and will help foster economic ties between the nation and encourage investor confidence.
About the Intergovernmental Framework Agreement on IMEC:
- It is aimed at enhancing regional connectivity and facilitating trade between India, the Middle East, and Europe via IMEC (India-Middle East-Europe Economic Corridor).
- It builds upon existing cooperation and understanding to further enhance regional connectivity.
- It sets the groundwork for increased collaboration in infrastructure development and trade facilitation.
- It fosters closer ties between India and the UAE, promoting economic growth and development in the region.
About the MoUs Linking Payment Systems:
- Agreement on interlinking of instant payment platforms UPI (India) and AANI (UAE): Itfacilitates seamless cross-border transactions and promotes financial integration between the two countries.
- Agreement on inter-linking domestic debit/credit cards RuPay (India) with JAYWAN (UAE): Itenhances financial sector cooperation and promotes the universal acceptance of RuPay in the UAE.
Other key facts:
- Besides that, both the countries have agreed upon for cooperation in Electrical Interconnection and Trade.
- UAE is a country with which India has signed both Comprehensive Economic Partnership Agreement (CEPA) and BIT.
Ref: Source
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