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India signs MoU to link UPI with UAE’s instant payments platform ANI

Abu Dhabi: several MoUs including one Memorandum of understanding On linking instant payment platforms – is i and AANI of UAE was exchanged between India and UAE in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan.
This will facilitate seamless cross border transactions between the two countries.
The MoU covered a wide range of areas ranging from investment pact, digital infrastructure projects and interlinking of debit cards, credit cards and online payment platforms.
The Ministry of External Affairs said in a statement that the MoU for a bilateral investment treaty will be an important enabler to further promote investment in both the countries. India has signed both a bilateral investment treaty and a comprehensive economic partnership agreement with the UAE.
An MoU has been exchanged for cooperation in the field of power interconnection and trade which will open new areas of cooperation in the field of energy including energy security and energy trade.
An Intergovernmental Framework Agreement between India and the UAE on the India-Middle East Economic Corridor was also signed, which will build on previous understanding and cooperation on the matter and will further strengthen India and UAE’s cooperation in furthering regional connectivity. Will promote cooperation, the Ministry of External Affairs said.
The Agreement for Cooperation in Digital Infrastructure Projects will create a framework for comprehensive cooperation including investment cooperation in the digital infrastructure sector and will also facilitate sharing of technical knowledge, skills and expertise.
The two countries have also established a cooperation protocol between the national archives of the two countries, which will shape broader bilateral cooperation in this field, including the restoration and preservation of archival materials.
Another MoU focuses on cooperation in the field of heritage and museums. This will boost engagement between the two countries, with an aim to support the maritime heritage complex at Lothal, Gujarat.
According to the Ministry of External Affairs, an agreement has also been signed on interconnecting instant payment platforms – UPI (India) and UPI (UAE). This will facilitate seamless cross border transactions between the two countries. This follows the MoU on Interlinking Payments and Messaging Systems signed in July last year during the visit of the Honorable Prime Minister to Abu Dhabi.
Another agreement on interconnecting domestic debit and credit cards has been signed – RuPay (India) and Jaywan (UAE). This is an important step in building cooperation in the financial sector, which will increase the universal acceptance of RuPay across the UAE.
Prime Minister Modi congratulated UAE President Al Nahyan on the launch of UAE’s domestic card, Jaiwan, which is based on the digital RuPay credit and debit card stack. The leaders looked at the transactions done using Jaiwan cards.
The leaders also discussed strengthening energy partnership. The MEA statement said they appreciated that apart from the UAE being one of the largest sources of crude oil and LPG, India is now entering into long-term contracts for LNG.
Ahead of the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board signed an agreement with Abu Dhabi Ports Company. These will help in building port infrastructure and further enhancing connectivity between the two countries.

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