India and UAE signed Bilateral Investment Treaty during the Prime Minister of India's visit to UAE

India and UAE signed Bilateral Investment Treaty(BIT) during the Prime Minister of India's visit to UAE

India-UAE signed bilateral investment treaty during prime minister of India's visit. The bilateral investment treaties between two countries aims to promote and protect foreign private investments in each other's territories. The United Arab Emirates has become the country with which India has signed both comprehensive economic partnership agreement (CEPA) and BIT. Also, earlier India has signed CEPA with Japan and South Korea and BIT with Belarus. CEPA covers the negotiation on trade and services and investment and other areas of economic partnership like intellectual property rights. 

Other Key Agreements During The Visit

Further, let us also talk about the key agreements in the treaty. The inter-governmental framework agreement has been made concerning cooperation for empowerment and operation of India-middle-east -Europe or IMC economic corridor. The IMEC calls for a sea-land connectivity project linking India with West Asia and Europe. An MoU on development of national Maritime Heritage complex or NMHC has been signed to build Maritime Heritage complex at Lothal, Gujarat. Moreover, agreement on inter-linking of instant payment platforms such as UPI (India) and AANI (UAE) and domestic debit or credit cards RuPay in India with JAYWAN in UAE. This agreement will further facilitate seamless crossborder transactions and enhance Universal acceptance of RuPay across UAE. Lastly, the establishment of cooperation protocol between National Library and archives of UAE and National Archives of India for restoration and preservation of archive material.

India-UAE Relations

Let us also talk about the India-UAE relations. Economically, UAE is India's second largest export destination and third largest trading partner with total trades standing at $85 billion. In the energy sector, recently both countries have signed long-term contract for supply of LNG. Lastly, in the defense sector, both the countries conduct joint military exercises that is Desert Cyclone.

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