Thursday, February 22, 2024
Thursday, February 22, 2024
HomeBusinessIndia signs MoU to connect UPI with UAE's AANI instant payment platform

India signs MoU to connect UPI with UAE’s AANI instant payment platform

New Delhi: In a significant step towards enhancing bilateral ties and fostering economic cooperation, India and the UAE exchanged multiple memorandums of understanding (MoUs). Among these agreements was a notable MoU on linking the instant payment platforms of both nations, namely India’s UPI and UAE’s AANI.

The exchange ceremony took place in the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underlining the importance of collaboration between the two nations.

These agreements will enable seamless cross-border transactions between India and the UAE. The MoUs cover various sectors, including investment treaties, digital infrastructure projects and the integration of debit cards, credit cards and online payment platforms.

The Ministry of Foreign Affairs stated that the Bilateral Investment Treaty MoU will greatly support increased investments in both nations. India has ratified a bilateral investment treaty and a Comprehensive Economic Partnership Agreement with the United Arab Emirates.

An MoU has been exchanged to collaborate on electricity interconnection and trade, paving the way for new opportunities for energy cooperation, including energy security and trade.

An Intergovernmental Framework Agreement was also signed between India and the UAE on the India-Middle East Economic Corridor which would build on previous understandings and cooperation on this matter and foster cooperation between India and the UAE by promoting regional connectivity. , stated the MEA.

The agreement on cooperation on digital infrastructure projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and will also facilitate the exchange of technical knowledge, skills and experience.

The two countries have also established a cooperation protocol between the national archives of the two countries, which will shape extensive bilateral cooperation in this field, including the restoration and preservation of archival material.

Another MoU focuses on cooperation in the field of heritage and museums. This would foster engagement between the two countries with the aim of supporting the Maritime Heritage Complex in Lothal, Gujarat.

According to MEA, an agreement was also signed on the interconnection of instant payment platforms UPI (India) and AANI (United Arab Emirates). This will facilitate seamless cross-border transactions between the two countries. This follows the MoU on interconnection of payment and messaging systems signed in July last year during the Honorable Prime Minister’s visit to Abu Dhabi.

Another agreement has been signed on the interconnection of domestic credit and debit cards – RuPay (India) with JAYWAN (UAE). It is an important step in building financial sector cooperation, this will improve the universal acceptance of RuPay in the UAE.

Prime Minister Modi congratulated UAE President Al Nahyan on the launch of the UAE’s national card, JAYWAN, which is based on the RuPay digital credit and debit card stack. The leaders witnessed a transaction made with the JAYWAN card.

The leaders also discussed strengthening the energy partnership. They appreciated that in addition to the UAE being among the largest sources of crude oil and LPG, India is now entering into long-term contracts for LNG, the MEA statement said.

Prior to the visit, RITES Limited signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company. This would help build port infrastructure and further improve connectivity between the two countries. (With ANI inputs)

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