{"id":89022,"date":"2024-02-14T00:00:00","date_gmt":"2024-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-india-to-launch-a-trade-corridor\/"},"modified":"2024-02-14T00:00:00","modified_gmt":"2024-02-14T00:00:00","slug":"uae-india-to-launch-a-trade-corridor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/14\/uae-india-to-launch-a-trade-corridor\/","title":{"rendered":"UAE + India to launch a trade corridor"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Major bilateral investments are in store for UAE, India: <\/strong>President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi signed several agreements yesterday to encourage investments and cooperation across energy, technology, and trade between the two countries, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b1n6u5s-uae-president-prime-minister-india-discuss\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreements have been a long time coming: <\/strong>While the value of the agreements was not disclosed, news of the government planning to invest USD 50 bn in India this year \u2014 its second-largest trading partner \u2014 was reported by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-02\/abu-dhabi-weighs-investment-pledges-worth-50-billion-for-india\" style=\"\" rel=\"noopener\">Bloomberg<\/a> back in November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The UAE and India will set up a multi-modal trade corridor linking Europe with India <\/strong><strong>through the Middle East<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india-uae-sign-pact-trans-continental-trade-corridor-2024-02-13\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/india-uae-sign-pact-trans-continental-trade-corridor-2024-02-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. No further details about the agreement were made public. The corridor \u201cwould build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity,\u201d India\u2019s External Affairs Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/37620\/Prime_Ministers_meeting_with_the_President_of_the_UAE\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The corridor, which would connect India to Europe through the UAE, KSA, Jordan, and Israel, was initially announced on the sidelines of the <a target=\"_blank\" href=\"https:\/\/www.g20.in\/en\/g20-india-2023\/new-delhi-summit\/new-delhi-summit.html\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.g20.in\/en\/g20-india-2023\/new-delhi-summit\/new-delhi-summit.html\" style=\"\" rel=\"noopener\">G20 summit<\/a> in September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The UAE will connect its instant payment platform AANI with India\u2019s UPI<\/strong> to \u201cfacilitate seamless cross-border transactions between the two countries,\u201d the statement read. The two states also agreed on connecting their domestic debit and credit cards to streamline the use of India\u2019s RuPay across the Emirates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Other agreements signed include:<\/strong><\/p>\n<ul>\n<li>A bilateral investment treaty to serve as a \u201ckey enabler\u201d for boosting bilateral investments;<\/li>\n<li>Several MoUs to cooperate in energy and electricity interconnection, trade, and digital infrastructure; and<\/li>\n<li>A cooperation protocol between the National Library and Archives of the UAE and the National Archives of India on archival and historical material restoration <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Mubadala has its eyes on India:<\/strong> India is an \u201cinteresting\u201d market for innovation, with the world\u2019s largest population and one of the most digitized economies and steady GDP growth, Mubadala CEO Khaldoon Al Mubarak said at the World Governments Summit (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2024\/02\/12\/u-s-will-remain-aa-very-attractive-marketa-and-aa-hub-for-innovationa-group-ceo-of-mubadala-says.html?&qsearchterm=\" style=\"\" rel=\"noopener\">watch, runtime: 5:23<\/a>). The country\u2019s growth trajectory will be largely underpinned by infrastructure, Al Mubarak said, stressing that it\u2019s important to \u201ckeep a close eye\u201d on its growth story. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two countries signed eight partnerships to advance bilateral ties<\/p>\n","protected":false},"author":1,"featured_media":89023,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[7,73,1342,25,1334],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-uae","tag-india","tag-investment","tag-investment-watch","tag-trade","wpautop","entry"],"acf":{"mongo_id":"a74b31fb-a0cb-4ff4-9afc-32dbb0b029ef","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1280.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE + India ink pact on trans-continental trade route","related_issue":[89018],"teaser":"The two countries signed eight partnerships to advance bilateral ties","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.3bf9c076-a42b-4bc5-ba0a-0651669e878a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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