PM Modi returned home on Saturday (July 15) after visiting France and the United Arab Emirates (UAE). After a two-day visit to France, the PM reached the UAE on Saturday for a one-day visit. Where he discussed further strengthening of bilateral relations with UAE President Sheikh Mohammed bin Zayed Al Nahyan.
Let us tell you what deals have been done between the two countries during this visit of PM Modi. India and UAE have signed an agreement to start business transactions in their respective currencies. India is trying to promote transactions in local currencies to reduce dependence on business done in US dollars.
In this sequence, business has been started with many countries in rupees. An official statement said that the intention to set up a Local Currency Settlement System (LCSS) has also been expressed in the MoU between India and the UAE for doing business in local currencies. This will increase the bilateral use of both Indian Rupee and UAE Dirham.
Apart from this, it was also agreed to link India’s Unified Payment Interface (UPI) with UAE’s Instant Payment Platform (IPP). Along with this, it was also agreed to link the card switch RuPay and UAESwitch of both the countries. According to the Reserve Bank of India, both the agreements will enable cross-border transactions and payments and promote greater economic cooperation.
It was agreed to set up the campus of IIT Delhi in Abu Dhabi. The Ministry of Education and Abu Dhabi’s Department of Education and Knowledge (ADEK) have signed an agreement to set up the Indian Institute of Technology (IIT) Delhi campus in the Gulf country. This step is part of the campaign to make IIT global.
PM Modi also met Sultan Al Jaber, the designated President of the United Nations Climate Conference to be held in the UAE and assured India’s full cooperation during the COP-28 chairmanship. He said that preparations for COP-28 to be held in UAE are going on under the leadership of the President of UAE. He has made up his mind to participate in the conference to be held later this year.
The 2023 United Nations Climate Change Conference or Conference of Parties of the UNFCC, commonly known as COP-28, will be held in Dubai from 30 November to 12 December. A joint statement issued during the visit said the leaders resolved to further enhance bilateral partnership in areas such as oil, gas and renewable energy.
PM Modi was given a ceremonial welcome at Rashtrapati Bhavan ‘Qasr Al Watan’. Where the President of UAE warmly welcomed him. During this, a guard of honor was also given to the Prime Minister. PM Modi told the UAE President that you have a huge contribution in the way the relations between our countries have expanded. Everyone in India sees you as a true friend.
Image Source and Also input from PTI .
