PM Modi in UAE: India and UAE Announce Landmark Agreements

After French President Emmanuel Macron, UAE President Sheikh Mohamed bin Zayed Al Nahyan welcomed PM Modi in UAE to boost bilateral relations. The two countries reached several crucial agreements that promise to take their trade and people-to-people relations to new heights over the next few years. The United Arab Emirates has officially accepted India’s Unified Payments Interface (UPI) by announcing that it will merge with UAE’s Instate Payments Platform. The two countries also signed a MoU of Local Currency Settlement, which will enable cross-border payments in Indian Rupee and Dirham.

The expansion of UPI also took place earlier in France, as the nation agreed to conduct payments through the Indian digital payment platform. Another major decision announced by PM Modi in UAE is that India will be opening the first IIT institution in Abu Dhabi to boost ties between the two nations in the education sector. This will be the first IIT institute not just in UAE but the entire middle east and the North-African region. It will be equipped with all modern facilities that will facilitate not just education for the local community but also research in the field of science and technology.

Image source: PTI