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IIT Delhi In Gulf, Trade In Local Currencies Focus Of PM’s UAE Visit

IIT Delhi In Gulf, Trade In Local Currencies Focus Of PM's UAE Visit

India and UAE today agreed to work together to promote the use of local currencies for cross-border transactions and to interlink their payment systems. This will help to facilitate trade and investment between the two countries. The two sides also agreed to cooperate in the field of financial technology.

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New Delhi/Abu Dhabi: India and UAE agreed to key economic collaborations and decided to establish an IIT campus in Abu Dhabi during Prime Minister Narendra Modi’s official visit to the Gulf country today. This is a major development for the two countries, as it will help strengthen economic ties and promote cooperation in key sectors.

Here are the top 10 points in this big story:

  • India and UAE today agreed to promote the use of local currencies for cross-border transactions and to interlink the Unified Payments Interface (UPI) with the Gulf country’s Instant Payment Platform (IPP). This will allow businesses in the two countries to make and receive payments quickly and easily. The move is expected to benefit both economies and promote trade and investment.
  • PM Modi shared this update, saying that it’s a very important aspect of India-UAE cooperation and paves the way for enhanced economic collaboration. This will make international financial interactions simpler.
  • Besides, the education ministries of the two countries and IIT-Delhi decided to establish a branch of the premier institute in Abu Dhabi.
  • This is a great step forward in our internationalization of education and demonstrates India’s impressive innovation skills. Education is what unites us and is the spark that starts innovation. We will work together to use this power for mutual prosperity and global betterment, tweeted the Prime Minister.
  • PM Modi flew to Abu Dhabi this morning from France. He held talks with UAE Crown Prince Sheikh Mohamed bin Zayed Al Nahyan, who received him at the airport on his arrival.
  • It was a great honor to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His passion and drive for development are truly admirable. We discussed ways to strengthen cultural and economic ties between India and the UAE.
  • The Prime Minister of India has announced that trade between India and the UAE has increased by 20% since the two countries signed a Comprehensive Economic Partnership Agreement last year. This news comes following a meeting between the Prime Minister and the President of the UAE.
  • He also said that he got the love of a brother from Mr Al Nahyan and that Indians see him as a “true friend”. “The manner in which our countries have expanded, you have made a big contribution to that. I view you as a true friend,” he told the President.
  • The UAE will take over the leadership of COP-28, the United Nations Climate Change Conference, this year. The country’s leadership was assured by Prime Minister Narendra Modi, who met COP28 President-designate Sultan Al Jaber. India pledged its full support for UAE’s presidency for the climate conference.
  • Had a very productive meeting with Dr. Sultan Al Jaber, the President-designate of the United Arab Emirates’ COP28. Our discussions focused on ways to further sustainable development. Highlighted India’s contribution in this direction, in particular our emphasis on Mission LiFE.

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