India, UAE ink pacts on linking digital payment Platforms, Trade, Energy

Syllabus: GS- II

Subject: International Relations

Topic: India’s relations with other nations.

Tags: #India-UAE #IMEC #BAPSTemple.

Context: India and the UAE signed pacts on trade, energy, and digital payments.

Key Agreements:

  • investment promotion,
  • port infrastructure,
  • power trade.
  • India-Middle East Economic Corridor.
  • digital payment platforms
  • cultural cooperation.
  • Modi thanked UAE for supporting the construction of the BAPS Temple in Abu Dhabi,

IMEC (India-Middle East Economic Corridor ):

·         It involves India, the UAE, Saudi Arabia, the EU, France, Italy, Germany, and the US.

·         It aims to boost trade, particularly in energy products, among these countries.

·         IMEC consists of an Eastern Corridor linking India to the Gulf and a Northern Corridor connecting the Gulf to Europe.

·         It includes railway, ship-rail transit, and road transport networks.

·         The corridor features rail, electricity, hydrogen, and data cable links.

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