UPI RuPay: In a significant move to deepen bilateral relations with the United Arab Emirates (UAE), Prime Minister Narendra Modi met with UAE President Sheikh Mohammed Bin Zayed Al Nahyan on February 13th in Abu Dhabi. The two leaders launched the much-anticipated UPI RuPay card service, paving the way for seamless cross-border transactions between the two nations. This follows a Memorandum of Understanding (MoU) signed last year on interlinking payment and messaging systems.
UPI RuPay: Boosting trade and financial ties
The launch of the UPI RuPay card service marks a major step forward in facilitating trade and financial interactions between India and the UAE. This initiative, coupled with the potential signing of a bilateral investment treaty, stands to significantly boost economic cooperation between the two nations. Prime Minister Modi, while interacting with the UAE President, highlighted the importance of this step, calling it “big news for the G20 countries.”
Strengthening strategic partnership:
The meeting between PM Modi and President Nahyan focused on further strengthening the strategic partnership between India and the UAE. Discussions spanned various key areas, including energy, ports, fintech, digital infrastructure, railways, and investment flows. Several agreements are expected to be signed, aimed at fostering deeper collaboration in the UPI RuPay domains.
Inaugurating the first Hindu temple in Abu Dhabi:
Adding a cultural dimension to the visit, Prime Minister Modi will also inaugurate the Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS) Mandir, the first Hindu stone temple in Abu Dhabi, on February 14th. This landmark moment signifies the growing interfaith understanding and tolerance between India and the UAE.
Significance of the visit:
Prime Minister Modi’s visit to the UAE underscores the increasing strategic importance of the relationship between the two nations. The initiatives launched and agreements expected to be signed during this visit are poised to propel bilateral cooperation to new heights in various crucial domains. Additionally, the inauguration of the BAPS Mandir serves as a powerful symbol of cultural exchange and strengthens the bonds between the Indian and Emirati communities.
Looking ahead:
The successful outcome of this visit is expected to pave the way for continued growth and collaboration between India and the UAE in the years to come. The initiatives launched and agreements signed hold immense potential to benefit both nations, fostering stronger economic ties, enhanced cultural understanding, and a more robust strategic partnership.