India, UAE signed nine agreements including renewable energy and finance
The two nations inked an agreement on technical cooperation in Cyber Space and in the area of Combating Cyber Crime.
India and United Arab Emirates (UAE) on 11 February 2016 signed nine agreements. The agreements covered a wide range of sectors like the sphere of cyber security, infrastructure, renewable energy and finance.
The pacts were inked after talks between visiting Crown Prince of Abu Dhabi Sheikh Mohamed Bin Zayed Al Nahyan and Prime Minister Narendra Modi at Hyderabad House in New Delhi.
The signed agreements were
• MoU on Technical Cooperation in Cyber Space and Combating Cyber Crime: The agreement signed between the Ministry of Interior of the United Arab Emirates and the Ministry of Home Affairs of the Republic of India MoU provides for technical cooperation in Cyber Space and in the area of Combating Cyber Crime.
• MoU on Establishing a Framework for Facilitating the Participation of UAE institutional investors in Infrastructure Investments in India: The MoU aims at establishing a framework for facilitating the participation of UAE institutional investors in Infrastructure Investments in India.
• General Framework Agreement on Renewable Energy Cooperation: The framework agreement provides for bilateral cooperation through extensive projects, investments, cooperation in R & D in renewable and clean energy. Knowledge sharing platforms could also be enacted.
• MoU on Cooperation in the Exploration and use of Outer Space for Peaceful Purposes: It was inked between Indian Space Research Organisation (ISRO) and the United Arab Emirates Space Agency and establishes a framework for cooperation in space science, technology and applications including remote sensing; satellite communication and satellite based navigation.
• MoU for bilateral cooperation in the field of insurance supervision: The MoU between Insurance Regulatory Authority of India (IRDA) and the Insurance Authority of UAE aims at promoting cooperation between the concerned authorities in the field of insurance supervision through a framework for cooperation and by increasing mutual understanding through the exchange of regulatory and relevant supervisory information to ensure compliance with their respective laws and regulations.
• Executive Programme for Cultural Cooperation (EPCC) between India and UAE: The Cultural Exchange Programme 2016 – 2018 follows from the existing bilateral cultural agreement (1975) and provides for a range of cultural exchange activities under the new EPCC.
• Letter of Intent on Cooperation for skill development and recognition of qualifications: It was inked between the Ministry of Skill Development and Entrepreneurship (MSDE), India and The National Qualifications Authority (NQA), UAE and provides collaboration on skill developments and mutual recognition of qualifications.
• MoU for exchange of information on trade and business opportunities: The MoU was signed between Dubai Economic Council (DEC) and Export-Import bank of India. It provides for both parties to exchange information on trade and business opportunities and to further the goal of facilitating procurement of Indian goods and services by Dubai Government.
• MoU on Indian Rupee (INR)/UAE Dirham (AED) Bilateral Currency Swap Arrangement: The agreement between Reserve Bank of India and Central Bank of the United Arab Emirates promotes bilateral financial relations through currency swap arrangement between the RBI & Central Bank of UAE.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App