 President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi today witnessed the exchange of three Memoranda of Understanding (MoUs) aimed at catalysing further collaboration and partnerships between the two countries.
The exchange of MoUs came during Prime Minister Modi’s official visit to the UAE, during which the two leaders discussed ways to continue the momentum of growing UAE-India ties following the signing last year of their Comprehensive Economic Partnership Agreement (CEPA).
Key among the MoUs exchanged today is an agreement on commercial exchange in local currencies (dirham / rupee), which promises to further encourage bilateral trade by reducing costs associated with the exchange of currency. The agreement was exchanged between Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and Shaktikanta Das, Governor of the Reserve Bank of India.
A second MoU was exchanged between the Central Bank of the UAE and the Reserve Bank of India, dealing with cooperation regarding the links of rapid payment systems, cards and messaging systems. This too was exchanged between Khaled Mohamed Balama and Shaktikanta Das.
The third MoU was exchanged between the Abu Dhabi Department of Education and Knowledge, the Indian Ministry of Education, and the Indian Institute of Technology (IIT) – Delhi. This agreement relates to the establishment of IIT Delhi – Abu Dhabi, and represents the two nations’ shared will to accelerate the development of their people. The MoU was exchanged between Sarah Al Musallam, Minister of State for Early Education; Sunjay Sudhir, Ambassador of India to the UAE, representing the Indian Ministry of Education; and Professor Ranjan Banarjee, Director, Indian Institute of Technology – Delhi.
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