# IIT Delhi to set up a campus in Abu Dhabi
RNS: India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) to link India’s Unified Payments Interface (UPI) with the Instant Payment Platform of the UAE. This agreement was part of three MoUs signed between the two countries in the banking and education sectors.
Under the MoUs in the banking sector, the focus is on using local currencies for cross-border transactions and establishing cooperation for interlinking the payment and messaging systems of both countries.
Additionally, an MoU in the education sector involves the establishment of an IIT campus in Abu Dhabi, which will be an extension of the Indian Institute of Technology Delhi.
The signing of the MoU on the use of local currencies for cross-border transactions was carried out by the Governor of the Reserve Bank of India, Shaktikanta Das, and the Governor of the Central Bank of UAE, Khaled Mohamed Balama. This agreement covers all current account transactions and permitted capital account transactions.
The meeting between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of India, Narendra Modi took place in Abu Dhabi on 15 July. During the meeting, it was noted that Prime Minister Modi’s visit marked his fifth visit to the UAE in the last eight years.
The leaders also recalled the previous visits, including Prime Minister Modi’s visit in 2015, which was the first by an Indian Prime Minister to the UAE in 34 years. They emphasized the significance of the Comprehensive Strategic Partnership established during Sheikh Mohamed bin Zayed Al Nahyan’s visit to India in 2017.
The leaders expressed satisfaction with the progress made in UAE-India relations, particularly in the economic sphere. Trade between the two countries reached USD 85 billion in 2022, making the UAE India’s third-largest trading partner and second-largest export destination.
The signing of the Comprehensive Economic Partnership Agreement (CEPA) in February 2022 further boosted bilateral trade, which has increased by approximately 15% since May 2022.
Both leaders agreed to enhance cooperation in the energy sector, focusing on oil, gas, and renewable energy. They emphasized collaboration in Green Hydrogen, solar energy, and grid connectivity. Investment in India’s Strategic Petroleum Reserve Programme was also discussed.
Climate change cooperation was recognized as a shared priority, considering India’s presidency of the G20 and the UAE’s upcoming presidency of COP28. The leaders committed to working together to ensure the success of COP28.
Food security was another important aspect discussed during the meeting. The leaders expressed their commitment to strengthening food supply chains and expanding food and agriculture trade, including establishing food corridors in India. The UAE pledged to expedite consultations with Indian stakeholders to facilitate the implementation of relevant projects.
Health cooperation was highlighted as a significant area, with both countries aiming to become reliable global suppliers of vaccines and medicines. They explored opportunities for collaboration in health infrastructure development in both the UAE and India.
The leaders emphasized the deep-rooted people-to-people contacts that have long characterized India-UAE relations. The UAE expressed appreciation for the substantial contribution of the Indian diaspora to its society and economy, further strengthening bilateral ties.
Maritime security and connectivity were identified as key areas for enhancing regional prosperity. The leaders agreed to strengthen cooperation in these areas, along with defense exchanges, experience sharing, training, and capacity building.
A joint commitment to combating extremism and terrorism, including cross-border terrorism, was reiterated. The leaders emphasized the importance of bilateral cooperation in this regard, particularly in countering terrorist financing and extremism. They also stressed promoting peace, moderation, coexistence, tolerance, and rejecting extremism, hate speech, discrimination, and incitement.
Both leaders underscored the significance of multilateralism and collective action in shaping a just and rules-based global order. They highlighted the coordination between India and the UAE as non-permanent members of the United Nations Security Council in 2022 and expressed support for India’s aspirations for permanent membership.
PM, Modi expressed gratitude to President Sheikh Mohamed bin Zayed Al Nahyan for the warm hospitality and looked forward to his presence at the G20 Leaders’ Summit in New Delhi in September this year.
In conclusion, the leaders reaffirmed their commitment to further strengthening the Comprehensive Strategic Partnership, exploring new areas of collaboration, and promoting peace, stability, and prosperity in the region and beyond.
