Prime Minister Narendra Modi has returned to India after concluding his successful visit to France and the United Arab Emirates (UAE). The Prime Minister emplaned from Abu Dhabi in the UAE after completing his day-long visit to the Middle Eastern country. Prior to his visit to the UAE, PM Modi spent two days in France, where he attended the Bastille Day parade as the guest of honor.
During his visit to the UAE, PM Modi and UAE President Al Nahyan witnessed the exchange of three historic Memoranda of Understanding (MoU). One of the MoUs focused on the Local Currency Settlement (LCS) System, which was signed between the Reserve Bank of India and the Central Bank of the United Arab Emirates. This agreement enables the use of Indian Rupee (INR) and UAE Dirham (AED) for cross-border transactions, simplifying international financial interactions.
Another MoU was exchanged for the establishment of a campus of the Indian Institute of Technology (IIT) Delhi in Abu Dhabi, which is the first-ever IIT to be set up in the Middle East/North Africa (MENA) region. This initiative reflects the vision of the leaders and serves as a tribute to the historic relationship between India and the UAE.
The third MoU focused on bilateral cooperation on interlinking the payment and messaging systems between the Reserve Bank of India and the Central Bank of the UAE. This agreement will facilitate the integration of the Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE. It will also enable the interlinking of card switches for the mutual acceptance of domestic cards and the processing of card transactions directly without relying on any other network.
Prior to his visit to the UAE, PM Modi was in Paris, where he was honored with France’s highest civilian and military honor, the Legion of Honour. He was hosted by French President Emmanuel Macron and France’s First Lady Brigitte Macron at the Elysee Palace.
Overall, PM Modi’s visit to France and the UAE has paved the way for enhanced economic collaboration and strengthened bilateral ties. These agreements in various sectors, including finance, education, and technology, reflect the commitment to mutual prosperity and global betterment. The establishment of India’s first IIT in the MENA region further strengthens the cooperation between the two nations in the field of education. With successful outcomes from his visits, PM Modi returns to India with the satisfaction of furthering India’s relations with two significant international partners.
