India, UAE agree to integrate financial transactions

New Delhi: Finance Minister Nirmala Sitharaman and UAE’s Minister of State for Financial Affairs Obaid Al Tayer have agreed to cooperate in the area of FinTech especially UPI and RuPay card, thereby integrating financial transactions between two economies.

Video conference

During a video conference held on Monday, the leaders expressed respect for the long-standing relationship between India and UAE, and the need to take it further in mutually in beneficial ways.

“FM mentioned that with NIP (National Infrastructure Pipeline), there are greater avenues between India & UAE to collaborate in the field of infrastructure investment. The leaders agreed to cooperate in area of FinTech especially UPI & RuPay card, thereby integrating financial transactions between two economies,” the Ministry of Finance tweeted.

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Both the leaders also agreed to work together in aligning the interests of India and UAE in various international forums including G-20 and ITU (International Telecommunication Union), for achieving common goals.

Earlier, Minister of External Affairs S Jaishankar co-chaired the 13th India-UAE Joint Commission Meeting on Trade, Economic and Technical Cooperation along with Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs in which the two sides reviewed the continuing growth of their cooperation.

Comprehensive Strategic Partnership

Jaishankar said after the virtual meeting that the Comprehensive Strategic Partnership between the two countries is growing. He said the two sides reviewed the continuing growth of their broad-based cooperation. “Their content and expanse are a testimony to our new era of relations,” he said in a tweet.

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“Encouraged by our close collaboration in dealing with health, trade and travel challenges due to COVID-19. Discussed major regional and international developments. Our Comprehensive Strategic Partnership grows by the day,” he said in another tweet.

During the meeting, the Indian side invited further investments from the UAE in key sectors of the Indian economy such as infrastructure including logistics, food parks, highways, ports, airports, renewable energy and defence.

Next session

Both sides agreed to hold the next Session of the India-UAE Joint Commission Meeting in Abu Dhabi in 2021.

The specific dates of the meeting will be finalised by both sides through diplomatic channels.

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