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India and the United Arab Emirates (UAE) Thursday signed a Memorandum of Understanding (MoU) bilateral swapping of Indian Rupee with their Dirham.
The MoU was signed between the Reserve Bank of India (RBI) and Central Bank of the United Arab Emirates.
“This MoU promotes bilateral financial relations through currency swap arrangement between the RBI & Central Bank of UAE,” said a statement by the Ministry of External Affairs (MEA).
This was signed during the bilateral meeting between Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed Bin Zayed Al Nahyan and Prime Minister Narendra Modi.
Both sides also signed a crucial MoU on establishing a framework for facilitating the participation of UAE institutional investors in Infrastructure Investments in India.
This would see investments from UAE’s sovereign wealth fund. However, the quantum of investment was yet to be worked out.
For the first time in the history of India-UAE bilateral ties, both sides signed an MoU on cooperation in space technology, science and applications including remote sensing; satellite communication and satellite-based navigation.
This was signed between Indian Space Research Organisation (ISRO) and the United Arab Emirates Space Agency on Cooperation in the Exploration and use of Outer Space for Peaceful Purposes.
Out of the total nine agreements, both sides also signed another MoU on technical cooperation in Cyber Space and in the area of Combating Cyber Crime.
Another MoU was signed between Insurance Regulatory Authority of India (IRDA) and the Insurance Authority of UAE.
“The MoU 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,” the release said.
Rest of the MOUs were in the fields of trade, skill development, renewable energy and cultural cooperation.
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