This agreement marks the first of its kind between the United Arab Emirates and the Republic of India in the nuclear sector….reports Asian Lite News
Emirates Nuclear Energy Corporation (ENEC) and Nuclear Power Corporation of India Limited (NPCIL) have signed an agreement to exchange expertise and enhance potential cooperation in various fields such as supply chain development, human resource development, provision of nuclear consultancy services, future investment
This agreement marks the first of its kind between the United Arab Emirates and the Republic of India in the nuclear sector. It represents a significant step towards strengthening the strategic partnership between the two countries and their efforts to reduce the carbon footprint of the energy sector.
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The agreement was signed in the Indian capital, New Delhi, by Mohamed Al Hammadi, Managing Director and Chief Executive Officer Emirates Nuclear Energy Corporation, and Bhuwan Chandra Pathak, Chairman and Managing Director of the Nuclear Power Corporation of India.
Two days ago, Abu Dhabi Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, who was on an official visit to India, attended a business event held in Mumbai, where both nations signed two significant agreements aimed at boosting trade and investment between the two nations.
The first agreement launches the India-UAE Virtual Trade Corridor (VTC) and MAITRI interface, which will facilitate trade and reduce administrative processes, logistics, and transport costs.
The second agreement is a Memorandum of Understanding (MoU) between International Resources Holding RSC LTD and a consortium of Indian companies for global collaboration in critical mineral supply chain exploration in third countries.
“Launch of work on the India-UAE virtual trade corridor (VTC) and MAITRI interface to facilitate VTC under the framework agreement between India and the UAE on the India-Middle East-Europe Economic Corridor (IMEEC),” according to the official statement.
The Virtual Trade Corridor (VTC) will be an integral part of IMEEC. Benefits of VTC include reduction of administrative processes and time, reduction of logistics and transport costs, and enhancing ease of doing business .
MAITRI is a Master Application for International Trade and Regulatory Interface that integrates multiple Indian operational portals to facilitate interfacing with UAE portals.
It optimises efficiencies, leverages technologies, eases regulatory compliance, streamlines operations and enhances transparency. MAITRI is also scalable, secure, unified and credible.
IMEEC is an ambitious infrastructure project which will define global connectivity in the decades to come.
Non-oil trade surged 10% in H1
Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that non-oil trade between the UAE and India surged 10% in the first half of the year.
In statements during the UAE-India Business Forum held in Mumbai today, organised by the Ministry of Economy and the UAE Embassy in New Delhi in cooperation with the Indian Ministry of Commerce and Industry, the minister highlighted the substantial growth in Emirati investments in India. These investments, he explained, reached a remarkable $3.3 billion last year, while Indian investments in the UAE exceeded $2 billion, demonstrating the strong economic ties between the two countries.
The minister added that one of the objectives of the forum is to explore joint cooperation opportunities and continue to benefit from the Comprehensive Economic Partnership Agreement among business leaders and companies in both countries.
AL Zeyoudi also met with India’s Minister of Commerce and Industry, Piyush Goyal and discussed ways to enhance trade relations between the two nations through collaborative efforts.
Piyush Goyal shared some pictures of the meeting on X and stated, “Delighted to meet my good friend H.E. Dr. @ThaniAlZeyoudi, Minister of State for Foreign Trade, UAE. Discussions focused on exploring opportunities under the India-UAE Comprehensive Economic Partnership Agreement and advancing bilateral trade relations through collaborative efforts.”
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