UAE, India ink 10 pacts for collaboration during PM Modi's visit: Foreign Secretary Vinay Kwatra
Abu Dhabi (PTI): In a bid to further strengthen their bilateral relationship, India and the UAE have inked 10 pacts for collaboration in key sectors like energy, infrastructure, investments, and management of archives, Foreign Secretary Vinay Kwatra said here on Wednesday.
The 10 memoranda of understanding and agreements were signed during the meeting Prime Minister Narendra Modi had with UAE President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday.
He said the MoU in the field of electricity interconnection and trade will focus on green hydrogen and energy storage, besides cooperation on ensuring energy security and trade.
Kwatra said the Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor (IMEC) will further regional connectivity.
"The main areas under this agreement include cooperation on logistics platforms which is a crucial element of furthering the objectives of these particular corridors and provision of supply chain services to cover all types of general cargo, bulk containers, and liquid," he said.
"One of the aims is to see how quickly the IMEC gets operated and benefits the core objective of stronger, deeper, more extensive regional connectivity between the parties involved," Kwatra said.
The corridor was announced in New Delhi during the G20 summit in September.
The IMEC is being seen as an alternative to China's Belt and Road Initiative (BRI).
The IMEC will connect India, the United Arab Emirates (UAE), Saudi Arabia, Jordan, Israel and Europe.
Kwatra said the MoU on Cooperation in Digital Infrastructure Projects will create a framework for wide-ranging cooperation, including investment cooperation, in the digital infrastructure sector and also facilitate the sharing of technical knowledge, skills and expertise.
"Government agencies as well as regulatory authorities will seek to forge partnerships under this MoU. This would focus on key areas of digital space that includes high power computing, digital innovation, and platforms relating to management of data," the foreign secretary said.
He said the Bilateral Investment Treaty will set the basis for a stronger, wide-ranging investment partnership because it focuses, not just on protecting the existing investments, but also advances the objective of further capital flows between the two economies.
The MoU on the Development of the National Maritime Heritage Complex (NMHC) would foster engagement between the two countries aimed at supporting the Maritime Heritage Complex at Lothal, Gujarat.
"The two sides will work closely to develop this project in a comprehensive fashion," the foreign secretary said.
He said the Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India will shape extensive bilateral cooperation in this field including restoration and preservation of archival material.
The protocol will promote cooperation in archives management through the exchange of expertise, historical information, research, and studies.
The agreement on interlinking of the instant payment platforms - UPI (India) and AANI (UAE) will facilitate seamless cross-border transactions between the two countries.
Kwatra said the agreement on inter-linking domestic debit/credit cards - RuPay (India) with JAYWAN (UAE) was an important step in building financial sector cooperation and will enhance the universal acceptance of RuPay across the UAE.
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Iran attacks oil tanker near Dubai; Trump warns of strikes on energy sites if Hormuz remains shut
Tel Aviv/Washington: Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Monday after US President Donald Trump warned that Washington would target Iran’s energy infrastructure if the Strait of Hormuz is not reopened.
According to a Reuters report, the Kuwait-flagged tanker Al-Salmi is owned by Kuwait Petroleum Corporation and was capable of carrying around 2 million barrels of crude. . It was struck in what authorities later described as a drone attack. The company said the incident occurred early Tuesday, causing a fire and hull damage. No injuries were reported and the fire was brought under control, Dubai authorities said .
Oil prices rose briefly following the attack and added to volatility in global energy markets. In the United States, retail gasoline prices crossed $4 per gallon for the first time in more than three years, according to data from GasBuddy, as crude prices moved above $101 per barrel.
Israel said it carried out missile strikes on military infrastructure in Tehran and on sites linked to Iran-backed Hezbollah in Beirut. Explosions were reported in parts of Tehran, with Iran’s Tasnim news agency saying power outages occurred in the eastern Pirouzi district following the blasts.
The Israel Defense Forces said four soldiers were killed in southern Lebanon. In recent days, three peacekeepers serving with the United Nations Interim Force in Lebanon were also killed in separate incidents in the same area.
Iran’s military spokesperson said Tehran’s latest wave of missile and drone strikes targeted US military positions at five bases in the region and sites in Israel. Thousands of troops from the US Army’s 82nd Airborne Division have begun arriving in the Middle East, according to US officials, expanding Washington’s military options even as diplomatic efforts continue.
White House Press Secretary Karoline Leavitt told Reuters Trump wants an agreement with Iranian leaders before a revised April 6 deadline for reopening the Strait of Hormuz, adding that talks were progressing, while public statements from Tehran differed from private communications.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said proposals received through intermediaries were “unrealistic” and maintained that Iran was focused on defending itself.
In a social media post, Trump said that if a deal is not reached soon and the strait is not reopened, the US would strike Iran’s electric generating plants, oil wells and Kharg Island. However, a report in The Wall Street Journal said Trump had told aides he may be willing to end the military campaign even if the strait remains largely closed and address reopening it later. The White House referred to earlier remarks by Secretary of State Marco Rubio that the strait would be opened “one way or another.”
The administration has also requested an additional $200 billion in funding for the conflict, a proposal that faces opposition in the US Congress.
