New Delhi [India], March 13 : The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has granted ex-post facto approval to the Inter-Governmental Framework Agreement (IGFA) signed between India and the United Arab Emirates (UAE), in a move set to bolster bilateral relations and pave the way for enhanced economic cooperation.
According to a press release, the agreement, inked on Wednesday, during a high-level visit between the two nations, focuses on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor (IMEC).
The India-Middle East Europe Economic Corridor, a critical trade route connecting India with the Middle East and Europe, holds immense potential for fostering economic growth and facilitating the movement of goods and services across regions.
The IGFA aims to harness this potential by fostering collaboration between India and the UAE in the domains of ports, maritime, and logistics.
The agreement delineates a comprehensive framework for cooperation between the two countries, encompassing a wide array of areas aimed at exploring the untapped potential for joint investment and collaboration in the development of the IMEC.
These areas of cooperation are carefully outlined in the agreement, with a focus on adhering to mutually agreed-upon principles, guidelines, and agreements consistent with the relevant rules and regulations of both countries' jurisdictions.
The cooperation envisaged under the IGFA holds promise for both India and the UAE, offering opportunities for mutual benefit and shared prosperity.
By leveraging each other's strengths in the ports, maritime, and logistics sectors, both countries can unlock new avenues for growth and create a conducive environment for trade and investment.
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