The Union Cabinet, led by 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 expected to strengthen bilateral relations and pave the way for greater economic cooperation.
According to a news statement, the agreement, signed on Wednesday during a high-level visit between the two countries, focuses on collaboration to establish and operate the India-Middle East Europe Economic Corridor (IMEC).
The India-Middle East Europe Economic Corridor, a vital commercial corridor that connects India to the Middle East and Europe, has enormous potential for promoting economic growth and enabling the movement of products and services across borders.
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. (ANI)
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