Question
Which sectors were covered by the MoUs signed between
India and the UAE?Solution
India and the UAE signed three MoUs in the banking and education sectors. MoUs in the banking sector focus on using local currencies for cross-border transactions and interlinking payment and messaging systems. The Indian Institute of Technology Delhi will establish an IIT campus in Abu Dhabi under the education sector MoU. The MoU on local currencies covers all current account and permitted capital account transactions. The agreements are expected to boost trade and enhance economic collaboration between India and the UAE. Prime Minister Narendra Modi's visit to the UAE is considered significant and a landmark in the partnership between the two countries. Discussions during the visit covered various areas, including trade, investment, fintech, energy, renewables, climate action, higher education, and people-to-people ties. About UAE Capital: Abu Dhabi Currency: UAE dirham
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