Prime Minister Narendra Modi’s recent visits to France and the United Arab Emirates (UAE) have been defining moments in India’s international relations and cooperation. These two-nation tours, which began on July 13, have yielded transformative outcomes, solidifying India’s presence on the global stage.
During his visit to the UAE, Prime Minister Modi engaged in crucial talks with President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. The visit was marked by the signing of key agreements, including the establishment of a new campus for the esteemed Indian Institute of Technology, Delhi (IIT Delhi), in Abu Dhabi. This groundbreaking project, the first-ever IIT campus in the Middle East/North Africa (MENA) region, reflects the strong historical ties and a shared vision for education and collaboration between India and the UAE.
Among the critical agreements was the signing of the Memorandum of Understanding (MoU) on the Local Currency Settlement (LCS) System between the Reserve Bank of India and the Central Bank of the UAE. This MoU enables the seamless use of the Indian Rupee (INR) and UAE Dirham (AED) for cross-border transactions, fostering enhanced economic collaboration and simplifying international financial interactions between the two nations.
Prime Minister Modi expressed his enthusiasm for these agreements, underscoring their significance for India-UAE cooperation and the potential to strengthen economic ties between the two countries. Another MoU, focusing on bilateral cooperation for interlinking payment and messaging systems between the Reserve Bank of India and the Central Bank of the UAE, further streamlines financial transactions. This agreement facilitates the integration of payment platforms like the Unified Payments Interface (UPI) of India and the Instant Payments Platform (IPP) of the UAE, allowing mutual acceptance of domestic cards and direct card transaction processing.
In France, Prime Minister Modi was honored with the Grand Cross of the Legion of Honour, the highest French honor for military or civilian leaders, bestowed upon him by French President Emmanuel Macron. The visit further solidified the bilateral ties between India and France.
The defense sector witnessed enhanced cooperation through the signing of key MoUs. Notably, the first Scorpene submarine construction program (P75 – Kalvari) showcased India’s commitment to the “Make-in-India” initiative, while the joint development of a combat aircraft engine signifies the continuation of groundbreaking defense cooperation between India and France.
Looking ahead, the visits reaffirmed Prime Minister Modi’s dedication to strengthening India’s global standing and fostering meaningful collaborations with other nations. These initiatives stand as testaments to India’s vision for mutual prosperity and global betterment, as the country continues to play an active role in shaping a more interconnected and prosperous world. The successful outcomes of these visits further position India as a key player in international affairs, reinforcing its commitment to forging strong partnerships and working towards shared goals with other nations across the globe