India-UAE Partnership Boosts Digital Payments, Trade, and Launches JAYWAN Card.
Banking & Finance
India and the United Arab Emirates (UAE) have strengthened their strategic partnership through various initiatives aimed at boosting economic, financial, and technological cooperation. NPCI, through its subsidiary NIPL, and Al Etihad Payments launched the JAYWAN card scheme during Prime Minister Narendra Modi's UAE visit in early 2024, enhancing digital payments between India and UAE.
- Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCl), highlighted ongoing efforts to integrate India's Unified Payments Interface (UPI) with the UAE's Arabian Automated Network for Instant Payments (AANI) during a press conference following the 12th meeting of the India-UAE High-Level Joint Task Force on Investment (HLJTFI) in Mumbai, Maharashtra.
- This integration will enable over 3 million Indians residing in the UAE to conduct cross-border transactions seamlessly.
Main Points:- (i) The UAE has pledged nearly USD 2 billion to establish food parks in India, enhancing food security for the UAE and creating job opportunities for Indian farmers.
(ii) Following the Comprehensive Economic Partnership Agreement (CEPA), trade between India and the UAE reached USD 84 billion in FY 2023-24, with a notable reduction in the trade deficit from USD 22 billion to USD 12 billion.
(iii) Additional initiatives include the opening of Invest India and UAE investment offices in each other’s countries and the development of Bharat Mart, a major retail and logistics hub spanning over 100,000 square meters (m²) in Dubai, UAE.
About United Arab Emirates (UAE)
President : Mohammed bin Zayed Al Nahyan
PM : Mohammed bin Rashid Al Maktoum
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