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Cabinet approves framework agreement India-UAE Economic Corridor

2024-03-15

The Union Cabinet, led by Prime Minister Narendra Modi, has given its Ex-post facto approval to the Inter-Governmental Framework Agreement (IGFA) with the United Arab Emirates.

It was informed that the agreement, which was signed on February 13, 2024, during a high-level bilateral visit, aimed at promoting cooperation and empowerment in the operation of the India-Middle East Europe Economic Corridor (IMEC).

The strategic pact, according to reports, focuses on bolstering bilateral ties and fortifying relations between India and the UAE, especially in the ports, maritime, and logistics sectors. It was stated that the IGFA seeks to explore avenues for future joint investments and collaborations in the development of the IMEC, establishing a detailed framework for cooperation based on a set of mutually agreed principles, guidelines, and regulations of both countries.