Preceding the upcoming G-20 Summit in September 2023 in New Delhi, India, and the 2023 United Nations Climate Change Conference in November 2023 in Dubai, a productive meeting occurred on July 15, 2023, between India's Prime Minister, Shri Narendra Modi, and the United Arab Emirates' President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, in Abu Dhabi.
The meeting resulted in a joint statement announcing the signing of three Memorandums of Undertaking (MOUs) between the two nations. These MOUs aim to enhance economic growth, promote cooperation, and reinforce investment ties across diverse sectors. These agreements are particularly significant as they have the potential to streamline cross-border transactions through the utilization of local currencies and the interlinking of payment systems. This approach is expected to optimize transaction costs, expedite settlement times, and broaden investment prospects.
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