India-UAE Launch Virtual Trade Corridor to Boost Business Cooperation

12 Sep, 2024

India-UAE Launch Virtual Trade Corridor to Boost Business Cooperation

Abu Dhabi Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan attended a business event in Mumbai, where two significant agreements were signed to enhance trade and investment between India and the UAE.

The first agreement launched the India-UAE Virtual Trade Corridor (VTC) and MAITRI interface. The VTC aims to streamline trade by reducing administrative processes, logistics, and transport costs. It will serve as a key part of the India-Middle East-Europe Economic Corridor (IMEEC), which focuses on improving global connectivity.

MAITRI is a digital platform designed to enhance trade operations between the two countries by integrating Indian and UAE portals. It eases regulatory compliance, improves operational efficiency, and enhances transparency. The platform is also scalable, secure, and unified.

The second agreement involved a Memorandum of Understanding (MoU) between International Resources Holding RSC LTD and Indian companies, such as Oil India Ltd and ONGC India Ltd. This collaboration focuses on global exploration of critical mineral supply chains, crucial for the digital economy.

India-UAE trade has grown significantly, reaching $84 billion in 2023-24, with the UAE being India’s third-largest trading partner. The UAE has also committed to investing $75 billion in India's infrastructure sector over time.