India, UAE discuss ambitious economic corridor project
The corridor is considered a major initiative aimed at improving maritime connectivity and trade between India, the UAE, and Europe.
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave its Ex-post facto approval on Wednesday to the Inter-Governmental Framework Agreement (IGFA) that was signed on 13 February between India and UAE on cooperation for the empowerment and operation of the India-Middle East-Europe Economic Corridor (IMEC).
The aim of the IGFA is to enhance the bilateral relations and to further strengthen the relations between the two countries in the ports, maritime and logistics sectors.
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The IGFA includes areas of cooperation between the two countries with the objective of exploring further potential of future joint investment and collaboration in respect of development of the IMEC.
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The agreement contains a detailed framework for cooperation between the two countries. The cooperation will be based on a set of mutually agreed upon principles, guidelines and agreements consistent with the relevant rules and regulations of the countries’ jurisdiction.
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