NEW DELHI: India’s Cabinet today gave ex-post facto approval for an Inter-Governmental Framework Agreement (IGFA) with the UAE on enabling the operation of the India-Middle East Europe Economic Corridor (IMEC).
The agreement was signed on 13th February in Abu Dhabi during the visit of India’s Prime Minister Narendra Modi to the UAE.
The aim of the agreement is to enhance bilateral relations and to further strengthen cooperation between the two countries in the ports, maritime and logistics sectors.
‘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,’ an Indian Cabinet announcement said after the approval today.
‘The agreement contains detailed framework for cooperation between the two countries. Such cooperation will be based on a set of mutually agreed principles, guidelines and agreements consistent with the relevant rules and regulations of the jurisdiction
of the two countries,’ the Cabinet said.
The proposed establishment of IMEC was announced at the 18th Summit of the Heads of State and Government of the Group of Twenty (G20) in New Delhi in September.
Source: Emirates News Agency