New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday, gave its ex-post facto approval to the Inter-Governmental Framework Agreement (IGFA) that was signed on February 13 between India and the United Arab Emirates on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor (IMEC).
The India-UAE IGFA was signed on Wednesday during a high-level visit between the two nations. It focuses on cooperation for the empowerment and operation of the IMEC, said an official statement.
The IMEC is a significant trade route connecting India with the Middle East and the Europe. This trade route holds immense potential for facilitating the movement of goods and services across the regions.
The agreement aims to harness this potential trade route by fostering collaboration between the two nations in the sectors of ports, maritime, and logistics.
The aim of the IGFA is to enhance bilateral relations and to further strengthen the relations between the two countries in the ports, maritime, and logistics sectors, according to an official statement issued after the meeting.
The IGFA includes areas of cooperation between the two countries with the objective of exploring the further potential of future joint investment and collaboration in respect of the development of the IMEC.
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.
