India-UAE Sign Pact For Critical Mineral Supply Chain Collab, Launch Work For Virtual Trade Corridor
During the Abu Dhabi Crown Prince's visit to India, agreements were reached to foster collaboration in critical minerals supply chain and launch a virtual trade corridor.
During the visit of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India, significant business and strategic agreements were reached in Mumbai on Tuesday, as announced by the Ministry of External Affairs (MEA).
Among the key outcomes, a Memorandum of Understanding (MoU) was signed between International Resources Holding RSC Ltd. (IRH) of the UAE and a consortium of Indian state-owned companies including Oil India Ltd, Khanij Bidesh India Ltd, and ONGC Videsh Ltd. The MoU aims to foster global collaboration in the critical mineral supply chain.
According to a release from Oil India, the MoU will focus on the collaboration, identification, acquisition, and development of critical mineral projects worldwide, including in India, Money Control reported. The agreement also outlines that the involved parties will work cooperatively on project identification, joint due diligence, risk management strategies, and devising a long-term offtake strategy.
🇮🇳-🇦🇪 Deepening Business Connect!
— Randhir Jaiswal (@MEAIndia) September 10, 2024
On the occasion of the visit of Crown Prince of Abu Dhabi, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan to India, two business related outcomes were agreed upon in Mumbai today. pic.twitter.com/TJoJi6R6fL
Additionally, the launch of work on the India-UAE Virtual Trade Corridor (VTC) and the MAITRI interface was announced. This initiative is part of the framework agreement between India and the UAE concerning the India-Middle East-Europe Economic Corridor (IMEEC).
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India, United Arab Emirates Inked Four Major Pacts For Energy
Prime Minister Narendra Modi and Crown Prince Sheikh Khaled on Monday held extensive discussions on bolstering strategic ties, with a focus on exploring new areas of potential, such as nuclear energy, critical minerals, green hydrogen, artificial intelligence, and advanced technologies. During their talks, four major agreements were inked.
A long-term supply agreement for one million metric tonnes of liquefied natural gas (LNG) annually from Abu Dhabi National Oil Company (ADNOC) to Indian Oil Corporation Ltd (IOCL). An agreement between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) for exploring additional opportunities for crude storage in India. A pact between Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) to enhance cooperation in nuclear power operations and maintenance. A production concession agreement for Abu Dhabi onshore Block-One between Urja Bharat, a joint venture of IOCL and Bharat PetroResources Ltd, and ADNOC. This agreement marks the first Indian company's operation in the UAE's oil sector.
A separate MoU was signed between the Gujarat government and Abu Dhabi Developmental Holding Company PJSC regarding the development of food parks in India, with plans to commence the project in the second quarter of 2025.
The MEA stated that the agreements reflect the substantial progress in the India-UAE Comprehensive Strategic Partnership and noted that the success of the Comprehensive Economic Partnership Agreement (CEPA) and the recent Bilateral Investment Treaty (BIT) will further strengthen the economic and commercial ties between the two nations.
MEA spokesperson Randhir Jaiswal highlighted that both leaders expressed satisfaction with the advancement of their bilateral relations and discussed ways to deepen their cooperation across various sectors.
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