India: India’s Cabinet has given ex-post facto approval for an Inter-Governmental Framework Agreement (IGFA) with the UAE to enable the operation of the India-Middle East Europe Economic Corridor (IMEC).
The agreement was signed in Abu Dhabi on February 13, 2024, during the High-Level visit between India’s Prime Minister Narendra Modi and the Government of the UAE on Cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor.
The IGFA intends to advance bilateral relations and further strengthen ties between the two nations 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 establishment of IMEC comes after an announcement at the 18th Summit of the Heads of State and Government of the Group of Twenty (G20) in New Delhi in September of the previous year.