Cabinet approves Inter-Governmental Framework Agreement India and United Arab Emirates on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor

Cabinet approves Inter-Governmental Framework Agreement India and United Arab Emirates on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor

The Union Cabinet chaired by Prime Minister Shri Narendra Modi gave its Ex-post facto approval today to the Inter-Governmental Framework Agreement (IGFA) that was signed on 13th February, 2024 during the High Level visit between the Government of Republic of India and the Government of the United Arab Emirates 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.

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.

The Agreement contains 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.