CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India and the UAE inked a substantial Memorandum of Understanding (MoU) for civil nuclear cooperation during Sheikh Khalid bin Mohamed bin Zayed Al Nahyan's visit to New Delhi. The agreement, between the Nuclear Power Corporation of India Limited (NPCIL) and the Emirates Nuclear Energy Company (ENEC), is a watershed moment in bilateral relations and indicates a commitment to peaceful nuclear energy use.
Details Of The Agreement
Significance- This is the first MoU of its kind between NPCIL and ENEC, and it aims to improve cooperation in nuclear power plant operations, maintenance, and investment opportunities. It also addresses knowledge transfer and competence in nuclear energy development.
Historical Context- The deal builds on a 2015 agreement between India and the UAE to collaborate on the peaceful use of nuclear energy, including safety and technological advances.
Additional Agreements
LNG deliver- Under a 15-year deal between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL), ADNOC's lower-carbon Ruwais gas project will deliver one million metric tonnes per annum (MTPA).
Strategic Petroleum Reserves- A MoU will increase the UAE's involvement in India's strategic petroleum reserves, allowing ADNOC to store crude oil in India and strengthening energy security.
Crude Oil Production- The production concession agreement for Abu Dhabi Onshore Block 1 allows Urja Bharat, a joint venture between IOCL and Bharat Petro Resources Ltd, to bring crude oil to India.
- Food Park Development- The Gujarat government and Abu Dhabi Developmental Holding Company (ADQ) have signed a memorandum of understanding to establish a food and agricultural park in Gujarat by 2025.
Future Initiatives
Virtual Trade Corridor (VTC)- A soft launch of the India-UAE virtual commerce corridor and the MAITRI interface is planned as part of the India-Middle East-Europe Economic Corridor (IMEC).
Business Forum- Sheikh Khaled will attend the India-UAE Business Forum in Mumbai to discuss potential future collaborations.
Diplomatic Engagement
- High Level Meetings- During Sheikh Khaled's visit, he met with Indian dignitaries, including Prime Minister Narendra Modi and President Droupadi Murmu, to strengthen bilateral ties and express appreciation for the UAE's huge Indian diaspora.
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