India and UAE sign strategic partnership agreement for developing and launching of UAE’s payment card scheme based on RuPay card

Abu Dhabi: Union Commerce and Industry Minister Piyush Goyal is on a two-day visit to the United Arab Emirates (UAE). On the first day of his visit, the minister co-chaired the 11th meeting of the India-UAE High-level Task Force on Investments (HLTFI) with the Managing Director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan. 

During the meeting, the two leaders reviewed the existing bilateral investments by companies from both countries investing into the UAE and India and also explored bilateral investments in a number of key sectors with the potential for future joint trade and investment cooperation.

The two leaders also witnessed the signing of a strategic partnership agreement between National Payments



Corporation of India (NPCI) and Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE for Domestic Card Scheme Implementation in UAE. 

As per the agreement, NPCI and AEP will work together to build, implement, and operationalize UAE's national domestic card scheme modelled on India’s RuPay card. Talking to media, Mr Goyal explained about the agreements signed between India and UAE.

Union Commerce and Industry Minister said that India and UAE are aiming to expand the bilateral trade to make it 100 billion dollar. Mr Goyal was speaking at a roundtable discussion hosted by the Abu Dhabi Chamber. This forum brought together top business leaders from both nations.