Economy

Abu Dhabi Crown Prince Enhances India-UAE Economic Collaborations

2024-09-11 16:40:44

The launch of work on the India-UAE virtual trade corridor (VTC) and MAITRI interface on Tuesday will facilitate VTC under the framework agreement between India and the UAE on the India-Middle East-Europe Economic Corridor (IMEEC).

The Virtual Trade Corridor (VTC) will be an integral part of IMEEC. Benefits of VTC include reduction of administrative processes and time, reduction of logistics and transport costs, and enhancing ease of doing business .

MAITRI is a Master Application for International Trade and Regulatory Interface that integrates multiple Indian operational portals to facilitate interfacing with UAE portals.

It optimises efficiencies, leverages technologies, eases regulatory compliance, streamlines operations and enhances transparency. MAITRI is also scalable, secure, unified and credible.

IMEEC is an ambitious infrastructure project which will define global connectivity in the decades to come. Following the announcement of the project in G20 summit in Delhi last September, India and the UAE took a lead in February this year when an Inter-Governmental Framework Agreement to implement IMEEC was signed during the PM‘s visit to Abu Dhabi this year.