UAE & India Boost Crypto Ties with $3B BRICS Agreement

• UAE and India Fortify Relations with a $3 Billion Pact
• Key Aspects of the Agreement
• BRICS Alliance: The Ascension of an Economic Bloc
• Ascension of New BRICS Allies: UAE and India
• Emphasizing Bilateral Cooperation: Additional Agreements
• Milestone Oil Agreement: A Prelude

UAE and India Fortify Relations with a $3 Billion Pact

In a significant move signalling the strengthening of bonds between two BRICS allies, the United Arab Emirates (UAE) and India have inked a $3 billion agreement. As reported by Reuters, this Memorandum of Understanding (MoU) is a testament to the soaring bilateral cooperation between the two nations, particularly since UAE's admittance into the BRICS consortium at the dawn of the year.

Key Aspects of the Agreement

The pact, according to the Dubai Media Office, encompasses developments such as establishing new port terminals and economic zones in Indian territories. This agreement marks yet another stride in the increasing bilateral collaboration between UAE and India.

BRICS Alliance: The Ascension of an Economic Bloc

A significant global event in the previous year has been the expansion of the BRICS alliance. Although this economic bloc has been operative for close to two decades, the prominence it gained in 2023 has been unprecedented. This surge was followed by the inclusion of five new countries into their alliance, broadening their scope and influence.

Ascension of New BRICS Allies: UAE and India

Announced at the 2023 Annual Summit and officially effective from 2024, the newly inducted countries have swiftly stepped into action. India and UAE, two of the new BRICS allies, have now secured a $3 billion pact. This arrangement is a testament to the consistent and successful bilateral partnership the two nations have enjoyed in recent years.

Emphasizing Bilateral Cooperation: Additional Agreements

In a recent meeting, Narendra Modi, India's Prime Minister, and Mohamed bin Zayed Al Nahyan, UAE's President, have consented to three more agreements to boost their bilateral cooperation across various sectors. Prominent among these sectors are food processing and renewable energy. This week's meeting is the fourth interaction between the leaders in less than seven months, underlining their swiftly evolving cooperative relationship and shared vision for a prosperous future.

Milestone Oil Agreement: A Prelude

Prior to the current pact, UAE and India had sealed a crucial oil deal. This pact allowed the countries to conduct oil trade in their respective local currencies, bypassing the need for US Dollars. This decision is expected to have a global ripple effect on the greenback and is in line with the broader BRICS aspiration for de-dollarization.

Edited by Jonathan Stoker