India-UAE sign MoU to collaborate in critical mineral supply chain

India and the United Arab Emirates (UAE) on Tuesday announced significant business outcomes during the visit of the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, to Mumbai.

The two nations agreed to launch work on the India-UAE Virtual Trade Corridor (VTC). The VTC will be facilitated by the MAITRI interface, a platform that will streamline trade processes between the two countries. This initiative is part of the broader India-Middle East-Europe Economic Corridor framework.

In addition, India and the UAE signed a Memorandum of Understanding (MoU) to collaborate on critical minerals exploration in third countries. The MoU involves International Resources Holding RSC and a consortium of Indian state-owned oil and mining companies: Oil India, Khanij Bidesh India, and ONGC India. The partnership aims to strengthen the global supply chain resilience for critical minerals, which are essential for various industries.

 

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