The authorities of India and the United Arab Emirates (UAE) have signed an economic partnership agreement that includes cooperation on the development of blockchain and other emerging technologies.
About it informed Omar Khan, Director of International Offices at the Dubai Chamber of Commerce, adding that industries such as blockchain, artificial intelligence (AI) and financial technology will be given special attention. Khan expects the bilateral trade agreement to significantly strengthen ties between the two states. Deepak Sood, Secretary-General of the Association of Indian Chambers of Commerce and Industry, believes that this partnership could see trade between India and the UAE reach $100 billion over the next five years. The current figure is $60 billion.
The new partnership will allow the Dubai Chamber of Commerce to become the exclusive provider of blockchain-enabled trading solutions throughout the Middle East. This is not the first deal the UAE authorities have struck with trading partners to explore blockchain use cases. In 2019, the Dubai Chamber of Commerce signed a memorandum of understanding with the International Chamber of Commerce (ICC) and Perlin to use solutions based on this technology at the government level. The Dubai administration continues to implement blockchain in public services, and is also actively pursuing a policy to attract companies and investors interested in digital currencies.
Given the increase in the volume of food supplies from India to the UAE, these countries started using the blockchain a few years ago. In 2020, the Indian company CropData Technology, with the support of the Dubai Diversified Commodity Exchange (DMCC), introduced the Agriota E-Marketplace platform, through which food manufacturers from the UAE could directly receive ingredients from Indian farmers, transparently tracking all information through the blockchain.
The capabilities of this technology were also appreciated by the law enforcement agencies of Dubai. In March, they announced that they plan to use AI and blockchain to track suspicious cryptocurrency transactions in order to prevent money laundering and terrorist attacks at airports.
Source: Bits
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