India and the UAE sign a trade agreement on the development of blockchain and AI

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Indian and United Arab authoritiesEmirates (UAE) signed an economic partnership agreement, which includes cooperation on the development of blockchain and other emerging technologies.

This was announced by the director of international officesDubai Chamber of Commerce Omar Khan, adding that special attention will be paid to industries such as blockchain, artificial intelligence (AI) and financial technology. Khan expects the bilateral trade agreement to significantly strengthen ties between the two countries. Deepak Sood, secretary general of the Association of Indian Chambers of Commerce and Industry, believes that thanks to this partnership, trade between India and the UAE could reach $100 billion in the next five years. Currently, this figure is $60 billion.

The new partnership will allow the Chamber of CommerceDubai to become the exclusive provider of blockchain-enabled trading solutions throughout the Middle East. This is not the first deal that UAE authorities have struck with trading partners to explore blockchain use cases. In 2019, 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 introduce blockchain into government services, and is also actively pursuing a policy to attract companies and investors interested in digital currencies.

Considering the increase in supply volumefood from India to the UAE, these countries began to use blockchain several years ago. In 2020, the Indian company CropData Technology, with the support of the Dubai Multi-Disciplinary Commodity Exchange (DMCC), introduced the Agriota E-Marketplace platform, through which UAE food producers were able to directly source ingredients from Indian farmers, transparently tracking all information through the blockchain.

The capabilities of this technology were appreciated andlaw enforcement agencies in Dubai. In March, they said they planned to use AI and blockchain to track suspicious cryptocurrency transactions to prevent money laundering and terrorism at airports.