India, UAE to establish virtual trade corridor
India and the United Arab Emirates (UAE) have agreed to establish a virtual trade corridor to streamline logistics and reduce processes for bilateral trade.
This initiative will be implemented under the framework agreement on the India-Middle East-Europe Economic Corridor (IMEEC), signed between the two countries in February this year. The announcement was made following a business event in Mumbai attended by the Crown Prince of Abu Dhabi, Sheikh Khaled Zayed Al Nahyan.
The Virtual Trade Corridor (VTC) aims to reduce administrative processes and time, lower logistics and transport costs, and enhance ease of doing business. It will be supported by a web-based interface called MAITRI (Master Application for International Trade and Regulatory Interface), which integrates multiple Indian operational portals to connect with those in the UAE.
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