NEW DELHI: India and UAE have inked several initial agreements to increase economic cooperation and establish a framework for the storage of crude oil by Abu Dhabi National Oil Company here.

Another MoU was signed to enhance cooperation in the field of anti-dumping through exchange of information, capacity-building, seminars and trainings in mutually identified areas related to trade remedial measures.

The oil agreement was signed between Indian Strategic Petroleum Reserves Ltd and Abu Dhabi National Oil Company. “This agreement aims to establish a framework for the storage of crude oil by Abu Dhabi National Oil Company in India and to further strengthen the strategic relationship between the two countries in the field of energy,” an official statement said. These pacts were exchanged during the visit of Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan to India. A pact was also signed to deepen the maritime economic activities in general by establishing a framework for Mutual Recognition of Certificates of Competency of marine officers, engineers and crews. Another MoU was signed with a view to establish cooperation in highways and road transport through sharing of technologies, systems and best practices in freight logistics, warehousing and value added services. MoUs to promote cooperation in MSMEs, R & D, agricultural fields of mutual interest and energy efficiency services were also inked.—PTI