New Delhi: Prime Minister Narendra Modi and Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, H.H. Sheikh Mohamed bin Zayed al Nahyan will hold a Virtual Summit today, February 18.
Both leaders are expected to lay out their vision of the historic and friendly relations between the two countries, at a time when India is celebrating 75 years of its Independence as Azadi Ka Amrit Mahotsav and UAE is celebrating the 50th anniversary of its foundation.
A major initiative in bilateral relations is the Comprehensive Economic Partnership Agreement (CEPA). The meeting will witness the signing of the first-ever trade agreement. Among the Gulf Cooperation Council (GCC) member countries, this will be the first-ever Comprehensive Economic Partnership Agreement (CEPA) with one of the countries – UAE.
Negotiations for CEPA were launched in September 2021 and have been completed. The Agreement will take India-UAE economic and commercial engagement to the next level. UAE is India’s third-largest trade partner, and bilateral trade and investment ties are expected to see significant enhancements.
Both sides are now looking for another new chapter in their comprehensive strategic partnership. India-UAE ties have grown tremendously in the last 7 years since the visit of PM Modi in 2015. There is great personal chemistry between PM and Crown Prince of Abu Dhabi. Both have spoken to each other regularly during Covid, the MEA said.
Both sides helped each other during the covid pandemic. UAE took great care of 3the .5 million Indian communities The Air Bubble agreed in August 2020 has helped most people to return bor employment and business. It is pertinent to one that India-UAE trade will be back to the re-pandemic level of USD 60 billion this FY.
With CEPA is expected to grow even more substantially. UAE investments are in the range of almost USD 17 billion today as compared to USD 3 billion in 2014. UAE business groups have also shown great interest in investing in J&K.
There has been a marked difference in the UAE approach to investments in India, from the earlier time when they used to feel inhibited due to legacy issues like Emaar and Etisalat. Any issue raised by the UAE side has been addressed through the HHigh-LevelTask Force on Investments, which last met in October 2021.
Energy cooperation has already been transformed with UAE’s participation in strategic reserves and offering Indian companies stakes in two fields.UAE is India’s 3rd largest supplier of crude oil and 2nd largest supplier of LPG/LNG. Cooperation in renewables is set to strengthen.
Defence relations have progressed well. UAE has helped in the overflight of Rafales from France to India. Our Army Chief and the Chief of Air Staff visited UAE in December 2020 and August 2021 respectively. India also had significant participation in IDEX and NAVDEX 2021 exhibitions in Abu Dhabi. Crown Prince MBZ came to visit the Indian stall.
Similarly, India had big participation in Dubai Air Show 2021. India was allotted one of the biggest plots in Dubai Expo and given the right to retain the Indian Pavilion after Expo. Abu Dhabi gave a large plot of land for the Temple. The construction is proceeding ahead. It is a great symbol of harmony and tolerance between India and Uthe AE. Both India and UAE are coordinating positions in UNSC as non-permanent members this year.
In an unprecedented gesture, UAE had for the first time invited India for OIC Foreign Ministers Meeting in March 2019. Former EAM had attended. There have also been regular consultations on regional issues, including Afghanistan for which Presidential Advisor MrMrnwar Gargash had visited India after The Liban captured power.
UAE Government provided immediate help for repatriating the mortal remains of two Indians who lost their lives in the Houthies Drone Attack on Jan 17. UAE also announced that it will support the families further.
