New Delhi: The President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, and Prime Minister Narendra Modi have endorsed the efforts from both sides to strengthen the strong economic and commercial cooperation and explore new areas of collaboration.
Both the leaders met in Abu Dhabi on February 13, President Sheikh Mohamed bin Zayed Al Nahyan welcomed Prime Minister Narendra Modi to the UAE and expressed his appreciation for accepting the invitation to speak at the World Government Summit 2024 in Dubai on February 14.
The two leaders welcomed the strong growth witnessed in the UAE-India trade relations since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) on May 1, 2022. As a result, the UAE is India’s third-largest trading partner for the year 2022-23 and India’s second-largest export destination.
In this regard, the leaders expressed optimism regarding elevating the bilateral trade to USD 100 billion well ahead of the target year 2030. The two leaders also acknowledged the formal unveiling of the UAE-India CEPA Council (UICC), which stands as an important development in the bilateral trade partnership.
According to the joint statement issued after the meeting, the leaders noted that the Bilateral Investment Treaty will be a key enabler for further promoting investments in both countries across sectors.
The UAE was also the fourth-largest investor in India in 2023 and the seventh-largest source of Foreign Direct Investment overall. They highlighted that India has signed both the Bilateral Investment Treaty and a Comprehensive Economic Partnership Agreement with the UAE, reflecting the uniqueness and depth of the bilateral economic engagement between the two countries.
The statement read that the two leaders underlined that this was the seventh visit of Prime Minister Shri Narendra Modi to the UAE in the last nine years. The Prime Minister last visited the UAE on December 1 last year, to participate in the UNFCCC COP28 conference in Dubai, where he met with UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on the sidelines.
During that visit, India applauded the COP28 presidency for guiding the "COP for Action” and arriving at "The UAE Consensus.” The Prime Minister participated in the COP28 Presidency’s Session on "Transforming Climate Finance”, and together with the UAE President, co-hosted the high-level event on the ‘Green Credits Programme’ on the sidelines of the Summit.
The leaders also highlighted the four visits of President Sheikh Mohamed bin Zayed Al Nahyan to India over the past eight years, the latest of which was on January 9-10, this year, to attend the 10th edition of the Vibrant Gujarat Global Summit, as Chief Guest, and during which he witnessed the exchange of several Memorandums of Understanding on Investment Cooperation, along with Prime Minister Shri Narendra Modi.
Both sides discussed the India-UAE bilateral relationship, which was formally elevated to a Comprehensive Strategic Partnership during the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan to India in 2017. They expressed satisfaction with the progress achieved in various sectors, noting that the partnership between the two countries has been significantly expanding over the years.
President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Shri Narendra Modi witnessed the exchange of several MoUs and the key among them is the Inter-governmental Framework Agreement concerning Cooperation for the Empowerment and Operation of the India-Middle East-Europe Economic Corridor. This would build on previous understandings and cooperation on this matter and foster India and the UAE cooperation furthering regional connectivity.
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