Abu Dhabi (United Arab Emirates): Prime Minister Narendra Modi, who is on a visit to the UAE, held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here to further deepen the multi-faceted bilateral ties. The Prime Minister announced that the two countries have agreed to start trade settlement in their currencies.
The move, the PM said, will boost bilateral trade and investments. In his remarks after meeting the UAE President, Modi said India-UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement (CEPA) last year. The Prime Minister said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.
Modi said he always got the love of a brother from Sheikh Mohamed bin Zayed Al Nahyan. "The manner in which ties between our countries have expanded, you have made a big contribution to that. Every person in India views you as a true friend," he told the UAE President. Modi also noted that preparations for COP-28 to be held in the UAE are going on under the UAE President's leadership, and added that he has made up his mind to participate in the conference later this year.
Later, in a Tweet, the PM said, "It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties."
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It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties. @MohamedBinZayed pic.twitter.com/XCBWW8cP38
— Narendra Modi (@narendramodi) July 15, 2023 " class="align-text-top noRightClick twitterSection" data="
">It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties. @MohamedBinZayed pic.twitter.com/XCBWW8cP38
— Narendra Modi (@narendramodi) July 15, 2023It is always gladdening to meet HH Sheikh Mohamed bin Zayed Al Nahyan. His energy and vision for development are admirable. We discussed the full range of India-UAE ties including ways to boost cultural and economic ties. @MohamedBinZayed pic.twitter.com/XCBWW8cP38
— Narendra Modi (@narendramodi) July 15, 2023
Meanwhile, the Reserve Bank of India (RBI) and the Central Bank of UAE signed two agreements here for establishing a framework to promote the use of local currencies that is the Indian rupee and the UAE Dirham (AED) for cross-border transactions and cooperation for interlinking their payment and messaging systems. The MoUs inked by RBI Governor Shaktikanta Das and Central Bank of UAE Governor Khaled Mohamed Balama were exchanged in the presence of PM Modi and the UAE President. The two agreements are aimed at facilitating seamless crossborder transactions and payments and fostering greater economic cooperation between the two countries
PM Narendra Modi said that the MOUs signed between the two central banks were a very important aspect of India-UAE cooperation. "It paves the way for enhanced economic collaboration and will make international financial interactions simpler," the PM said in a Tweet.
Earlier, Modi was accorded a ceremonial welcome here at the Qasr-Al-Watan - the presidential palace - where he was greeted by the UAE President with a warm embrace. Children were seen waving the Indian tricolour as the Prime Minister inspected the guard of honour. The Comprehensive Economic Partnership Agreement (CEPA), which gave a new thrust to the economic engagement between the two countries, was signed during the Covid-19 pandemic. India and the UAE are engaged across various sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.
