Last Updated: February 13, 2024, 12:35 IST
Prime Minister Narendra Modi with President of UAE Mohamed bin Zayed Al Nahyan in the course of the Vibrant Gujarat Summit in January.
(Image: PTI)
Trade with UAE has elevated by 16% to achieve $85 million in 2022-23 throughout which it was additionally the fourth largest supply of FDI with $3.5 billion funding in India. IOCL and Abu Dhabi National Oil Company signed a protracted-time period 14-12 months deal for getting 1.2 MMT LNG
Prime Minister Narendra Modi is on his seventh go to to the UAE since 2015 after an Indian Premier went to the nation after a spot of over 30 years. The relationship has particularly blossomed in the final one 12 months with commerce rising, new agreements reached in totally different sectors and excessive-stage exchanges. The bilateral relations between India and the UAE have undergone full transformation, and elevated to a ‘comprehensive strategic partnership’ stage since 2017.
News18 explains the varied sides of the bilateral relations.
Visits and Joining
There had been 5 excessive-stage visits that occurred between India and UAE since July 2023. PM Modi got here to the UAE in July 2023 on a bilateral go to and met with the UAE President Sheikh Mohamed bin Zayed in Abu Dhabi, then visited UAE once more on November 30-Decemeber 1, 2023 to attend COP28 in Dubai.
Modi additionally met the Vice President and PM and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum. The UAE president visited India in September 2023 to attend the G20 Summit, and visited Gujarat, in January 2024 as a Chief Guest to the tenth Vibrant Gujarat Global Summit.
UAE was additionally invited as Special Invitee for G20 throughout India’s Presidency, and UAE joined Shanghai Cooperation Organization (SCO) as a Dialogue Partner and BRICS as a member in the final one 12 months with India’s lively help. During the go to of PM Modi to Dubai to attend the COP28 Summit, he was given the particular standing of being the one head of presidency who addressed the ceremonial opening of the COP-28 Plenary for the nationwide statements. PM Modi has additionally launched the Global Green Credit Initiative in the presence of UAE President. India and UAE, together with different international locations, launched the India-Middle East Europe Economic Corridor (IMEEC) and the Global Biofuel Alliance in the course of the G20 Leaders’ Summit in 2023.
Trade Grows
Trade with UAE has elevated by 16% to achieve $85 million in 2022-23 throughout which it was additionally the fourth largest supply of FDI with $3.5 billion funding in India. UAE has now turn into India’s second largest export vacation spot and the third largest buying and selling associate. Last 12 months, each international locations signed an MoU to ascertain a Local Currency Settlement System to advertise the usage of INR and Dirham for cross-border transaction. Three main transactions involving gold, petroleum and meals commodities have been undertaken to this point.
The full roll-out of the ‘Jaywan’ nationwide debit/bank card system by UAE is predicted in April-June this 12 months. This is predicated on India’s RuPay stack after India’s NPCI was contracted by the Central Bank of UAE to develop ‘Jaywan’. RBI and the Central Bank of UAE signed an MoU on digital currencies final 12 months as properly. Discussions are underway to arrange Hybrid Energy Parks in Gujarat with an funding of about $300 million, as per MoUs signed between each side. EMAAR Group can also be investing Rs 500 crore in a shopping center and a multipurpose tower in the outskirts of Srinagar, which might be a serious challenge in Jammu and Kashmir.
Energy & Education
IOCL and Abu Dhabi National Oil Company (ADNOC) signed a protracted-time period 14-12 months deal from 2026-39 for getting 1.2 MMT LNG underneath the primary lengthy-time period LNG contract between India and the UAE, making UAE the second nation in the area with which India has lengthy-time period LNG contracts after Qatar. An MoU has additionally been signed to ascertain Indian Institute of Technology Delhi centre in Abu Dhabi. The interim campus of IIT-D, Abu Dhabi has come up in report time with the primary Master’s course in Energy Transition and Sustainability commencing final month. Bachelors and different programmes to be began from this September.
Defence Co-operation
In January, the primary India-UAE bilateral military train Desert Cyclone was held in Rajasthan in addition to a primary trilateral train named Desert Knight Exercise involving Air Forces India, UAE and France occurred in the UAE. Both international locations are exploring areas of cooperation together with the joint design and growth of missile methods and unmanned aerial autos, and collectively producing Indian variants of AL TARIQ’s all climate lengthy-vary precision-guided munition kits in India.
