INDIA’S VISIT TO UAE
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Context
- The United Arab Emirates and India have issued a joint statement following the official visit by Narendra Modi, Prime Minister of India, to the UAE on July 15, 2023.
Key highlights from the Joint statement of India and the UAE
- As bilateral trades rose to USD 85 billion in 2022, UAE became India’s third-largest trading partner for the year 2022-23 while New Delhi became Abu Dhabi’s second-largest trading partner.
- Both the leaders of the nation noted the significant global roles played by both countries in 2023, with India’s presidency of the G20 and the UAE’s presidency of COP28. While UAE appreciated India for hosting the Voice of Global South Summit, the Indian side commended the UAE for its instrumental role in promoting the Global South's interests at COP28 and making COP28 a "COP of action.”
- Both sides also looked forward to further cooperation in plurilateral fora such as I2U2 and the UAE-France-India trilateral cooperation initiative.
- PM Modi and President Sheikh Mohamed bin Zayed Al Nahyan witnessed the signing of a Memorandum of Understanding between the Reserve Bank of India and the UAE Central Bank for the establishment of a framework to promote the use of local currencies (INR-AED) for cross-border transactions by Governors of the respective Central Banks.
- The signing of a Memorandum of Understanding on interlinking payment and messaging systems by Governors of the respective Central Banks.
- The signing of a Memorandum of Understanding for planning to establish the Indian Institute of Technology – Delhi in Abu Dhabi.
- Both leaders appreciated the efforts of the bilateral High-Level Joint Task Force of Investments for further strengthening investment ties between the two countries. They appreciated the plan of the Abu Dhabi Investment Authority (ADIA) to set up a presence in Gujarat International Finance Tec-City (GIFT City), a financial-free zone in Gujarat, in the next few months.
- The two nations resolved to further enhance bilateral partnership in the energy field, both in oil, gas, and renewable energy.
- The leaders reiterated their resolve to promote the reliability and resilience of food supply chains and expand food and agriculture trade, including through food corridor projects in India.
- The leaders highlighted the importance of the health sector and the scope of cooperation bilaterally and in third countries by energizing ongoing health cooperation and further diversifying it.
- Both the leaders noted the significance of people-to-people contacts, which date back centuries, and are one of the strongest and most important pillars of the historic India-UAE ties.
- The leaders reaffirmed strengthening maritime security and connectivity in the region and their joint commitment to the fight against extremism and terrorism, including cross-border terrorism, in all forms, at both the regional and international levels.
READ ABOUT INDIA-UAE RELATIONS IN DETAIL: https://www.iasgyan.in/daily-current-affairs/india-and-united-arab-emirates-uae-relation
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PRACTICE QUESTION Q. The growing engagements between India and the UAE have to be seen within the broader contexts of the UAE’s policy of engaging with Asia to improve economic prospects and India’s search for foreign investments to expedite economic growth and address the threat of extremism and terrorism. Comment. |
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