India, UAE Sign Multiple MoUs; Boosts Bilateral Partnership

Prime Minister Narendra Modi and the President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan met in Abu Dhabi on Tuesday.

This was the seventh visit of PM Modi to the UAE in the last nine years. The two leaders discussed the India-UAE bilateral relationship, which was formally elevated to a Comprehensive Strategic Partnership during the visit of 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.

Both countries exchanged the Bilateral Investment Treaty and Inter-governmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEEC). 

Two leaders also saw the exchange of MoUs for Cooperation on Digital Infrastructure Projects, Electricity Interconnection and Trade, the National Maritime Heritage Complex, Lothal in Gujarat and the cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India.

They also agreed on the interlinking of the instant payment platforms – UPI (India) and AANI (UAE) and domestic debit/credit cards - RuPay (India) with JAYWAN (UAE).

Ahead of the PM visit, RITES signed an agreement with Abu Dhabi Ports Company and Gujarat Maritime Board with Abu Dhabi Ports Company which would help in building port infrastructure and further enhance connectivity between the two countries.

The two leaders vowed to strengthen the strong economic and commercial cooperation and explore new areas of collaboration and welcomed the strong growth witnessed in the UAE-India trade relations since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) on 1 May 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. India is the UAE’s second-largest trading partner, with the bilateral trade rising to USD 85 billion in 2022-23. In this regard, the leaders expressed optimism regarding elevating the bilateral trade to USD 100 billion well ahead of the target year 2030. Leaders also acknowledged the formal unveiling of the UAE-India CEPA Council (UICC), which stands as an important development in the bilateral trade partnership.

Both nations believe 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.

PM Modi also inaugurated the Bharat Mart at Jebel Ali, which will further promote bilateral trade and serve as a platform for enhancing the utilisation of CEPA by leveraging the strategic location of Jebel Ali port. Bharat Mart would support micro, small and medium sector enterprises from India by providing them with an effective platform to reach out to international buyers and promote their products across the Middle East, Africa and Eurasia.

Nations are also keen to enhance their bilateral partnership in the energy sector, which includes oil, gas and renewable energy. The recent signing of two new long-term LNG supply agreements between ADNOC Gas and Indian Oil Corporation and the Gas Authority of India (GAIL) for 1.2 MMTPA and 0.5 MMTPA, respectively mark the beginning of a new era in the energy partnership between the two countries.

MoU on Electricity Interconnection and Trade will boost Green Grids – One Sun One World One Grid (OSOWOG) initiative launched by PM Modi during COP26.

PM Modi also thanked the UAE President for the construction of the BAPS Temple in Abu Dhabi.