PM Modi's UAE visit gives fillip to IMEEC framework, Bilateral Investment

ABU DHABI: Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed the India-UAE bilateral relationship and witnessed the exchange of eight agreements.

PM Modi was on a two-day visit to the UAE, during which he held bilateral talks with UAE President, inaugurated the BAPS Hindu Mandir, and interacted with the Indian diaspora.

After completing his UAE visit, PM Modi arrived in Qatar for a two-day official visit.

"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 on the progress achieved in various sectors, noting that the partnership between the two countries has been significantly expanding over the years," the joint statement read.

The agreements signed between India and the UAE are, namely; Bilateral Investment Treaty, Inter-Governmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEEC), MoU for cooperation on Digital Infrastructure Projects, MoU in the field of Electricity Interconnection and Trade, MoU for cooperation with the National Maritime Heritage Complex, Lothal at Gujarat.

Other agreements were; Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India, agreement on interlinking the instant payment platforms - UPI (India) and AANI (UAE) and an agreement on interlinking domestic debit and credit cards - RuPay (India) with JAYWAN (UAE).

PM Modi and President Al Nahyan endorsed the efforts from both sides to strengthen the strong economic and commercial cooperation and explore new areas of collaboration. They welcomed the strong growth witnessed in the UAE-India trade relations since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA).

"As a result, the UAE is India's third-largest trading partner for the years 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 bilateral trade to USD 100 billion well ahead of the target year 2030," the joint statement read.

They also acknowledged the formal unveiling of the UAE-India CEPA Council (UICC), which stands as an important development in the bilateral trade partnership.

The two leaders noted that the Bilateral Investment Treaty will be a key enabler for further promoting investments in both countries across sectors.

PM Modi and President Al Nahyan welcomed the decision to create 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.

They acknowledged the recent signing of two new long-term LNG supply agreements between ADNOC Gas and Indian Oil Corporation Ltd and Gas Authority of India Ltd (GAIL) for 1.2 MMTPA and 0.5 MMTPA, respectively.

These agreements mark the beginning of a new era in the energy partnership between the two countries, and both leaders encouraged the companies to explore more such opportunities, the statement added.

The two leaders also appreciated the commencement of the first Master's program in Energy Transition and Sustainability by the Indian Institute of Technology (IIT) Delhi in Abu Dhabi, the first IIT in the Middle East.

PM Modi and President Al Nahyan welcomed the MoU for creation of an intergovernmental framework between India and the UAE on the India-Middle East-Europe Economic Corridor IMEEC, which reflected the lead taken by the UAE and India in furthering regional connectivity.

"The main elements of the Framework include development and management of a logistics platform, including a digital ecosystem, and provision of supply chain services to handle all types of general cargo, bulk, containers and liquid bulk in order to enable IMEEC. This will be the first agreement under the IMEEC initiative, launched on the side-lines of G20 Leaders' Summit in New Delhi," the joint statement read.