LONDON: UAE President Sheikh Mohamed bin Zayed on Saturday held talks with Indian Prime Minister Narendra Modi in Abu Dhabi, during his fifth visit to the Gulf country in the past eight years, state news agency WAM reported.
The leaders expressed satisfaction that UAE-India relations had witnessed great progress on all fronts, according to a joint statement issued by the two sides following their meeting.
India-UAE trade rose to $85 billion in 2022, making the UAE 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, and in February last year India became the first country with which the UAE signed a Comprehensive Economic Partnership Agreement. Bilateral trade has increased by about 15 percent since then.
The leaders noted the significant global roles played by both countries this year, with India’s presidency of the G20 and the UAE’s presidency of the UN Climate Change Conference — COP28.
During the talks, Sheikh Mohamed and Modi witnessed the signing of three agreements, including a memorandum of understanding to establish a framework to promote the use of local currencies for cross-border transactions by governors of their respective central banks.
An MoU was signed on interlinking payment and messaging systems by their central bank governors and another for planning to establish the Indian Institute of Technology — Delhi in Abu Dhabi.
The leaders said that developing the Local Currency Settlement system between the two countries to enhance bilateral trade was a reflection of mutual confidence, underlined the robustness of the two economies, and enhanced economic engagement between the UAE and India.
They reiterated their resolve to further strengthen investment ties between the two countries and enhance bilateral partnership in the energy field — in oil, gas and renewable energy.
“Both sides will take forward their cooperation in green hydrogen, solar energy and grid connectivity (and) also agreed to increase investment across the energy spectrum, including in India’s Strategic Petroleum Reserve programme,” the joint statement said.
“Recognizing the importance of food security, the leaders reiterated their resolve to promote the reliability and resilience of food supply chains and expand food and agriculture trade, including through food corridors projects in India,” the statement said.
The two leaders highlighted the importance of health cooperation and further diversifying it, highlighting the potential of both countries to become a reliable alternative in global health supply chains of vaccines and medicines. Opportunities for collaboration in the growing health infrastructure in the UAE and India were also discussed.
The UAE expressed appreciation that the large Indian diaspora continued to play a significant role in the society and economy of the UAE, and further reinforced bilateral relations.
The two sides agreed to further strengthen bilateral collaboration to strengthen maritime security and connectivity in the region to promote prosperity in India and the UAE. They also agreed to enhance defense exchanges, sharing of experiences, training, and capacity building.
They also reaffirmed their joint commitment to the fight against extremism and terrorism, including cross-border terrorism, both regionally and internationally.
“They emphasised the importance of promoting the values of peace, moderation, coexistence, and tolerance among peoples and stressed the need for all forms of extremism, hate speech, discrimination, and incitement to be renounced,” the joint statement said.
Modi commended the UAE’s achievements during its term as an elected member of the UN Security Council, while the UAE reiterated its endorsement of India’s bid for permanent membership of the reformed UNSC.
Both leaders reaffirmed their commitment to further strengthening the Comprehensive Strategic Partnership, exploring emerging areas of collaboration, and promoting peace, stability, and prosperity in the region and beyond.”
Modi last visited the UAE in June 2022 when Sheikh Mohamed assumed the presidency of the UAE, and in 2015 he became the first Indian premier to visit the Emirates in 34 years.
India’s Foreign Secretary Vinay Kwatra said Modi’s one-day visit “provides an opportunity for us to review this important partnership and inject further momentum across a whole range of areas that we cooperate in.”
“We have all seen in front of our eyes in the last few years a significant transformation that has taken place in India-UAE relations,” he said, adding: “The central driver of this has been the vision of the two leaders.”
During his visit, Modi met a number of senior Emirati officials.
