During Prime Minister Narendra Modi’s day-long visit to Abu Dhabi on Saturday, India and the UAE agreed to begin trading in their respective currencies and to link their payment and messaging systems. In addition, an IIT Delhi campus will be established in the UAE’s capital. The warmth of bilateral ties was evident when UAE President Sheikh Mohamed bin Zayed Al Nahyan embraced Modi at the presidential palace. They also traded friendship bracelets.
“You have made a significant contribution to the expansion of ties between our countries.” “Everyone in India regards you as a true friend,” the prime minister addressed the President of the UAE. Modi’s discussions with the UAE President covered a wide range of topics, including trade and investment, fintech, energy, renewables, climate action, higher education, and people-to-people ties. Regional and global issues were also discussed.
India-UAE trade increased to $85 billion in 2022, making the UAE India’s third-largest trading partner and second-largest export destination for the fiscal year 2022-23. The UAE’s second-largest trading partner is India. India became the first country with which the UAE inked a CEPA in February 2022. Since the CEPA went into effect on May 1, 2022, bilateral commerce has increased by around 15%.
Post Your Comments