Finance
Prime Minister Narendra Modi held extensive talks with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan on Monday, with the goal of strengthening comprehensive strategic ties between the two countries.
The Crown Prince arrived on Sunday.
“A warm welcome for a close friend.PM @narendramodi received HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi at Hyderabad House,” External Affairs Ministry spokesperson Randhir Jaiswal said on ‘X’.
“Discussions on entire spectrum of India-the United Arab Emirates bilateral relations and future areas of cooperation lie ahead.,” he said.
Following PM Modi’s historic visit to the UAE in August 2015, bilateral relations between the two nations were upgraded to a Comprehensive Strategic Partnership.
Both countries signed a Comprehensive Economic Partnership Agreement (CEPA) in February 2022 and a Local Currency Settlement (LCS) System in July 2023 to encourage the usage of the Indian rupee and AED (United Arab Emirates dirham) in cross-border transactions.
According to official figures, the two countries are among their top trading partners, with bilateral trade totaling approximately USD 85 billion in 2022-23.
The UAE is also one of India’s top four investors in terms of foreign direct investment in 2022-23.
The largest expatriate group in the UAE is the approximately 3.5 million-strong and lively Indian population.
The UAE was invited as a special invitee to the G20 under India’s presidency of the organisation.
In February 2023, the India-UAE-France (UFI) trilateral was officially launched. With India’s strong backing, the UAE will join the SCO as a conversation partner in May 2023. The UAE joined BRICS on January 1 with India’s support. Defence cooperation between India and the UAE has also gained momentum in recent years.
In January 2024, the first India-UAE bilateral army exercise ‘Desert Cyclone’ was held in Rajasthan.
Source:NDtv
