In yet another sign of warmth in bilateral ties between India and the UAE, the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, today held talks with Indian Prime Minister Narendra Modi. Both leaders discussed a wide range of issues. It is also significant to note here that the India-UAE ties have continued to grow in strength in the last decade or so despite the tense regional situation in the Middle East.

The Crown Prince was received at the airport Sunday evening by Union Minister of Commerce and Industry, Piyush Goyal, and was accorded a ceremonial welcome. This is the first official visit of the Crown Prince to India and he is accompanied by a delegation of UAE ministers and business leaders.

This visit also spells continuity in ties that Modi 3.0 is committed to growing with the UAE. It also marks the new generation of UAE leaders making their tryst with India, which also happens to be the world’s fastest growing economy.

“A warm welcome for a close friend. PM Narendra Modi received HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi at Hyderabad House. Discussions on the entire spectrum of India-UEA bilateral relations and future areas of cooperation lie ahead,” the official spokesperson of the Ministry of External Affairs (MEA) Randhir Jaiswal said.

During the meeting between the two leaders, several strategic agreements were announced within the UAE-India Comprehensive Economic Partnership Agreement (CEPA). The two countries signed an agreement guaranteeing long-term supply of LNG between the Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited. An MoU was also signed between ADNOC and India Strategic Petroleum Reserve Limited (ISPRL), as well as between the Government of Gujarat and Abu Dhabi Developmental Holding Company (PJSC) on development of food parks in India.

PM Modi first visited the UAE in August 2015 during which the bilateral relations between the two countries were elevated to a Comprehensive Strategic Partnership.Since then, there has been tremendous growth in the relationship that, to a great extent this has been made possible by the top leadership in both the countries. PM Modi has travelled to the UAE seven times during his ten-year tenure, which underlines the significance India attaches to this relationship.

Both countries signed a Comprehensive Economic Partnership Agreement (CEPA) in February 2022. India today is the UAE’s second-largest trading partner, while the UAE is India’s largest trading partner in the Arab world. Total trade between India and the UAE is expected to touch $100 billion by the end of this decade. According to official data, the bilateral trade between the two countries in 2022-23 was about $85 billion.Recently, the central banks of the two countries allowed the use of local currencies (rupees and Dirhams) for cross-border transactions including trade, remittance, and investment flows. India’s payment system, UPI, was linked with UAE’s instant payment system Aani. This is an important development and will likely benefit the over 3.5 million Indians living in the UAE. Also, India’s Rupay cards can today be used in the UAE.

On September 10, the Crown Prince is expected to travel to Mumbai, where he will attend a business forum with key business figures from both India and the UAE. – Simran Sodhi is Executive Editor of nrifocus.com