New Delhi: The goal of Prime Minister Narendra Modi’s extensive discussions with Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan of Abu Dhabi on Monday was strengthening the two nations’ overall strategic alliance.
“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,” External Affairs Ministry spokesperson Randhir Jaiswal said on ‘X’.
“Discussions on the entire spectrum of India-the United Arab Emirates bilateral relations and future areas of cooperation lie ahead.,” he said.
After Prime Minister Modi’s historic August 2015 visit to the United Arab Emirates, bilateral ties between the two nations were elevated to a Comprehensive Strategic Partnership.
A Local Currency Settlement (LCS) System and a Comprehensive Economic Partnership Agreement (CEPA) were signed by both nations in July 2023 and February 2022, respectively, to encourage cross-border transactions using the Indian Rupee and the United Arab Emirates Dirham (AED).
The two countries are among each other’s top trading partners, with a bilateral trade of about USD 85 billion in 2022–23, according to official data. In terms of foreign direct investments, the UAE ranks among the top four countries that make investments in India in 2022–2023. The largest expat community in the UAE is made up of the vibrant and approximately 3.5 million strong Indian community.
The UAE was invited as a special invitee for the G20 during India’s presidency of the grouping. The India-UAE-France (UFI) trilateral was formally established in February 2023. The UAE became a dialogue partner of the SCO in May 2023 with the active support of India. With India’s backing, the UAE became a member of BRICS on January 1. The last few years have also seen a resurgence of the India-UAE defense cooperation.
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