PM Modi's 5th visit to UAE- How many agreements signed? Full details!
- PM Modi's 5th visit to UAE- How many agreements signed? Full details!
- Delhi: prime minister Narendra Modi visited United Arab Emirates for the 5th time. During the visit, both sides signed several important agreements. Full details of the joint statement issued by both sides at the end of prime minister Modi's visit to the United Arab Emirates: Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, and prime minister Narendra Modi met in Abu Dhabi. 5th visit: Both sides noted that this is prime minister Narendra Modi's fifth visit to the uae in the last eight years. When prime minister Modi last visited the uae in june last year, he met and greeted Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi, who was sworn in as the president of the UAE.
- In 2015, prime minister Modi became the first indian prime minister to visit the uae in 34 years. This visit was followed by Sheikh Mohammed bin Zayed Al Nahyan's visit to india in 2016, and later in 2017, Sheikh Mohammed bin Zayed Al Nahyan was the chief guest at India's Republic Day celebrations. Also, the India-UAE relationship was formally elevated to a comprehensive strategic partnership during Sheikh Mohammed bin Zayed Al Nahyan's visit to india in 2017. The leaders expressed satisfaction that UAE-India relations have seen tremendous progress in all areas. India-UAE trade to rise to USD 85 billion by 2022, making uae India's third largest trading partner and India's second largest exporter by 2022-23. india is the second largest trading partner of the UAE. In february 2022, india became the first country to sign the UAE's Comprehensive Economic Partnership Agreement. Bilateral trade has increased by approximately 15% since the agreement entered into force on May 1, 2022. New opportunities: The leaders noted the significant global contribution made by both countries in 2023, India's chairmanship of G20 and UAE's chairmanship of COP28. The uae welcomed India's hosting of the Voice of Global South Summit in january 2023. The indian side expressed appreciation for promoting the interests of the Global South at COP28 and making COP28 a "COP Action". Both sides looked forward to further cooperation in multilateral arenas such as I2U2 and the UAE-France-India Trilateral Cooperation Initiative. They noted that such platforms offer more opportunities for both countries to take their partnership to new heights. Agreements signed: In Abu Dhabi, uae President Sheikh Mohammed bin Zayed Al Nahyan and prime minister Narendra Modi witnessed the signing of the following agreements. Both countries signed a memorandum of understanding to establish a framework. Governors of respective central banks will encourage the use of local currencies (INR-AED) for cross-data-border transactions. A memorandum of understanding was signed by the governors of the respective central banks to link the payment and messaging systems. A memorandum of understanding was signed in Abu Dhabi for the establishment of a Delhi-India Institute of Technology. The leaders described the creation of a local currency settlement system between the two countries in bilateral trade as a reflection of mutual trust. This will reflect the strength of the economies in both countries and enhance economic engagement between the uae and India. The leaders expressed their interest in implementing coordination and cooperation between instant payment systems to make cross-data-border transactions between the two countries more efficient. Such cooperation may include mutual acceptance of domestic card schemes. Coordination between these organizations will improve access to payment services for the benefit of citizens and residents of both countries. Investment Relations: The leaders reiterated their resolve to further strengthen investment relations between the two countries. In this context, they appreciated the efforts of the bilateral High Level Joint Working Group. They agreed that the uae will become the fourth largest investor in india in 2022-2023, compared to the seventh position in 2021-2022. They hailed the Abu Dhabi Investment Authority's plan to set up the gujarat international Finance Tech-City (Gipt City) in the next few months. This will further facilitate investment opportunities for uae in India. IIT delhi Branch: Ministry of education of india to establish a branch of IIT delhi in Abu Dhabi, IIT