MoUs signed, friendly ties highlighted: Indian PM Modi’s UAE trip explained in 10 points

UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi held important discussions in the capital Abu Dhabi on February 13. The latter was invited to the World Government Summit as a Guest of Honour, besides Turkey and Qatar.

PM Modi also inaugurated the grand BAPS Hindu Mandir in the UAE and addressed tens of thousands of Indians at the ‘Ahlan Modi’ event. His last visit to the Emirates was on December 1 last year for the COP28 climate conference at Expo City Dubai.

Addressing the @WorldGovSummit in Dubai. https://t.co/LbnkRo2sbO

— Narendra Modi (@narendramodi) February 14, 2024

10 key points on Narendra Modi’s UAE trip

A. During the recent official trip, Sheikh Mohamed and Narendra Modi discussed the India-UAE bilateral relationship, which was formally elevated to a Comprehensive Strategic Partnership during the visit of the UAE president to India in 2017.

B. The leaders marked the exchange of several notable agreements, including

1. Bilateral Investment Treaty

2. Inter-Governmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEEC)

3. Memorandum of Understanding for cooperation on Digital Infrastructure Projects

4. Memorandum of Understanding in the field of Electricity Interconnection and Trade

5. Memorandum of Understanding for cooperation with the National Maritime Heritage Complex, Lothal at Gujarat

6. Cooperation Protocol between the National Library and Archives of the UAE and the National Archives of India

7. Agreement on interlinking of the instant payment platforms – UPI (India) and AANI (UAE)

8. Agreement on inter-linking domestic debit/credit cards – RuPay (India) with JAYWAN (UAE)

C. Sheikh Mohamed and PM Modi endorsed the efforts from both sides to bolster the strong economic and commercial cooperation and explore new areas of collaboration. They noted the strong growth witnessed in trade relations since the entry into force of the CEPA deal.

D. The Emirates is the third-largest trading partner of India for the year 2022-23 and India’s second-largest export destination, too. India is the second-largest trading partner of the Gulf state, with the bilateral trade rising to a staggering $85 billion in 2022-23.

E. The leaders expressed optimism regarding enhancing the bilateral trade to $100 billion ahead of the target year 2030. In addition, they also highlighted that the Bilateral Investment Treaty will be a key enabler for further boosting investments in both countries across sectors.

F. The President and the Prime Minister welcomed the decision to create Bharat Mart at Jebel Ali – a move expected to promote bilateral trade and serve as a platform for improving the utilisation of the CEPA deal by leveraging the strategic location of Jebel Ali port.

G. The leaders also underscored the deepening of economic engagement in the financial sector. In order to facilitate seamless cross-border transactions, a MoU was signed on interlinking of the instant payment platforms – India’s UPI and UAE’s AANI.

H. The leaders also discussed ways to enhance their bilateral partnership in the energy sector. They acknowledged the recent inking of two long-term LNG supply agreements between ADNOC Gas and Indian Oil Corporation Ltd and Gas Authority of India Ltd.

I. PM Modi thanked President Sheikh Mohamed for his personal support and for his graciousness in granting the land for the construction of the BAPS Hindu Mandir – a symbol of the UAE’s commitment to harmony, tolerance and peaceful co-existence.

J. Furthermore, the leaders appreciated the commencement of the first Master’s programme in Energy Transition and Sustainability by the Indian Institute of Technology (IIT) Delhi in the UAE capital – the first IIT in the massive Middle East region.