PM in UAE ( Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan) Discuss Trade, Currency Settlement, and Cooperation in Various Sectors. PM Narendra Modi was in UAE for major announcements and to boost the existing strong relationship between the two nations.
Abu Dhabi, UAE Visit – Prime Minister Narendra Modi embarked on a significant visit to the United Arab Emirates (UAE) to bolster the multifaceted bilateral ties between the two nations. During his visit, PM Modi engaged in comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan, focusing on trade, currency settlement, and cooperation in various sectors. The visit aimed to further enhance the strategic partnership between India and the UAE, with a particular emphasis on energy, food security, and defense.
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Ceremonial Welcome at Qasr-Al-Watan during PM in UAE
Upon his arrival in Abu Dhabi, Prime Minister Modi was accorded a ceremonial welcome at Qasr-Al-Watan, the presidential palace. Sheikh Mohamed bin Zayed Al Nahyan warmly greeted PM Modi, signifying the warm bond shared by the two nations. The ceremonial welcome set the stage for productive discussions that would follow between the two leaders.
Trade Settlement in Local Currencies
India and the UAE solidified their economic cooperation by agreeing to start trade settlements in their respective currencies. PM Modi highlighted the remarkable 20% increase in India-UAE trade since the signing of the Comprehensive Economic Partnership Agreement last year. The decision to settle trade in local currencies demonstrates the deepening economic ties and mutual trust between the two nations.
Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) Collaborate
In a significant development, the RBI and CBUAE signed two agreements to promote the use of the Indian rupee (INR) and the UAE dirham (AED) for cross-border transactions. The agreements aimed to establish a framework for interlinking payment and messaging systems, facilitating seamless financial transactions between India and the UAE. The exchange of agreements took place in the presence of Prime Minister Narendra Modi and Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE.
Banquet Hosted by UAE President
PM in UAE: Demonstrating warm hospitality, UAE President Sheikh Mohamed bin Zayed Al Nahyan hosted a full vegetarian banquet for Prime Minister Narendra Modi. The banquet featured a variety of delectable dishes prepared with local organic vegetables and vegetable oils. The menu card explicitly mentioned that the meals contained no dairy or egg products, catering to the dietary preferences of the Indian delegation.
IIT Delhi to Open Campus in Abu Dhabi
During the visit, it was announced that the prestigious Indian Institute of Technology (IIT) Delhi would establish a campus in Abu Dhabi. This initiative would further strengthen educational ties between India and the UAE, promoting knowledge exchange and fostering innovation in both countries. The expansion of IIT Delhi to Abu Dhabi would provide enhanced educational opportunities for students and contribute to the growth of the UAE’s knowledge-based economy.
Support for UAE’s COP-28 Presidency
Prime Minister Narendra Modi assured India’s full support for the UAE’s upcoming presidency of COP-28, the United Nations Climate Change Conference. The conference, scheduled to be held in Dubai, aims to address global climate challenges and facilitate international cooperation in combating climate change. India’s commitment to supporting the UAE in its COP-28 presidency underscores the close partnership between the two countries in addressing environmental issues.
Prime Minister Narendra Modi’s visit to the UAE further solidified the multifaceted bilateral ties between the two nations. The discussions and agreements reached during the visit, particularly in the areas of trade, currency settlement, and cooperation in various sectors, are expected to boost economic growth and strengthen the strategic partnership between India and the UAE. The warm reception, productive talks, and collaborative initiatives between the leaders reaffirm the close friendship and shared vision of progress and development between India and the UAE.
Table: India-UAE Bilateral Highlights
|PM Modi accorded ceremonial welcome at Qasr-Al-Watan
|India and UAE agree to start trade settlements in local currencies.
|RBI and CBUAE sign agreements to promote cross-border transactions
|UAE President hosts vegetarian banquet for PM Modi
|PM Modi accorded a ceremonial welcome at Qasr-Al-Watan.
|PM Modi assures India’s support for UAE’s COP-28 presidency.