India and the United Arab Emirates (UAE) on Friday discussed implementation of the ambitious India-Middle East-Europe Economic Corridor (IMEEC) and resolved to shore up energy cooperation including long-term supplies and collaboration in upstream and downstream projects.
Ways to further deepen bilateral relations in areas of energy, connectivity and trade figured prominently at the 15th India-UAE Joint Commission Meeting (JCM) that was co-chaired by External Affairs Minister S Jaishankar and his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan.
The meeting was held in New Delhi.
In his televised opening remarks at the JCM, Jaishankar described the India-UAE comprehensive strategic partnership as a “model” relationship and that the economic and commercial ties are not only very strong but increasingly “diversified and deep”.
“Since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, trade has steadily grown and it has now reached a level of USD 85 billion,” he said.
The two foreign ministers also deliberated on expanding strategic partnership between the two sides in areas of defence, emerging technologies, nuclear energy, polar research, critical minerals and renewable energy at a meeting of the India-UAE Strategic Dialogue held last night.
At the JCM, Jaishankar and Al Nahyan welcomed the signing and entry into force of the India-UAE bilateral investment treaty, according to the Ministry of External Affairs (MEA).
“They reaffirmed the strong trade relationship between the UAE and India, further enhanced by the India-UAE Comprehensive Economic Partnership Agreement (CEPA),” it said.
It is understood that the two foreign ministers also delved into the situation in Gaza as well as developments in Syria.
Following the landmark visit of Prime Minister Modi to the UAE in August 2015, bilateral relations between the two countries were elevated to a Comprehensive Strategic Partnership.
The bilateral trade and investment ties witnessed a major upswing after the sides inked the CEPA in 2022.
The two foreign ministers commended the strong bilateral cooperation in the fintech sector, and the development of public digital infrastructure, including Central Bank Digital Currencies (CBDC), instant payments, and card schemes, the MEA said.
“Both sides also discussed the India-Middle East-Europe Economic Corridor (IMEEC), a major initiative aimed at improving maritime connectivity and trade between India, the UAE, and Europe,” it said in a statement.
Billed as a pathbreaking initiative, the IMEEC envisages a vast road, railroad and shipping networks among India, Saudi Arabia, the United States and Europe with an aim to ensure integration among Asia, Middle East and West.
The IMEEC was firmed up on the sidelines of the G20 Summit in September last year in Delhi. An agreement was signed by India, Saudi Arabia, the European Union, the United Arab Emirates (UAE), the US and some other G20 partners for the corridor.
Jaishankar and Al Nahyan also welcomed the recent launch of the work on the Virtual Trade Corridor (VTC) between the two countries and the MAITRI interface (Master Application for International Trade and Regulatory Interface).
The MEA said the two sides acknowledged that VTC and MAITRI will streamline trade processes through a data exchange system that facilitates paperless transactions between the two countries.
“The two ministers appreciated the robust cooperation in the energy sector between the two countries, including the desire to deepen ongoing collaboration in areas such as long-term supply agreements, collaboration in upstream and downstream projects, mutual investment in strategic reserves etc,” it said.
The two sides also appreciated the expansion of cooperation in new areas of partnership such as nuclear energy, critical minerals and green hydrogen.
The MEA said Jaishankar and Al Nahyan expressed satisfaction over the active and growing exchanges between the two countries in the defence and security sector.
The two sides also commended the functioning of the IIT-Delhi Abu Dhabi campus, which was inaugurated by Crown Prince of Abu Dhabi Sheikh Khaled Bin Mohamed on September 2.
The MEA said the ongoing work to establish the overseas campus of Indian Institute of Management, Ahmedabad and Indian Institute of Foreign Trade in Dubai was reviewed.
