‘India Views You As True Friend’: PM Modi Tells UAE Prez, Says Bilateral Trade Will Soon Reach $100 Bn Target
PM Narendra Modi expressed confidence that India-UAE bilateral trade will soon achieve the target of $100 billion.
Prime Minister Narendra Modi on Saturday held talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan after arriving in Abu Dhabi. He told the UAE President that India views him as a true friend. PM Modi was greeted with a grand ceremonial welcome at the prestigious Qasr Al Watan in Abu Dhabi. The visit aimed to strengthen bilateral ties between India and the United Arab Emirates with a focus on energy, food security, technology, and defence among other aspects.
"The respect you gave me, there is no other proof of affinity than this like a brother meeting his brother," PM Modi remarked in the meeting after his ceremonial welcome.
The Prime Minister highlighted the growing trade between the two countries saying, "Our bilateral trade has risen by 20 per cent. For the first time, we have achieved $85 billion in trade and soon we will achieve the target of $100 billion. If we decide, we can cross this milestone before the G20."
Memorandums of Understanding (MoUs) were exchanged between India and UAE in the presence of UAE President Mohammed bin Zayed Al Nahyan and Prime Minister Narendra Modi. These include a pact signed by India with the Education and Knowledge Department of Abu Dhabi for setting up the IIT Delhi campus there, establishment of a framework to promote the use of local currencies (INR-AED) for cross-border transactions by Governors of the respective Central Banks, and a pact on interlinking payment and messaging systems by Governors of the respective Central Banks.
"We are taking new initiatives to strengthen our partnership. Today's agreement on trade settlement in the currencies of both countries reflects our strong economic cooperation and trust," PM Modi said, as per news agency ANI.
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He also spoke about the Comprehensive Economic Partnership Agreement (CEPA) signed between India and UAE last year, crediting the UAE President for his cooperation in reaching the "historic agreement" within three months. He said the pact would not have been possible without President Nahyan's cooperation and commitment.
During the Covid-19 pandemic, the two countries signed the Comprehensive Economic Partnership Agreement (CEPA), which gave a new impetus to their economic engagement.
Trade, investments, energy, food security, science and technology, education, fintech, defence, security, and strong people-to-people ties are among the many areas in which India and the UAE are involved.
The Indian expatriate community is the largest ethnic community in the UAE, accounting for roughly 30% of the total population. According to UAE records, the number of resident Indian Nationals is expected to reach 3.5 million in 2021.
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