UAE President to grace Vibrant Gujarat Summit: strengthening bonds between nations
The President of UAE, Sheikh Mohamed bin Zayed Al Nahyan, is set to visit India on January 9 as the chief guest for the Vibrant Gujarat Summit. Diversifying Relations Beyond 'Buyer-Seller' Dynamics Under the leadership of Prime Minister Modi, the...
12:47 PM Jan 09, 2024 IST
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Preeti Dalal
The President of UAE, Sheikh Mohamed bin Zayed Al Nahyan, is set to visit India on January 9 as the chief guest for the Vibrant Gujarat Summit.
Diversifying Relations Beyond 'Buyer-Seller' Dynamics
Under the leadership of Prime Minister Modi, the engagement between India and the UAE has evolved beyond traditional 'buyer-seller' relations, particularly in the areas of energy and food security. The growing closeness is evident in the strong personal rapport shared between Prime Minister Modi and Sheikh Zayed.
On January 9, PM Modi will personally receive the UAE President at Ahmedabad Airport, kicking off a roadshow from the airport to Gandhi Ashram. The Vibrant Gujarat Summit will also see the participation of UAE Minister of State for Trade, Thani Bin Ahmed Al Zeyoudi, and a delegation from the Gulf nation's business community.
Potential MOUs and Collaborations
Speculations are rife that the UAE President's visit may witness the signing of Memoranda of Understanding (MOUs) in sectors like renewable energy (Solar, Hydrogen, and Grid Connectivity), as well as the construction of food parks, contributing to the India-UAE Comprehensive Economic Partnership Agreement.
Business Summit and Trade Goals
The UAE-India Business Summit is scheduled alongside the Vibrant Gujarat Summit, aiming to propel annual bilateral non-oil trade to $100 billion and trade in services to $15 billion over the next five years. This signifies a step forward in the direction of accelerated growth in economic ties.
Historical Milestones and Recent Developments
Recalling Prime Minister Modi's visit to the UAE in July last year, significant strides were made in bilateral relations, including the signing of MOUs. Notably, these agreements covered the encouragement of local currency use for cross-border transactions, interlinking payment and messaging systems, and plans for the establishment of the Indian Institute of Technology – Delhi in Abu Dhabi.
A Decade of Deepening Ties
Prime Minister Modi's historic visit to the UAE in 2015 marked the beginning of a decade of enhanced cooperation, with six subsequent visits in the last eight years. The President of the UAE has reciprocated this commitment with three visits to India.
PM Narendra Modi and President Jose Ramos Horta of Timor-Leste had a fruitful meeting in Gandhinagar
Trade Figures and Economic Partnership
Trade between India and the UAE reached $85 billion in 2022, solidifying the UAE as India's third-largest trading partner. Simultaneously, India became the second-largest trading partner for the UAE. The comprehensive Economic Partnership Agreement (CEPA) signed in February 2022 resulted in a 15% increase in bilateral trade.
As the UAE President's visit unfolds, the focus on diverse collaborations and strengthening economic ties is expected to create a positive trajectory for the ongoing partnership between India and the UAE.
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