New Delhi : India and the United Arab Emirates (UAE) will discuss ways to expand bilateral trade, investments and strengthen cooperation in defence, here on Thursday.
The meeting between visiting Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces General Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi at the Hyderabad House will witness talks on rapid and significant growth in economic, political, trade, investment, energy and cultural fields driven by millennia old bonds of friendship, mutual interests and people-to-people close contact.
According to a study by the UAE Ministry of Economy, India is the number one trade partner of the UAE with a relative share of 9.8 percent of the total UAE non-oil trade.
UAE-India bilateral trade continued to grow in strength with Indian exports of goods and commodities expected to surge to USD100 billion and two-way trade exchange to USD160 billion by 2030, making the UAE the largest trade partner to India in the world.
It also ranked first in the UAE’s overall exports with a relative share of 14.9 percent and ranked second in the UAE’s re-exports to the world accounting for 8.7 percent of the UAE’s total re-exports. India also ranked third in the UAE’s total imports with a relative share of 9.2 percent.
In terms of the UAE’s imports, India is the third largest trade partner of the nation with imports from India touching nearly USD17.4 billion in 2014, a decline of 12.4 percent from 2013. Ten commodities accounted for 67 percent of imports from India during 2014.
The UAE is the largest Arab investor country in India, accounting for 81.2 percent of total Arab investments in India, and is ranked 11th in the world in terms of foreign direct investments in India.
The Small and Medium-sized Enterprises sector (SMEs) is also a promising area for joint cooperation.
The UAE has expressed interest in tapping India’s expertise in SMEs to create a vibrant industrial base in the UAE, which could also be of benefit to Indian enterprises.
Narendra Modi’s UAE trip produced significant strategic economic and political indicators as India views the UAE as a major economic powerhouse in the Arab World and a favorite market for Indian migrant workers. For its part, the UAE considers its strategic relations with India one of its foreign policies priorities.
The prime minister’s visit was of strategic significance in bilateral relations and followed on the heels of growing diplomatic, economic, energy and defence cooperation between the two countries.
From a foreign policy and regional security perspective, the UAE has placed India at the forefront of its international partnerships and recognises the importance of broadening a comprehensive dialogue with India that deepens and diversifies areas of engagement.
Modi’s visit to the United Arab Emirates in August 2015 at the invitation of His Highness Crown Prince Mohamed bin Zayed AI Nahyan, delivered a paradigm shift to the millennia old ties of friendship and cooperation bilateral and marked yet another milestone in the history of both UAE and India.
A Joint India- UAE statement issued at the end of the state visit said that an extensive framework of agreements, including economic, defence, security, law enforcement, culture, consular and people-to-people contacts constituted solid bedrock for elevating bilateral cooperation across the full spectrum of the relationship, and that His Highness Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Narendra Modi agreed to seize the historic moment of opportunity and shared responsibility to chart a new course in their partnership for the 21st century. (ANI)