New Delhi: Prime Minister Narendra Modi’s visit to UAE on July 15, 2023, was productive and successful in strengthening the strategic partnership between the two countries. The visit witnessed the signing of two MoUs on financial payments and education, as well as discussions on energy, food security, defence, climate change and regional issues.
One of the landmark MoUs was between the Reserve Bank of India and the Central Bank of UAE to promote the use of local currencies Rupee and Dirham for cross-border transactions. This cooperation will also include the mutual acceptance of domestic card schemes by interlinking national card switches. This will facilitate trade and investment flows between the two countries and reduce transaction costs.
The other MoU was on setting up an IIT Delhi campus in Abu Dhabi, which will enhance educational and cultural ties between the two countries and provide opportunities for students and faculty.
The visit also reaffirmed the commitment of both countries to work together on global issues such as climate change, sustainable development, counter-terrorism and regional stability. The UAE expressed its support for India’s candidature for a permanent seat in a reformed UN Security Council.
The visit also showcased the close personal bond between Modi and Sheikh Mohamed bin Zayed Al Nahyan, the President of UAE and Ruler of Abu Dhabi, who received Modi at the airport and engaged in warm conversations.
The visit was Modi’s fifth to UAE and reflected the importance that both countries attach to their bilateral relationship, which has been elevated to a comprehensive strategic partnership in 2015. The UAE is India’s third-largest trading partner and hosts a large Indian diaspora. The two countries also cooperate in various fields such as energy, defence, space, health, culture and tourism.
Some of the significant features of the India and UAE relationship are:
- They are comprehensive strategic partners since 2015
- They have strong trade and investment ties, with UAE being India’s third-largest trading partner and investing 75 billion dollars in India
- They have close cultural and people-to-people links, with the UAE hosting a large Indian diaspora and supporting the construction of a Hindu temple in Abu Dhabi
- They have enhanced cooperation in various sectors such as energy, defense, space, health, education, and tourism
- They have shared interests and views on global issues such as climate change, counter-terrorism, and regional stability
- They have a close personal bond with their leaders, Modi and Sheikh Mohamed bin Zayed Al Nahyan
Modi’s recent visit to UAE has further strengthened these features by signing two MoUs on financial payments and education, discussing various bilateral and regional issues, and reaffirming their mutual support and friendship. The visit has also increased the confidence and trust between the two countries and opened new avenues for collaboration.
