NEW DELHI, Dec 13: On Friday, India and the United Arab Emirates (UAE) engaged in discussions regarding the execution of the ambitious India-Middle East-Europe Economic Corridor (IMEEC), and both parties expressed commitment to enhance energy cooperation, including long-term supply strategies and partnerships in upstream and downstream projects.
During the 15th India-UAE Joint Commission Meeting (JCM), co-chaired by External Affairs Minister S. Jaishankar and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, the focus was on advancing bilateral relations in the realms of energy, connectivity, and trade.
The meeting took place in New Delhi.
In his televised opening statements, Jaishankar characterized the India-UAE comprehensive strategic partnership as a “model” relationship, noting that their economic and commercial connections are not only solid but also “diversified and deepening.”
“Since the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, trade has been on a steady rise and has now reached USD 85 billion,” he reported.
The two ministers also discussed expanding their strategic partnership in sectors such as defense, emerging technologies, nuclear energy, polar research, critical minerals, and renewable energy during a meeting of the India-UAE Strategic Dialogue last night.
At the JCM, Jaishankar and Al Nahyan acknowledged the signing and enactment of the India-UAE bilateral investment treaty, as stated by the Ministry of External Affairs (MEA).
“They reaffirmed the strong trade ties between the UAE and India, further strengthened by the India-UAE Comprehensive Economic Partnership Agreement (CEPA),” the MEA noted.
It was also understood that the foreign ministers discussed the situation in Gaza and the developments in Syria.
Since the historic visit of Prime Minister Modi to the UAE in August 2015, the bilateral relations have been elevated to a Comprehensive Strategic Partnership.
The trade and investment relationship between the two nations saw significant growth following the signing of the CEPA in 2022.
Jaishankar and Al Nahyan praised the robust bilateral collaboration in the fintech sector, particularly in developing public digital infrastructure, including Central Bank Digital Currencies (CBDC), instant payment systems, and card schemes, as per the MEA.
“Both parties also discussed the India-Middle East-Europe Economic Corridor (IMEEC), a key initiative designed to enhance maritime connectivity and trade routes among India, the UAE, and Europe,” it added in a statement.
Described as a groundbreaking initiative, the IMEEC aims to establish extensive networks of roads, railways, and shipping links among India, Saudi Arabia, the United States, and Europe to ensure integration across Asia, the Middle East, and the West.
The IMEEC framework was solidified during the G20 Summit in September of the previous year, where an agreement was reached between India, Saudi Arabia, the European Union, the UAE, the US, and several other G20 members regarding the corridor.
Jaishankar and Al Nahyan expressed their support for the recent initiation of the Virtual Trade Corridor (VTC) between the two nations, along with the MAITRI interface (Master Application for International Trade and Regulatory Interface).
The MEA indicated that both parties recognized that VTC and MAITRI would optimize trade processes through a data exchange system facilitating paperless transactions between India and the UAE.
“The two ministers acknowledged the strong cooperation in the energy sector and conveyed a shared goal to deepen the ongoing collaboration in long-term supply agreements, investment in strategic reserves, and joint projects in both upstream and downstream sectors,” the MEA reported.
Moreover, they appreciated the expansion of cooperation into new partnership areas such as nuclear energy, critical minerals, and green hydrogen.
The MEA stated that Jaishankar and Al Nahyan expressed satisfaction over the active and growing exchanges in the defense and security sectors.
Both parties also acknowledged the successful operation of the IIT-Delhi campus in Abu Dhabi, which was inaugurated by Crown Prince Sheikh Khaled Bin Mohamed on September 2.
The MEA mentioned that the progress towards establishing the overseas campuses of the Indian Institute of Management, Ahmedabad, and the Indian Institute of Foreign Trade in Dubai was reviewed. (PTI)
