UAE and India challenge joint assertion after Indian PM’s go to to UAE – World

The United Arab Emirates and India have issued a joint assertion following the official go to made by Narendra Modi, Prime Minister of India, to the UAE right now.

Following is the total textual content of the assertion:

“1. President of the United Arab Emirates His Highness Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of India Shri Narendra Modi met in Abu Dhabi on fifteenth July 2023.

2. Either side famous that this was the fifth go to of Prime Minister Shri Narendra Modi to the UAE within the final eight years. Prime Minister Modi final visited the UAE in June 2022 when he visited Abu Dhabi to fulfill His Highness Sheikh Mohamed bin Zayed Al Nahyan to convey his greetings as His Highness assumed the presidency of the UAE. In 2015, Prime Minister Modi grew to become the primary Prime Minister of India to go to the UAE in 34 years. This go to was adopted by the go to of His Highness Sheikh Mohamed bin Zayed Al Nahyan to India in 2016, then in 2017, when His Highness Sheikh Mohamed bin Zayed Al Nahyan was the Chief Visitor at India’s Republic Day celebrations. Furthermore, the India-UAE relationship was formally elevated to a Complete Strategic Partnership through the go to of His Highness Sheikh Mohamed bin Zayed Al Nahyan to India in 2017.

3. The leaders expressed satisfaction that UAE-India relations have witnessed super progress on all fronts. India-UAE commerce rose to US$85 billion in 2022, making the UAE India’s third-largest buying and selling associate for the 12 months 2022-23 and India’s second-largest export vacation spot. India is the UAE’s second largest buying and selling associate. In February 2022, India grew to become the primary nation with which the UAE signed a Complete Financial Partnership Settlement (CEPA). Bilateral commerce has elevated by roughly 15 p.c because the entry into pressure of the CEPA on 1st Could 2022.

4. The leaders famous the numerous international roles performed by each international locations in 2023, with India’s presidency of the G20 and the UAE’s presidency of COP28. The UAE facet appreciated the internet hosting of the Voice of World South Summit by India in January 2023. The Indian facet additionally recommended the UAE for its instrumental function in selling the World South’s pursuits at COP28 and making COP28 a “COP of motion.” Either side additionally regarded ahead to additional cooperation in plurilateral fora equivalent to I2U2 and the UAE-France-India trilateral cooperation initiative. They famous that such platforms present better alternatives for each international locations to raise the partnership to new heights.

5. In the present day, in Abu Dhabi, the President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan and the Hon’ble Prime Minister of India Shri Narendra Modi witnessed the next:

I. The signing of a Memorandum of Understanding for the institution of a framework to advertise using native currencies (INR-AED) for cross-border transactions by Governors of the respective Central Banks.

II. The signing of a Memorandum of Understanding on interlinking cost and messaging techniques by Governors of the respective Central Banks.

III. The signing of a Memorandum of Understanding for planning to determine Indian Institute of Know-how – Delhi in Abu Dhabi.

6. The leaders mentioned that growing the Native Foreign money Settlement System between the 2 international locations to settle bilateral commerce is a mirrored image of mutual confidence. Furthermore, it underlines the robustness of the economies in each international locations and enhances the financial engagement between the UAE and India. The leaders expressed their curiosity in strengthening cooperation within the cost techniques space by enabling integration between their immediate cost techniques to course of cross-border transactions between the UAE and India extra effectively. Such cooperation may even embrace the mutual acceptance of home card schemes by interlinking nationwide card switches. Integration between these techniques will improve entry to cost companies for the advantage of the residents and residents of the 2 international locations.

7. The leaders reiterated their resolve to additional strengthen funding ties between the 2 international locations. On this context, they appreciated the efforts of the bilateral Excessive-Stage Joint Activity Pressure of Investments. They acknowledged that the UAE grew to become the fourth largest investor in India in 2022-2023, in comparison with the seventh in 2021-2022. They appreciated the plan of Abu Dhabi Funding Authority (ADIA) to arrange a presence in Gujarat Worldwide Finance Tec-Metropolis (GIFT Metropolis), a monetary free zone in Gujarat, within the subsequent few months. This can additional facilitate funding alternatives for the UAE in India.

8. The leaders additionally mentioned the importance of the tripartite MoU between the Ministry of Training of India, Indian Institute of Know-how (IIT Delhi) and Abu Dhabi Division of Training & Data (ADEK) for the institution of IIT Delhi – Abu Dhabi. In February final 12 months, through the Digital Summit between the 2 leaders, they agreed to determine the Indian Institute of Know-how within the UAE. Either side have labored tirelessly over the previous two years to make this imaginative and prescient a actuality. The 2 leaders expressed their endorsement and approval that IIT Delhi – Abu Dhabi will turn out to be operational by January 2024 by providing a Grasp’s program in Power Transition and Sustainability. Different Bachelor, Grasp’s and Ph.D. Stage applications are anticipated to be provided from September 2024, along with establishing analysis facilities within the fields of sustainable power, local weather research, computing, and information sciences.

9. The leaders resolved to additional improve bilateral partnership within the power discipline, each in oil, fuel, and renewable power. Either side will take ahead their cooperation in Inexperienced Hydrogen, photo voltaic power and grid connectivity. Either side additionally agreed to extend funding throughout the power spectrum, together with in India’s Strategic Petroleum Reserve Programme.

10. The leaders acknowledged the joint work on problems with local weather change, significantly throughout India’s presidency of the G20 and the UAE’s presidency of COP28. They resolved to work collectively to make COP28 a hit for all.

11. Recognising the significance of meals safety, the leaders reiterated their resolve to advertise the reliability and resilience of meals provide chains and develop meals and agriculture commerce, together with by meals corridors tasks in India. The UAE facet will full its consultations with varied Indian stakeholders swiftly for the early realisation of tasks on this space.

12. The leaders highlighted the significance of the well being sector and scope of cooperation bilaterally and in third international locations by energising ongoing well being cooperation and additional diversifying it. The potential of each international locations to turn out to be a dependable different in international well being provide chains of vaccines and medicines was highlighted. Alternatives for collaboration within the rising well being infrastructure within the UAE and India have been additionally mentioned.

13. The leaders famous that people-to-people contacts, which date again centuries, are one of many strongest and most essential pillars of the historic India-UAE ties. The UAE expressed appreciation that the massive Indian diaspora continues to play a big function within the society and economic system of the UAE and additional reinforces bilateral relations.

14. The leaders agreed to additional strengthen bilateral collaboration to strengthen maritime safety and connectivity within the area to advertise prosperity in India, the UAE, and the shared neighborhood. Additionally they agreed to boost protection exchanges, sharing of experiences, coaching, and capability constructing.

15. The leaders reaffirmed their joint dedication to the struggle in opposition to extremism and terrorism, together with cross-border terrorism, in all varieties, at each the regional and worldwide ranges. They agreed to additional deepen their bilateral cooperation within the struggle in opposition to terrorism, terrorist financing, and extremism. On this context, they emphasised the significance of selling the values of peace, moderation, coexistence, and tolerance amongst peoples and harassed the necessity for all types of extremism, hate speech, discrimination, and incitement to be renounced.

16. Each leaders emphasised the significance of multilateralism and known as for collective motion to advertise a simply, rules-based international order. The 2 leaders additionally expressed satisfaction on the coordination between the 2 sides on UN Safety Council issues, particularly in 2022, when each international locations served as non-permanent members of the UNSC. Prime Minister Modi recommended the UAE’s achievements through the UAE’s time period as an elected member of the Safety Council. The UAE reiterated its endorsement of India’s bid for everlasting membership of the reformed UNSC.

17. Prime Minister Modi thanked His Highness Sheikh Mohamed bin Zayed Al Nahyan for his heat hospitality to his delegation. Prime Minister Modi is wanting ahead to the participation of His Highness Sheikh Mohamed bin Zayed Al Nahyan within the G20 Leaders’ Summit on Ninth-Tenth September 2023 in New Delhi.

18. Each leaders reaffirmed their dedication to additional strengthening the Complete Strategic Partnership, exploring rising areas of collaboration, and selling peace, stability, and prosperity within the area and past.”

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