India UAE virtual summit

Tags: National News

Indian Prime Minister Narendra Modi held a virtual summit meeting with the Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan on 18 February 2022. Sheikh Mohammed bin Zayed Al Nahyan is the deputy   Supreme Commander of the United Arab Emirates (UAE) Armed Forces. 

• Both the leaders issued “Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone".

• Both countries have identified future areas of cooperation in new trade, investment and innovation dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security.  

Important highlights of the agreement 

Trade and Investment   

• Both countries have signed the Comprehensive Economic Partnership Agreement (CEPA) to promote trade and investment between the two countries.

• To further cooperation in financial services and projects, a Memorandum of Understanding (MOU) was signed by India's Gujarat International Financial Tech City (GIFT) City and Abu Dhabi Global Market.

Food security 

• Both sides have also decided to establish a dedicated IndiaMart in Jebel Ali Free Zone, a dedicated investment zone for UAE companies and joint ventures which would focus on establishing a food corridor and promote food security of the UAE and increase in food exports from India.

• To explore and  implement the “Food Security Corridor Initiative” a Memorandum of Understanding (MOU) was signed between the Agricultural and Processed Food Products Export Development Authority of India  (APEDA) and DP World & Al Dahra of the UAE. 

Energy cooperation 

In energy cooperation, UAE’s participation in India’s Strategic Petroleum Reserves Programme will expand.

Defence and counter terrorism 

Both sides agreed to expand maritime cooperation and will jointly  fight extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.

• The two Leaders also released the Joint Commemorative Stamp on the occasion of the 75th anniversary of India's independence and 50th year of UAE's foundation. 

• Two other MOUs - one on cooperation in Climate Action and the other on Education were also signed between the two countries.