India, UAE agree to Double Bilateral trade to 200 Billion dollars by 2032
India and the United Arab Emirates (UAE) have agreed to double bilateral trade to 200 billion dollars by 2032. The decision was taken during the delegation-level talks between Prime Minister Narendra Modi and President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan in New Delhi yesterday. During the meeting, several agreements were also signed in the fields of Defence, Space, Energy and Food Safety between India and the UAE.
Briefing Media about the outcomes of the meeting, Foreign Secretary Vikram Misri informed that a letter of intent was signed to conclude a framework agreement on strategic defence partnership between both countries. He added that a letter of intent was also signed on joint initiatives on space infrastructure development and its commercialisation. Mr Misri noted that both nations also signed sales and purchase agreement between HPCL India and Adnoc Gas UAE.
He said that India and UAE have agreed for establishment of a supercomputing cluster in India. Foreign Secretary also informed that a letter of intent was also signed on the UAE’s participation in the development of special investment region in Dholera, Gujarat. He added that this is a mega partnership that will look at the establishment of international airport, pilot training school, smart urban township, projects related to railway connectivity and energy infrastructure.
He noted that both countries will promote bilateral civil nuclear cooperation. Mr Misri also informed that First Abu Dhabi bank and DP world will set up their offices and operations in GIFT city Gujarat. Foreign Secretary added that House of India will be established in Abu Dhabi which will be a cultural space consisting of a museum of Indian Art, Heritage, and Archaeology among others.
