Bilateral trade between the UAE and India surged to an impressive $84 billion in the past year, reflecting the robust success of the Comprehensive Economic Partnership Agreement (CEPA) that came into effect in May 2022. The two nations are now closer than ever to achieving their ambitious target of $100 billion in trade by 2030.
The 15th India-UAE Joint Commission Meeting, held in New Delhi, showcased the enduring strength of this partnership. Co-chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs of the UAE, and Dr. Subrahmanyam Jaishankar, India’s Minister of External Affairs, the meeting reaffirmed the historical and strategic ties binding the two countries.
A Shared Vision for Collaboration
During the meeting, Sheikh Abdullah highlighted the remarkable progress in UAE-India relations, emphasizing the significance of bilateral platforms like the joint commission in fostering cooperation across various fields. Dr. Jaishankar echoed these sentiments, underscoring India’s commitment to driving innovation and economic growth through its partnership with the UAE.
Key areas of collaboration discussed included:
- Digital Payment Integration: Enabling seamless cross-border transactions through interconnected systems.
- The UAE-India Food Corridor: Strengthening agricultural and food supply chains between the two nations.
- Science, Research, and Education: Expanding joint initiatives in innovation and learning.
- Nuclear Energy and Space: Building on mutual strengths in advanced technology sectors.
- Critical Minerals: Enhancing resource security through sustainable partnerships.
Strengthening Investment Ties
The UAE’s role as India’s seventh-largest investor was a focal point of the discussions. In 2023, the UAE invested an estimated $18 billion in India, reflecting a strong confidence in the nation’s economic growth. Notable projects include the Abu Dhabi Investment Authority’s decision to establish a subsidiary in Gujarat International Financial Tec-City, showcasing a long-term commitment to India’s financial ecosystem.
From April 2000 to March 2023, the UAE accounted for 2.5% of India’s total Foreign Direct Investment (FDI), injecting $15.6 billion into the economy. These figures highlight the UAE’s pivotal role in bolstering India’s growth trajectory.
New Agreements and Milestones
The meeting also celebrated the ratification of the UAE-India Bilateral Investment Treaty, a landmark agreement that provides a robust legal framework for mutual investment protection. Additionally, a Memorandum of Understanding (MoU) on polar research cooperation was exchanged, paving the way for joint efforts in this critical scientific domain.
With deep-rooted ties and a shared vision, the UAE and India continue to elevate their partnership, setting a global benchmark for economic and strategic collaboration.
