Post by : Meena
Hassan
The United Arab Emirates (UAE) and India have embarked on an extensive partnership journey by formalizing several pivotal agreements. Their objective is to elevate bilateral trade to $200 billion by the year 2032.
During a meeting in New Delhi, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi explored avenues to amplify cooperation in trade, energy, defense, and advanced technologies. These discussions underline the deep-rooted strategic ties that both nations have cultivated over the past decade.
Bilateral commerce between the two countries has surged in recent times. The momentum followed the signing of a Comprehensive Economic Partnership Agreement in February 2022, which facilitated reduced tariffs and improved market access. This agreement helped push trade past the $100 billion mark.
As part of the new arrangements, India is set to import 0.5 million metric tons of liquefied natural gas annually from the UAE, commencing in 2028 for a duration of ten years. Furthermore, a letter of intent was signed to solidify a strategic defense collaboration in the near future.
Other cooperative ventures encompass space and agriculture sectors. The UAE also committed to investing in a specialized development zone in Gujarat, India, which will include cutting-edge infrastructure such as airports, ports, and smart urban development.
Analysts deem this engagement crucial given the existing tensions in West Asia, particularly those involving Iran, Yemen, and Gaza. The enhanced collaboration between India and the UAE showcases their resolve to persist as stable allies during a tumultuous period in the region.
“The India-UAE partnership is robust and evolving. In the face of West Asia’s challenges, it represents a pivotal time for collaboration to foster regional stability,” commented Harsh Pant, Vice President of Foreign Policy at a think tank in New Delhi.
India continues to foster strong economic and community ties in West Asia, engaging with key nations like the UAE to navigate a complex geopolitical environment.
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