India and UAE reiterate commitment to achieve goal of 100bn of bilateral trade in next 5 yrs
India and UAE have reiterated their commitment to achieving the goal of 100 billion US dollars of bilateral trade in the next five years. Both countries have also noted the possibility of linking instant payment platforms, such as through the United Payment Interface of India. These issues were discussed in the 14th India-UAE Joint Commission Meeting which was co-chaired by External Affairs Minister Dr. S. Jaishankar and Foreign Minister of UAE Sheikh Abdulla bin Zayed Al Nahyan in Abu Dhabi yesterday. Two MoUs were signed between both sides in the presence of the Ministers. One MoU was signed between the Wildlife Institute of India and the International Fund for Houbara Conservation for the Conservation of the Great Indian Bustard and the Lesser Florican. Another MoU was signed between the Ministry of Foreign Affairs and International Cooperation of UAE and the Indian Council for Cultural Relations on the establishment of the India-UAE Cultural Council Forum.
During the 14th India-UAE Joint Commission Meeting, both the Ministers expressed their satisfaction with the continued high growth trajectory of bilateral relations between the two nations. Both the Ministers also noted the cooperation between the two countries in various multilateral forums and international organizations, particularly in the UN Security Council in 2022. They also expressed happiness about the landmark Comprehensive Economic Partnership Agreement between India and UAE which was signed in February this year. Both the Ministers emphasized the importance of promoting start-ups and entrepreneurship in different fields such as fintech, edutech, healthtech, agritech, logistics and supply chains. UAE Foreign Minister appreciated the contribution of the Indian community to UAE’s progress and development while External Affairs Minister thanked UAE leadership for taking care of the Indian community.
Our correspondent reports that the bilateral relations between India and the UAE have strengthened in all sectors in recent years. Both sides have collaborated closely during the COVID-19 pandemic in critical areas of healthcare and food security. The two sides are also strengthening their cooperation in new areas of renewable energy, start-ups and fintech. The UAE is India’s third largest trade partner. Around 35 lakh Indians live in the UAE and play a major role in the economic development of the UAE.
