UAE-India vision statement aims to advance ties to new frontiers

The UAE and India launched the Joint UAE-India Vision Statement on Friday during a virtual summit between His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Narendra Modi, Prime Minister of India.

The Joint UAE-India Vision Statement aims to advancing the India – UAE Comprehensive Strategic Partnership to new frontiers and new milestones.

Acknowledging 50 years of strong bilateral ties, both leaders agreed on a roadmap for a future-looking partnership between the UAE and India, strengthening the Comprehensive Strategic Partnership with opportunities for greater depth and breadth of cooperation. The roadmap will ensure that the two countries work together even more closely to address the shared global challenges, achieve shared objectives and build a robust and resilient relationship that is future-ready. The roadmap will promote the development of new trade, investment, and innovation dynamics, and intensify bilateral engagement in diverse areas.

ALSO READ:

• UAE-India summit: Modi reaffirms commitment to fight terror together

• UAE-India Summit: Non-Resident Indian businessmen hail landmark trade agreement deal

• India-UAE Summit: Bilateral trade deal will create one million jobs, says minister

The partnership between the two countries has led to the joint work on several agreements and Memorandum of Understanding in several areas, including: The Economy, Climate Change and Houbara Conservation, Industries and Advanced Technologies, Low Carbon Hydrogen Developments and Investments, Food Security, Financial Services, and Issuance of India-UAE Joint Stamps.

Economic partnership

Acknowledging the economic synergies and shared vision, the leaders welcomed the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and expressed confidence that this agreement will usher in stronger economic relations between the two countries and open new avenues for trade and investment. The leaders welcomed the establishment of a dedicated India Mart in Jebel Ali Free Zone and directed their respective officials to further promote two-way investments in infrastructure projects, including expediting work on establishing a dedicated investment zone for UAE companies and joint ventures which would focus on inter alia establishing a food corridor.

Additionally, the leaders encouraged to create investment opportunities for Indian investors in establishing specialised industrial advanced technology zones in Abu Dhabi, integrating local value chains of the existing and future specialised economic zones in areas of logistics and services, pharmaceuticals, medical devices, agriculture, agri-tech, steel and aluminium.

Cultural cooperation

Recognising shared cultural heritage and strong ties rooted in history, the leaders agreed to set up an India – UAE Cultural Council to facilitate and promote cross- cultural exchanges, cultural projects, exhibitions and dialogue between thought leaders of the two countries. The initiative will be coordinated by the Office of Public and Cultural Diplomacy, Ministry of Foreign Affairs and International Cooperation, UAE, and the Indian Council for Cultural Relations (ICCR).

Energy partnership

Over the last fifty years, the energy sector has been one of the key pillars that have enabled a special and mutually beneficial relationship between the UAE and India. Today, India is one of the UAE’s most important energy trading partners.

Strategic ties between the two nations have strengthened in recent years, particularly in the field of energy. Through the Comprehensive Strategic Partnership, both countries have promoted and delivered significant investment opportunities. The UAE is one of India’s key energy providers and remains committed to meeting India’s growing energy demand and is proud to have been the first international partner to invest by way of crude oil in India’s Strategic Petroleum Reserves Programme. Indian companies have steadily increased their participation across the entire UAE’s energy sector and represent some of Abu Dhabi’s key concession and exploration partners.

Further work will be undertaken to identify new collaboration opportunities to support India’s energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India’s growing economy. As the UAE and India collectively navigate the global energy transition, both countries remain committed to working together to create a just and equitable transition to a low-carbon future.

Climate action and renewables

Prime Minister Modi congratulated Sheikh Mohamed on UAE’s selection as the host of COP28 in 2023. Recognising the imperative need for climate action, the leaders agreed to strengthen cooperation towards accelerating climate action to facilitate the energy transition and implementation of the Paris Agreement. The leaders also agreed to work closely in the contexts of COP, the International Renewable Energy Agency (IRENA), and the International Solar Alliance (ISA).

Recognising that climate action will bring significant opportunities for societies, for economic growth, and for businesses, the leaders agreed to support each other’s clean energy missions. In this context, the leaders agreed to establish a joint Hydrogen Task Force to help scale up technologies, with a special focus on the production of Green Hydrogen. The leaders acknowledged ongoing UAE investments in India’s clean technology programs and initiatives and called for reinforcement of business-to-business and public-private partnerships.

Emerging technologies

Recognising that the rapidly digitalising world offers immense opportunities to accelerate economic growth and human development as well as to create new opportunities for investment, the leaders agreed that the UAE and India expand cooperation and collaborate on critical technologies and mutually promote e- businesses and e-payment solutions.

Acknowledging the rapid success of start-ups in India and the UAE in recent years, the leaders agreed to collaborate to promote start-ups from both countries to expand into the two regions and utilize such platforms as basis for growth. The start-ups could focus on, inter alia, fintech, edu-tech, healthcare, logistics and supply chain, agri-tech, chip design and green energy. The leaders directed their officials to explore mechanisms and sectors to promote collaboration.

Skills cooperation