Your Guide To UAE-India Bilateral Ties And Recently Inked Historic Agreements
Since the establishment of bilateral relations in 1972, the UAE and India have been sharing strong partnerships bolstered with an exchange of high-level bilateral visits from time to time.
The countries are currently part of multiple plurilateral platforms including I2U2 (India-Israel-UAE-US) and UFI (UAE-France-India).
India had even invited the Emirates as a guest country to the recently-concluded G20 Summit in New Delhi, with UAE President Sheikh Mohamed bin Zayed and Indian Prime Minister Narendra Modi speaking on the sidelines of the event on strengthening economic partnerships.
UPI-IPP Linkage And Settling Transactions In Local Currencies
The Heads of State also discussed a Comprehensive Economic Partnership Agreement inked last year. Since the signing, the two countries have been focusing heavily on bolstering relations.
Since the deal was put into effect, the countries have been recording “real momentum in bilateral non-oil trade,” UAE Minister of Foreign Trade recently said.
The UAE is also the second-largest source of LNG and LPG for India. As part of a 14-year supply agreement inked in July, the integrated gas processing unit of Adnoc will supply up to 1.2 million metric tonnes of LNG to Indian Oil Corporation a year.
The two friendly countries have also started settling transactions using local currencies, with the new system expected to improve cross-border trade and help reduce transaction costs.
Additionally, they recently agreed upon the Unified Payments Interface (UPI) of India with Instant Payment Platform (IPP) linkage.
The move will allow users in either country to make fast, safe, cost-effective cross-border funds transfer. The Memorandum of Understanding came a day after India and France agreed to enable the use of Unified Payments Interface (UPI) in France.
IIT Campus In Abu Dhabi And Mega Rail And Shipping Corridor
Indian Institute of Technology (IIT) Delhi has signed an MoU with the Abu Dhabi Department of Education and Knowledge (ADEK) and the Ministry of Education in India to set up its international campus in Abu Dhabi.
According to a release issued by the premier Indian institute, the MoU was signed in the presence of the two Heads of State.
One of the most important announcements during the G20 Summit 2023 included the historic India-Middle East-Europe Economic Corridor.
An MoU was signed between India, the US, UAE, Saudi Arabia, Italy, France, Germany and the EU to establish a rail and shipping corridor. The move is expected to enhance economic growth by improving trade, transporting energy resources and improving digital connectivity.
The UAE remains one of the most popular destinations for Indian citizens seeking work overseas. It’s estimated some 3.55 million Indians currently reside in the Emirates.
Growing Indian Population In Emirates
The Gulf region continues to attract an influx of Indian talent, with a total of 7.93 million living in the UAE, Saudi Arabia, Kuwait and other countries.
Last October, the doors of the second Hindu temple in the UAE was opened to worshippers in Dubai. Built at a cost of $16 million, the gorgeous temple is a blend of Indian and Arab design.
It is spread over a huge 70,000 sq ft area and features 16 prayer rooms, each devoted to one Hindu deity. One of the prime features of this fascinating place of worship is it’s open to all faiths and can accommodate nearly a thousand devotees at a time.