Updated December 30th, 2023 at 19:38 IST
How India-UAE collaboration fared in 2023?
The bilateral relationship between India and the UAE surged, particularly in trade, defense, and multilateral engagements.
India and the UAE witnessed a significant upswing in relations throughout 2023, marked by several strategic collaborations. A pivotal development was the expansion of the BRICS grouping, welcoming the UAE as a member on January 1, 2024. This inclusion cements the UAE's global diplomatic and economic presence and strategically aligns the nation within the BRICS (Brazil, Russia, India, China, and South Africa).
Strategic India-UAE collaborations
Another milestone was the announcement of the India-Middle East Economic Corridor (IMEEC) during the G20 summit in New Delhi. IMEEC aims to establish a vital corridor connecting India to the Gulf region and Europe. This corridor encompasses a railway line and port connections through the UAE, Saudi Arabia, Jordan, and Israel.
The Comprehensive Economic Partnership Agreement (CEPA), implemented on May 1, 2022, significantly boosted bilateral trade. In the fiscal year 2022–23, trade soared to around $84.5 billion, a substantial 16 per cent increase from the previous year.
Economic and multilateral partnerships
The visit of Prime Minister Narendra Modi to the UAE in July 2023 marked his fifth visit, emphasising talks on enhancing bilateral trade, energy, defence, and food security cooperation. Additionally, discussions revolved around global growth promotion and collaboration on initiatives such as COP28 and India's G20 presidency.
The nations reaffirmed their joint commitment to combat extremism and terrorism while also strengthening maritime security and connectivity. The joint committee under CEPA aims to double non-petroleum trade to $100 billion by 2030, setting ambitious goals for future collaborations.
As the countries gear up for further cooperation, Prime Minister Modi's upcoming visit to inaugurate the first Hindu temple in Abu Dhabi in February 2024 signifies the continued deepening of ties between India and the UAE.
(with PTI inputs)
Published December 30th, 2023 at 19:38 IST