PM in UAE updates | Modi leaves for India after ‘productive’ visit to UAE

Reserve Bank of India (RBI) and Central Bank of UAE (CBUAE) signed two agreements in Abu Dhabi to establish a framework for cross-border transactions in local currencies and interlinking of payment and messaging systems. The agreements were exchanged between the two governors, in the presence of the Prime Minister of India Narendra Modi and Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, the Reserve Bank said in a statement.

The memorandum of agreements (MoUs) are for ‘establishing a framework to promote the use of local currencies viz. the Indian rupee (INR) and the UAE dirham (AED) for cross-border transactions’ and ‘cooperation for interlinking their payment and messaging systems’

PTI

Prime Minister Narendra Modi concluded his day-long “productive” visit to the UAE during which he held bilateral talks with President Sheikh Mohamed bin Zayed al Nahyan.

The two leaders agreed to start trade settlements in local currencies, link the Fast payment systems of India and the UAE and open IIT-Delhi campus in the Gulf country.

UAE President Sheikh Mohamed bin Zayed al Nahyan on Saturday served a full vegetarian meal at the banquet he hosted in honour of Prime Minister Narendra Modi.

The banquet, at the Qasr-al-Watan presidential palace here, began with harees (wheat) and dates salad served with local organic vegetables and followed by grilled vegetables in masala sauce as starters.

The dignitaries were served black lentils and local harees (wheat) along with cauliflower and carrot tandoori for the main course.

A selection of local seasonal fruits was served for desserts.

“All meals are vegetarian and prepared with vegetable oils, and contain no dairy or egg products,” read a note on the menu card for the banquet.

PTI

Prime Minister Narendra Modi on Saturday held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here to further deepen the multi-faceted bilateral ties, and announced that the two countries have agreed to start trade settlement in their currencies.

In his remarks after meeting the UAE President, Mr. Modi said India-UAE trade witnessed a 20 per cent increase since the signing of the Comprehensive Economic Partnership Agreement last year.

Mr. Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.

The agreement with the UAE on trade settlement in the two countries’ currencies will boost bilateral trade and investments.

PTI

Prime Minister Narendra Modi on Saturday said India views UAE President Sheikh Mohamed bin Zayed Al Nahyan as a true friend. “Your vision and clear thinking are biggest assets of India-UAE ties,” Mr. Modi told him.

Prime Minister Narendra Modi held talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan to further deepen the multifaceted bilateral ties. Mr. Modi was accorded a ceremonial welcome in Abu Dhabi at the Qasr-Al-Watan — the presidential palace — where he was greeted by the UAE President with a warm embrace.

Children were seen waving the Indian tricolour as the Prime Minister inspected the guard of honour. Energy, food security, and defence are expected to be the focus areas of Mr. Modi’s visit to the UAE during which the two countries will review the progress in bilateral relations after they inked a landmark trade agreement last year.

The Comprehensive Economic Partnership Agreement (CEPA), which gave a new thrust to the economic engagement between the two countries, was signed during the COVID-19 pandemic. India and the UAE are engaged across various sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.

PTI

Prime Minister Narendra Modi assured India’s full support for UAE’s COP-28 presidency as he held productive talks with the U.N. climate conference’s President-designate Sultan Al Jaber in Abu Dhabi on Saturday.

The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, will be the 28th United Nations Climate Change conference, held from November 30 until December 12 at the Expo City, Dubai.

The conference has been held annually since the first U.N. climate agreement in 1992. It is used by governments to agree on policies to limit global temperature rises and adapt to impacts associated with climate change.

PTI

Prime Minister Narendra Modi arrived in Abu Dhabi on July 15 on a day-long visit and said he was looking forward to his talks with President of the UAE Sheikh Mohamed bin Zayed Al Nahyan to further deepen the multifaceted bilateral ties.

“Landed in Abu Dhabi. I look forward to the deliberations with HH Sheikh Mohamed bin Zayed Al Nahyan, which will further deepen India-UAE cooperation,” he tweeted.

PM Modi, who is currently on his fifth visit to the UAE, was warmly welcomed at the airport by UAE’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

Prime Minister Narendra Modi being received by Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the airport.

Image credit: Twitter/Arindam Bagchi@MEAIndia

Prime Minister Narendra Modi arrived in Abhu Dhabi on Saturday on a day-long visit to the UAE during which he will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan and review the burgeoning bilateral ties between the two strategic partners.

Mr. Modi will hold talks with Sheikh Al Nahyan, President of the UAE and Ruler of Abu Dhabi. “I look forward to meeting my friend, H.H. Sheikh Mohamed bin Zayed Al Nahyan,” Prime Minister Modi said in his departure statement on July 13.

“Our two countries are engaged across a wide range of sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties,” Mr. Modi said. - PTI

Image credit: Arindam Bagchi @MEAIndia

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Just hours before Prime Minister Narendra Modi lands in Abu Dhabi, the United Arab Emirates (UAE) has said that its economic partnership with India “is a significant milestone in the history of both nations”.

The UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, said in an interview, that the UAE-India non-oil trade is expected to reach $100 billion a year by 2030. - ANI

The United Arab Emirates (UAE), with which India implemented a Comprehensive Economic Partnership Agreement (CEPA) in May last year, has emerged as the fourth largest investor in India during 2022-23, according to government data.

In the last fiscal, Foreign Direct Investment (FDI) from the UAE to India jumped over three-fold to $3.35 billion from $1.03 billion in 2021-22, the data of the Department for Promotion of Industry and Internal Trade (DPIIT) showed. The UAE was the fourth largest investor in India in 2022-23 compared to the seventh in 2021-22.

India and the United Arab Emirates may announce the start of a rupee-dirham payment mechanism to settle bilateral trade during Prime Minister Narendra Modi’s visit to Abu Dhabi on Saturday, industry and government sources said.

Sources said on Friday that India would use the mechanism to pay for oil as well as other imports from the UAE, its fourth largest oil supplier in the year to March. - Reuters

“The India-U.A.E. comprehensive strategic partnership has been steadily strengthening and the Prime Minister’s visit will be an opportunity to identify ways to take this forward in various domains such as energy, education, healthcare, food security, fintech, defence and culture,” the Ministry of External Affairs (MEA) said.

It will also be an opportunity to discuss cooperation on global issues, particularly in the context of the UAE’s Presidency of COP-28 and India’s G-20 Presidency in which the UAE is a “special invitee”, it added. - PTI