December 16, 2024
The bilateral trade relationship, boosted by the 2022 Comprehensive Economic Partnership Agreement (CEPA), has now reached US$85 billion
Discussions highlighted energy cooperation, focusing on long-term supply agreements, strategic reserves, and collaboration on green hydrogen
Emerging partnerships in fintech, nuclear energy, critical minerals, and public digital infrastructure were commended
Progress on the Virtual Trade Corridor (VTC) and MAITRI interface aims to streamline trade processes through paperless transactions
India and the United Arab Emirates (UAE) held the 15th Joint Commission Meeting (JCM) on Friday, reaffirming their focus on strengthening energy, trade, and connectivity ties. External Affairs Minister S. Jaishankar and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan co-chaired the meeting, underscoring the robust India-UAE Comprehensive Strategic Partnership.
In his opening remarks, Jaishankar highlighted the partnership’s success, noting that bilateral economic and commercial relations have grown significantly, particularly following the signing of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022. Since its implementation, trade between the two nations has steadily increased, totalling US$85 billion.
A key focus of the discussions was the India-Middle East-Europe Economic Corridor (IMEEC), a transformative initiative to boost connectivity and trade between Asia, the Middle East, and Europe. The corridor, formalised during the G20 Summit in Delhi, envisions extensive networks of roads, railways, and shipping links among India, Saudi Arabia, the UAE, and Europe.
Energy cooperation was another major topic, with both sides resolving to deepen collaboration in upstream and downstream projects, green hydrogen, and strategic reserves. The ministers acknowledged the expanding partnership in fintech and digital trade infrastructure, particularly in developing the Virtual Trade Corridor (VTC) and the MAITRI interface. These initiatives aim to enable seamless, paperless trade processes between the two nations through efficient data exchange systems.
The ministers also reviewed progress in defence and security cooperation and welcomed the functioning of the IIT-Delhi Abu Dhabi campus, inaugurated earlier this year. Plans for establishing overseas campuses of the Indian Institute of Management Ahmedabad and the Indian Institute of Foreign Trade in Dubai were also assessed.
Emerging areas of partnership, such as nuclear energy, critical minerals, and green technologies, were highlighted, signalling a broader scope of cooperation. The UAE and India continue to explore avenues to solidify their relationship, bolstered by initiatives like CEPA, IMEEC, and collaborative investments in infrastructure and energy.
The meeting also reviewed geopolitical developments, including the situation in Gaza and Syria, reflecting the alignment of perspectives on regional issues. Both sides reaffirmed their commitment to leveraging their strong ties for mutual growth and regional integration.
Source: Business Standard