India and the UAE have expressed satisfaction at the continued high growth trajectory of bilateral ties

India and the UAE reiterated their commitment to achieving the ambitious goal of USD 100 billion of bilateral trade in the next five years, as External Affairs Minister S Jaishankar co-chaired the 14th India-UAE Joint Commission Meeting (JCM) with UAE Foreign Minister Sheikh Abdulla bin Zayed Al Nahyan in Abu Dhabi on Thursday.

"A very productive meeting of the 14th India-UAE Joint Commission. Thank HH Sheikh Abdullah bin Zayed Al Nahyan for co-chairing it. Assessed the significant progress made in multiple domains of cooperation. The Joint Vision of our leadership is being implemented expeditiously," EAM Jaishankar tweeted after the meeting.

Both Ministers expressed their deep satisfaction at the continued high growth trajectory of bilateral relations between India and UAE, the Ministry of External Affairs (MEA) said on Friday.

According to the MEA, the two Ministers expressed happiness at the entry into force of the landmark Comprehensive Economic Partnership Agreement (CEPA) on May 1, 2022 and organization of various activities and events for the effective implementation of the Agreement.

"Both Ministers reiterated commitment to achieving the goal of USD 100 billion of bilateral trade in the next five years. They also positively assessed the investment partnership between both countries and the growth of UAE investments in India in diverse sectors. It is expected that the next meeting of the High Level Task Force between the two countries will be held shortly in India," the MEA said.

During the meeting, they noted the regular high level political interactions between both sides, especially the meeting between Prime Minister of India, Narendra Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan on 28 June 2022 in Abu Dhabi, their Virtual Summit on 18 February 2022 and their participation in the virtual I2U2 Summit in July 2022.

Both Ministers also noted the cooperation between the two countries in various multilateral forums and international organizations, in particular in UN Security Council in 2022, the MEA added.

REVIEW OF DIFFERENT FACETS OF BILATERAL COOPERATION

During the meeting, the progress in various elements of bilateral cooperation identified in Vision Statement adopted by the two leaders on 18 February 2022 was also reviewed.

"Both Ministers noted the commitment on either side to further strengthen their long-term energy partnership, including two-way investments. They also noted the progress in discussions on various aspects related to renewable energy and Green Hydrogen. An MOU on Climate Action was signed in May 2022," the MEA noted. The Ministers also reviewed the ongoing discussions between the two sides in the area of food security, including in the I2U2 framework.

They expressed happiness at the forward movement in healthcare and education cooperation. A team consisting of both government and private sector representatives from India and UAE visited Kenya and Tanzania recently to identify opportunities for joint projects in the health sector. The discussions between both sides on establishment of an IIT in UAE have also moved forward with the establishment of a Joint Working Group between institutions on both sides.

Two Memorandums of Understanding (MoUs) were signed between both sides in the presence of the Ministers. These are:

  • MoU between Wildlife Institute of India and International Fund for Houbara Conservation for the Conservation of the Great Indian Bustard and the Lesser Florican

  • MoU between Ministry of Foreign Affairs and International Cooperation of UAE and Indian Council for Cultural Relations (ICCR) on the Establishment of the India-UAE Cultural Council Forum.

Both Ministers also emphasized the importance of promoting start-ups and entrepreneurship in different fields such as fintech, edutech, healthtech, agritech, logistics and supply chains. They noted the possibility of linking instant payment platforms in either country, such as through the United Payment Interface (UPI) of India.

During the discussions, UAE's Foreign Minister appreciated the contribution of the Indian community to UAE’s progress and development while External Affairs Minister of India thanked him and the entire UAE leadership for taking care of the Indian community.