IIT Delhi–Abu Dhabi is expected to become operational by January 2024
Prime Minister Narendra Modi and UAE President and Abu Dhabi Ruler Sheikh Mohamed bin Zayed Al Nahyan met over delegation level and one-on-one talks in Abu Dhabi on 15 July, 2023. During their meeting, the two leaders held wide ranging discussions covering various dimensions of the bilateral partnership, including trade & investment, fintech, energy, renewables, climate action, higher education and people to people ties. The discussions also covered regional and global issues. They witnessed the exchange of three significant documents: 1. MoU between RBI and UAE Central Bank for the establishment of a framework to promote the use of local currencies (INR - AED) for cross-border transactions. According to the joint statement issued after the talks, the leaders discussed that developing the Local Currency Settlement System between the two countries to settle bilateral trade is a reflection of mutual confidence. Moreover, it underlines the robustness of the economies in both countries and enhances the economic engagement between the UAE and India. 2. MoU between RBI and UAE Central Bank for the bilateral cooperation on interlinking their payment and messaging systems. 3. MoU between Ministry of of Education of India, Department of Education and Knowledge, Abu Dhabi and IIT Delhi for planning to establish IIT Delhi - Abu Dhabi, UAE. IIT Delhi – Abu Dhabi is expected to become operational by January 2024 by offering a Master’s program in Energy Transition and Sustainability. Other Bachelor, Master’s and Ph.D. Level programs are expected to be offered from September 2024, in addition to establishing research centers in the fields of sustainable energy, climate studies, computing, and data sciences. STEADY GROWTH IN BILATERAL TIES India-UAE bilateral trade rose to USD 85 billion in 2022, making the UAE India’s third-largest trading partner for the year 2022-23 and India's second-largest export destination. India is the UAE’s second largest trading partner, the joint statement noted. In February 2022, India became the first country with which the UAE signed a Comprehensive Economic Partnership Agreement (CEPA). Bilateral trade has increased by approximately 15% since the entry into force of the CEPA on May 1, 2022. During their meeting, the two leaders reiterated their resolve to further strengthen investment ties between the two countries. In this context, they appreciated the efforts of the bilateral High-Level Joint Task Force of Investments. They acknowledged that the UAE became the fourth largest investor in India in 2022-2023, compared to the seventh in 2021-2022. They also appreciated the plan of Abu Dhabi Investment Authority (ADIA) to set up a presence in Gujarat International Finance Tec-City (GIFT City), a financial free zone in Gujarat, in the next few months. This will further facilitate investment opportunities for the UAE in India. The leaders agreed to further strengthen bilateral collaboration to strengthen maritime security and connectivity in the region to promote prosperity in India, the UAE, and the shared neighborhood. They also agreed to enhance defense exchanges, sharing of experiences, training, and capacity building. The leaders reaffirmed their joint commitment to the fight against extremism and terrorism, including cross-border terrorism, in all forms, at both the regional and international levels. They agreed to further deepen their bilateral cooperation in the fight against terrorism, terrorist financing, and extremism. India and the UAE resolved to further enhance bilateral partnership in the energy field, both in oil, gas, and renewable energy. Both sides will take forward their cooperation in Green Hydrogen, solar energy and grid connectivity. Both sides also agreed to increase investment across the energy spectrum, including in India’s Strategic Petroleum Reserve Programme. According to the joint statement, the leaders highlighted the importance of the health sector and scope of cooperation bilaterally and in third countries by energizing ongoing health cooperation and further diversifying it. The potential of both countries to become a reliable alternative in global health supply chains of vaccines and medicines was highlighted. Opportunities for collaboration in the growing health infrastructure in the UAE and India were also discussed, the joint statement added. Recognizing the importance of food security, the leaders reiterated their resolve to promote the reliability and resilience of food supply chains and expand food and agriculture trade, including through food corridors projects in India. FREQUENT HIGH-LEVEL INTERACTIONS This was Prime Minister Modi's fifth visit to the UAE in the last eight years. He last visited the UAE in June 2022 when he met President Sheikh Mohamed bin Zayed Al Nahyan to convey his greetings after he assumed office. In 2015, Prime Minister Modi became the first Indian PM to visit the UAE in 34 years. This was followed by the visit of Crown Prince Sheikh Mohamed bin Zayed Al Nahyan to India in 2016, then again in 2017, when he was the Chief Guest at India’s Republic Day celebrations. The India-UAE relationship was formally elevated to a Comprehensive Strategic Partnership during this visit in 2017. President Sheikh Mohamed bin Zayed Al Nahyan is scheduled to attend the G20 Leaders’ Summit in New Delhi on September 9-10, 2023.