Amid the current volatile situation in West Asia, External Affairs Minister S Jaishankar on Friday discussed with UAE Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan the broad contours of the ambitious India-Middle East-Europe Economic Corridor (IMEEC).
The corridor is considered a major initiative aimed at improving maritime connectivity and trade between India, the UAE, and Europe.
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India and the UAE on Friday held the fourth Strategic Dialogue in New Delhi, which was co-chaired by Mr Jaishankar and the UAE minister.
A joint statement said the two sides discussed expanding their strategic partnership in several areas, including defence, emerging technologies, nuclear energy, polar research, critical minerals and renewable energy, among others. They also discussed regional and international issues of mutual interest.
The two ministers welcomed the signing and entry into force of the India-UAE Bilateral Investment Treaty. They reaffirmed the strong trade relationship between the UAE and India, further enhanced by the India-UAE Comprehensive Economic Partnership Agreement (CEPA). They commended the strong cooperation between the two central banks, particularly in the fintech sector, and the development of public digital infrastructure, including Central Bank Digital Currencies (CBDC), instant payments, and card schemes.
Welcoming the recent launch of the work on the Virtual Trade Corridor (VTC) between the two countries and the MAITRI interface (Master Application for International Trade and Regulatory Interface), they acknowledged that VTC and MAITRI will streamline trade processes through a data exchange system that facilitates paperless transactions between the two countries.
The two ministers appreciated the robust cooperation in the energy sector between the two countries, including the desire to deepen ongoing collaboration in areas such as long-term supply agreements, collaboration in upstream and downstream projects, mutual investment in strategic reserves etc. They also welcomed the expansion of cooperation in new areas of partnership such as nuclear energy, critical minerals and green hydrogen.
They expressed satisfaction over the active and growing exchanges between the two countries in the defence and security sector, which aligned with the broader strategic goals of the two countries. They welcomed the successful completion of the first Army-Army exercise ‘Desert Cyclone’ in January 2024 and the holding of the first-ever India-UAE defence partnership forum involving the defence industries of the two countries.
