PM Narendra Modi recently engaged in talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan, with a warm reception at the airport upon Modi’s return from France. During their meeting, the two leaders made a significant announcement regarding trade settlement between their countries, emphasizing the strong economic cooperation and mutual trust that exists between India and the UAE.
Prime Minister Modi expressed his satisfaction over the 20% increase in bilateral trade between India and the UAE since the signing of the Comprehensive Economic Partnership Agreement last year. This positive development follows his discussions with President Al Nahyan, highlighting the growing economic ties between the two nations.
In addition to their economic discussions, Prime Minister Modi acknowledged the warmth and affection he received from President Al Nahyan, describing him as a “true friend” to the Indian people. He attributed the expansion of bilateral relations between the countries to the UAE President’s significant contribution, stating that every individual in India regards him as a trusted ally.
Furthermore, PM Modi had a productive meeting with Sultan Al Jaber, the President-designate of COP28, where they focused on sustainable development and India’s commitment to the cause. Modi tweeted about the meeting, expressing India’s dedication to the Mission LiFE initiative and assuring full support for the UAE’s presidency of the upcoming UN climate conference.
Simultaneously, the Reserve Bank of India and the Central Bank of the UAE signed two Memorandums of Understanding, establishing a framework to promote the use of local currencies for cross-border transactions and to interlink their payment and messaging systems. This agreement reflects the shared goal of facilitating seamless financial transactions and further strengthening economic ties between the two nations.
Overall, Prime Minister Modi’s talks with President Al Nahyan underscore the deepening economic cooperation, mutual trust, and camaraderie between India and the UAE. Their commitment to sustainable development and the establishment of financial frameworks further solidify the bilateral relationship, paving the way for enhanced collaboration in the future.
