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India and the United Arab Emirates, encouraged by the signing of the historic Comprehensive Economic Partnership Agreement, anticipated that bilateral trade will reach $100 billion "well ahead of the target year of 2030." Following extensive discussions between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi, the two nations released a joint statement expressing their support for each other's efforts to fortify their robust commercial and economic ties as well as explore new areas of cooperation.
As of 2022–2023, the UAE ranks as India's second-largest export destination and its third-largest trading partner. India is the second-biggest trading partner of the United Arab Emirates, with a projected bilateral trade of $85 billion in 2022–2023. The two leaders attributed this "strong growth" to the Comprehensive Economic Partnership Agreement (CEPA), which came into force on May 1, 2022.
"In this regard, the leaders expressed optimism regarding elevating the bilateral trade to USD 100 billion well ahead of the target year 2030. The two leaders also acknowledged the formal unveiling of the UAE-India CEPA Council (UICC), which stands as an important development in the bilateral trade partnership," the joint statement said.
It also listed the eight bilateral pacts that the two nations entered into. Those included, among others, the Bilateral Investment Treaty and the Inter-Governmental Framework Agreement on the India-Middle East-Europe Economic Corridor (IMEEC).
They expressed satisfaction with the progress achieved in various sectors, noting that the partnership between the two countries has been significantly expanding over the years, it said.
The joint statement said that the two leaders discussed ways to enhance their bilateral partnership in the energy sector, which includes oil, gas, and renewable energy.
They acknowledged signing two new long-term LNG supply agreements between ADNOC Gas and Indian Oil Corporation Ltd and Gas Authority of India Ltd (GAIL) for 1.2 MMTPA and 0.5 MMTPA, respectively.
"These agreements mark the beginning of a new era in the energy partnership between the two countries, and both leaders encouraged the companies to explore more such opportunities. Furthermore, the two sides agreed to advance their cooperation in hydrogen, solar energy, and grid connectivity," it said.
The two leaders acknowledged that the MoU in the field of Electricity Interconnection and Trade signed on Tuesday opens a new area of energy cooperation between the two countries, which will also bring to life the Green Grids - One Sun One World One Grid initiative launched by Prime Minister Modi during COP26. They expressed confidence that the MoU would further boost energy cooperation and connectivity between both countries.
On a whirlwind two-day trip to the Gulf region, Modi addressed a massively attended Indian diaspora event, the prestigious World Governments Summit, and inaugurated UAE's first Hindu stone temple, among other engagements.
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