India Global Forum’s upcoming third edition in the UAE shines the spotlight on the growing India-UAE partnership and its potential for international leadership.
The India-UAE relationship has reached unprecedented levels, with deep cultural, religious, and economic roots. It goes beyond being just a supplier-buyer of energy, encompassing multiple facets including trade, tourism, culture, and culinary exchanges. The mutual engagement of leaders has paved the way for a forward-thinking partnership in recent years.
The vision statement articulated by Prime Minister Narendra Modi and President His Highness Sheikh Mohamed bin Zayed Al Nahyan lays the groundwork for a comprehensive approach spanning different sectors such as economics, education, and international cooperation. This vision is now translating into reality, underscoring the commitment to further collaboration.
The Comprehensive Economic Partnership Agreement (CEPA), in effect since May 2022, has opened new avenues for India-UAE bilateral trade, which has seen a substantial 16% year-on-year increase, reaching $85 billion in the April 2022-March 2023 period. The CEPA sets the stage for $100 billion non-oil trade by 2030, symbolizing the trust between the two nations. Furthermore, the strategic location of the UAE as a global logistics hub underlines the potential for wider market access.
The landmark memorandum of understanding (MoU) on the framework for settlement of transactions in local currencies and the agreement for the development of UAE’s domestic card scheme based on India’s RuPay have far-reaching implications for economic engagements.
In addition to economic ties, India and the UAE are forging collaborations in Africa, with plans to transform Tanzania’s capital, Dar es Salaam, into a major transportation and logistics center. The joint healthcare mission to Tanzania and Kenya further highlights the potential for sustainable growth in the region.
The formation of the I2U2 – India, Israel, United States, and UAE economic grouping – as well as joint space ventures, underscore a pragmatic and inclusive approach to broader regional interactions. These engagements also signal the potential for collaborative efforts on global challenges, exemplified by the UAE’s participation in BRICS and the SCO.
In the face of manifold opportunities, the India-UAE strategic partnership represents a significant breakthrough in establishing mutually beneficial alliances based on mutual growth and development, advocating for global inclusivity. The India Global Forum’s Middle East and Africa 2023: Unleashing Ambitions scheduled for 26 – 29 Nov in Dubai aims to further explore and capitalize on these emerging opportunities. To learn more about the forum, visit www.indiaglobalforum.com.
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