Abu Dhabi, UAE – India and the UAE held the 14th edition of the UAE-India Joint Committee on Thursday, which was chaired by UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan and attended by his Indian counterpart Subrahmanyam Jaishankar.
Addressing the committee’s members, the UAE top diplomat said that the ongoing dialogue between the two countries has yielded success in a broad range of areas, most notably the launch of the Comprehensive Strategic Partnership (CSP) in 2017, and the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022.
“The growth of our economic relations brought about by CEPA has generated substantial opportunities in areas such as trade, investment, tourism, and aviation. Indeed, our respective economies have already begun to prosper under this agreement,” Sheikh Abdullah said.
“India ranks as the top export partner to the UAE, second in terms of imports, and first in attracting foreign direct investments from the UAE. Additionally, air traffic between the two countries reached nearly 3.5 million passengers in 2021,” he explained.
Sheikh Abdullah noted that the UAE is the second largest destination and source for Indian exports and imports, with a strong and growing position as a foreign direct investment source for India.
“The total trade between the two countries has reached an unprecedented level, climbing to almost US$70 billion in 2021. Indeed, our relationship is one of the most successful bilateral stories in the field of economic diplomacy,” he said.
“The success of our relationship has been augmented by the establishment of various multilateral cooperation initiatives. Our multilateral cooperation is an integral part of our strategy to advance Emirati-Indian relations, while enhancing our standing regionally and globally,” he continued.
Sheikh Abdullah highlighted the successful collaboration within the Indian Ocean Rim Association (IORA), as well as the cooperation between the two nations within the I2U2 grouping, as evidence of the existing and emerging opportunities the UAE and India have within international organisations and institutions.
“I also look forward to deeper cooperation with India via the intensification of the UAE’s participation in the BRICS group, the Shanghai Cooperation Organisation, and the G20. We are eager to make meaningful contributions within these forums in a manner consistent with the UAE’s standing in the international community,” the Minister added.
He thanked the Republic of India for its support for the UAE’s candidacy for membership to the Council of the International Telecommunication Union (ITU) for the period 2023-2026. “Furthermore, we value India’s support for the UAE’s re-nomination for membership in the Council of the International Civil Aviation Organisation (ICAO) Group III for the period 2022-2025.
Addressing his Indian counterpart and his accompanying delegation, Sheikh Abdullah said: “Honourable Minister of External Affairs, colleagues: as you will recall, upon the signing and implementation of the Comprehensive Economic Partnership Agreement, we set an ambitious goal of raising the volume of our non-oil trade to US$100 billion over the next five years.
He underscored the need for progress on issues of double taxation exemptions, and aviation, noting that these two areas “constitute an axis for our continued trade, investment and tourism growth.”
“I look forward to the continued advancement of our cultural relations, including through the UAE’s initiatives, such as the ‘Zayed Gandhi Digital Museum’, which honors the values of the Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, as well as celebrating the 150th anniversary of Mahatma Gandhi’s birth.”
He stressed that the establishment of the ‘Emirati-Indian Cultural Council’, will create more opportunities for cultural cooperation. “In my view, encouraging joint cultural projects and dialogue between the leaders of both countries will be essential in developing deeper shared understandings,” he said.
India’s foreign minister S Jaishankar hailed the long-standing strategic relations between the two nations.
“In the last two years”, the Indian top diplomat continued, “There has been a growing realisation on both sides that we are an integral element of each other’s economy and political future. Our track record, in terms of concrete deliverables, says it all”.
Jaishankar said that the conclusion of the Comprehensive Economic Partnership Agreement (CEPA) in 88 days underscores the commitment of both sides and makes a loud and clear statement to the world that where there is will, and trust, there is a way.”
The Indian minister expressed happiness that in spite of Covid, the high level interaction between the two countries has continued.
“In this context, I wish to thank President His Highness Sheikh Mohamed bin Zayed Al Nahyan for receiving Prime Minister Shri Narendra Modi in Abu Dhabi on 28th June, 2022. If a picture is worth a thousand words, I think the picture of the warm embrace between our leaders was worth a million,” he said.
“Another historical accomplishment has been the unveiling of the Joint Vision Document by our leaders in February this year as a roadmap for our partnership for the coming years and decades. I am happy to note that work has already commenced in several areas including Climate Action, Renewable energy, Health Cooperation in Africa, setting up IIT in the UAE, United Payment Interface, Skills Cooperation, setting up a Cultural Council and multiple other areas.”