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India, UAE agreed to increase bilateral trade by 60% over the next 5 years

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India and the United Arab Emirates (UAE) formally agreed to enhance their cooperation in all areas of bilateral relations and to increase their trade by 60 per cent over the next five years. Both the countries have agreed to enhance cooperation in different areas including trade, commerce, energy, defence, space, investments, security and combating Crime.

The agreements were arrived at the 11th session of the India-UAE Joint Commission held in New Delhi recently which was co-chaired by Union External Affairs Minister Sushma Swaraj and her visiting counterpart, Foreign Minister of UAE Sheikh Abdullah Bin Zayed Al-Nahyan.

Highlights of the Meeting:

  • Both the sides agreed to encourage the investment institutions of the UAE to raise their investments in India.
  • Establishment of the UAE-India Infrastructure Investment Fund, with the aim to reach a target of investment worth of $75 billion in India.
  • Both countries also agreed to work for early establishment of the planned India-UAE Joint Fund for investments in the infrastructure sector in India.
  • Both the sides signed Memorandum of Understandings (MoUs) on cooperation in the areas of Higher Education & Scientific Research, Tourism, Specifications and Measures for cooperation between the respective Telecom Regulatory Authorities and also between the Federation of Indian Chambers of Commerce and Federation of UAE Chambers of Commerce & Industry.
  • An India-UAE Joint Business Council was inaugurated by the two Foreign Ministers of the respective Countries.

Key Points to Remember:

  • UAE Capital – Abu Dhabi
  • UAE Currency – UAE Dirham
  • UAE President: Khalifa bin Zayed Al Nahyan