Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s visit to Mumbai and Delhi is set to further reinforce strong ties between India and the United Arab Emirates (UAE) and open avenues for partnership in new and emerging areas.
UAE Crown Prince In India
Why In News
- Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s visit to Mumbai and Delhi is set to further reinforce strong ties between India and the United Arab Emirates (UAE) and open avenues for partnership in new and emerging areas.
- Commerce and Industry Minister Piyush Goyal received the visiting dignitary at the airport and accorded a ceremonial welcome.
- This is Zayed Al Nahyan’s first visit to India as the Crown Prince of Abu Dhabi and he is accompanied by several Ministers from the UAE government and a business delegation.
UAE – India Relations
- Crown Prince of Abu Dhabi to meet Prime Minister Narendra Modi on September 9 and hold discussions on a wide range of areas of bilateral cooperation.
- He is also scheduled to call on President Droupadi Murmu and will visit Rajghat to pay tribute to Mahatma Gandhi. On September 10, the visiting Crown Prince will visit Mumbai to participate in a business forum, in which business leaders from both countries will participate.
- Emirati official delegation is expected to review their trade agreement this week amid concerns raised by India on the sharp rise in precious metal imports from UAE, according to a Reuters report, quoting people aware of the development on Sunday, September 8.
- India is one of the largest trading partners of the Gulf nation, with a bilateral trade of nearly $85 billion in 2022-23, as per official data quoted in the agency report. Indian citizens make up the largest community in UAE, with nearly 3.5 million people working in major sectors essential for the country’s economy, as per the report.
- India-UAE migration ranks as the fourth-largest migration corridor in the world, according to the World Migration Report 2024. The report also highlighted that all the Gulf Cooperation Council (GCC) countries continued to see a high proportion of migrant workers coming from India, Egypt, Bangladesh, Ethiopia and Kenya.
- These workers usually work in the construction, hospitality, security, domestic work, and retail sectors. In the United Arab Emirates, Kuwait and Qatar, migrants made up 88 per cent, nearly 73 and 77 per cent of the national populations, respectively, according to the report.
- UAE is one of the top four investors in India in the form of foreign direct investment (FDI) in 2022-23. Both countries have supported each other in forming trilateral agreements with India-UAE-France (UFI) in February 2023, with UAE joining SCO as a dialogue partner in May 2023 and later joining the BRICS nation partnership with India’s support, according to the report.
- “India and UAE share historically close and friendly ties. In recent years, the Comprehensive Strategic Partnership between India and the UAE has deepened in a wide range of areas including political, trade, investment, connectivity, energy, technology, education, and culture,” said the Ministry of External Affairs in its announcement, reported the news agency.
- After Prime Minister Modi’s visit to UAE in August 2015, the country’s relations with each other were raised to a Comprehensive Strategic Partnership.
- Both countries signed a Comprehensive Economic Partnership Agreement (CEPA), in February 2022 and a Local Currency Settlement (LCS) System in July 2023 to promote the use of Indian Rupee and AED for cross-border transactions, according to the report.
- Recently, the central banks of the two countries green-lit the use of local currencies (Rupees and Dirhams) for cross-border transactions including trade, remittance, and investment flows.
- India’s popular Unified Payments Interface (UPI) has been linked to the UAE’s instant payment system Aani, which is expected to benefit the Indians living in the Gulf country. Moreover, India’s Rupay cards can also be used in the UAE.
- Defence and security cooperation between the two countries has witnessed a boost in recent years. The defence ties have evolved to incorporate training, joint naval and air exercises, high-level exchanges and conducting an Annual Defence Dialogue.
Conclusion
- According to the MEA, “India and (the) UAE share historically close and friendly ties. In recent years, the Comprehensive Strategic Partnership between India and (the) UAE has deepened in a wide range of areas including political, trade, investment, connectivity, energy, technology, education, and culture. The Crown Prince’s visit will further reinforce strong India-UAE bilateral relations and open avenues for partnership in new and emerging areas.”
