India-UAE comprehensive strategic partnership a ‘model relationship’: Jaishankar
External affairs minister Jaishankar described the India-UAE comprehensive strategic partnership as a “model relationship”
NEW DELHI: India and the United Arab Emirates (UAE) on Friday held discussions on deepening cooperation in the energy sector, including long-term supply agreements, collaboration in upstream and downstream projects and mutual investment in strategic reserves.
Cooperation in defence and security, including joint exercises and other exchanges, also figured in a meeting of the India-UAE joint commission co-chaired by external affairs minister S Jaishankar and his Emirati counterpart Abdullah bin Zayed Al Nahyan.
In his opening remarks at the meeting, Jaishankar described the India-UAE comprehensive strategic partnership as a “model relationship”. He said: “Our bilateral economic and commercial ties are not only very strong but increasingly diversified and deep. Since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, trade has steadily grown and it has now reached a level of $85 billion.”
A joint statement issued after the meeting said the two sides want to deepen cooperation in the energy sector, especially in areas such as long-term supply agreements, collaboration in upstream and downstream projects, and mutual investment in strategic reserves. They welcomed growing cooperation in new areas such as nuclear energy, critical minerals and green hydrogen.
“Our energy cooperation has further consolidated with several long-term oil and gas contracts signed recently,” Jaishankar said.
Jaishankar said new initiatives such as Bharat Mart, virtual trade corridor and the Master Application for International Trade and Regulatory Interface (MAITRI) as well as the implementation of the rupee-dirham agreement for settlement of cross-border transactions will help the two sides achieve the non-oil trade target of $100 billion.
The joint statement referred to “active and growing” exchanges between the two sides in defence and security, which “aligned with the broader strategic goals of the two countries”. The two countries held their first army exercise, Desert Cyclone, in January and the first bilateral defence partnership forum involving the defence industries of the two sides.
“India and the UAE have a common interest in preserving and promoting the stability, security and prosperity of our region. Enhancing our defence and security cooperation will contribute to this common goal,” Jaishankar said.
“Our bilateral military exercises enhance...the synergy between our armed forces. India is committed to scaling up this engagement for mutual benefit.”
Jaishankar thanked the UAE’s leadership for the care and hospitality extended to the 3.89 million Indians living in the Emirates. Al Nahyan appreciated the Indian community’s contribution to the UAE’s progress and development. Both sides agreed to hold meetings of various institutional mechanisms to resolve consular issues and enhance collaboration in skills and manpower.
Following the inauguration of the IIT-Delhi campus in Abu Dhabi in September, both sides reviewed the work to establish the overseas campus of the Indian Institute of Management-Ahmedabad and the Indian Institute of Foreign Trade in Dubai. They also discussed ways to strengthen partnerships between higher education institutes, with a focus on advancing joint research, academic exchanges and development of new technologies.
Both sides emphasised the importance of promoting greater cooperation in fields such as space, healthcare, food security, agritech, logistics and supply chains.
On Thursday, Jaishankar and Al Nahyan co-chaired the India-UAE strategic dialogue, which focused on ways to expand the strategic partnership in areas such as defence, emerging technologies, nuclear energy, polar research, critical minerals and renewable energy.
The two sides also discussed regional and international issues.