PM Modi warmly welcomed UAE President : The strength of the friendship between Prime Minister Narendra Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan (MBZ) was visible at the Vibrant Gujarat Global Summit (VGGS 2024). Before the Vibrant Summit, PM Modi himself received him at the Ahmedabad airport. After this both the leaders also did a road show. While PM Narendra Modi addressed him as brother, United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan addressed the summit in his friendship with PM Modi. Usually the President of UAE speaks very little in public forums. He did not address many big summits. The friendship between PM Modi and the UAE President was discussed throughout the summit. After he addressed the summit, there was a lot of discussion about it during the break in the main hall of the Vibrant Summit.
PM Modi warmly welcomed UAE President
After addressing the summit, UAE President Sheikh Mohammed bin Zayed Al Nahyan wrote on social media platforms that today I participated in the Vibrant Gujarat Global Summit in India along with leaders and officials from around the world. The UAE strongly believes in the power of building bridges of cooperation to promote economic growth and foster international cooperation to help tackle global challenges and achieve stability and prosperity for all. UAE President Sheikh Mohammed bin Zayed Al Nahyan reached Ahmedabad on the evening of January 9 for the Vibrant Gujarat Summit. After the inauguration and address of the summit, he left for UAE in the afternoon. He stayed in Gujarat only for about 17 hours.
The closeness between the two has increased
It is not that only Prime Minister Narendra Modi reached the airport to welcome the UAE President. When Prime Minister Narendra Modi visited UAE in 2022, President Sheikh Mohammed bin Zayed Al Nahyan, breaking protocol, welcomed him at Abu Dhabi Airport. Prime Minister Modi has visited UAE six times so far during his tenure. The United Arab Emirates has honored PM Narendra Modi with its highest civilian honour, the Order of Zayed. Sheikh Mohammed bin Zayed Al Nahyan visited India for the first time in 2017. He was then the Crown Prince of the United Arab Emirates and the Government of India had invited him as the Chief Guest of the Republic Day celebrations. Since then, relations between UAE and India have increased in warmth. After this, PM Modi also visited UAE. This year Prime Minister Narendra Modi will also visit UAE. During his visit, PM Modi will inaugurate the BAPS Hindu Temple in Abu Dhabi, built at a cost of Rs 700 crore. Apart from this, he will address a public meeting at Zayed Stadium in Abu Dhabi. This program, which is like Howdy Modi, has been named Ahlan Modi.
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How much was the trade between India and UAE?
The biggest impact of bilateral trade between India and UAE has been seen on oil exports. Bilateral trade between India and UAE had reached a record high during the financial year 2022-23. Bilateral trade had increased from US$ 72.9 billion (April 21-March 2022) to US$ 84.5 billion (April 22-March 2023). There was a growth of about 16 percent on annual basis.
Exports reached record level
Exports from India to the United Arab Emirates had also reached a record level for many years. During the April-March period, this export increased from $28 billion to $31.3 billion. In this also a growth of about 3.3 billion dollars was seen. If seen on annual basis, it has shown a growth of about 11.8 percent.
Tariff fee also abolished
In the goods sector under India and UAE CEPA in the financial year April 22-March 2023, UAE eliminated duties payable on 97.4 per cent of its tariff lines on 99 per cent of its imports from India. At the same time, India had also immediately abolished duties on more than 80 percent of its tariff lines, which deal with 90 percent of exports.
Tariff duty abolished on which products?
Let us tell you that most of these tariff lines relate to labor intensive industries/sectors such as oilseeds and oils, beverages, cotton, fish and fish products, textiles, clothing, gems and jewellery, leather, footwear, pharmaceuticals and many engineering products.
Trade between the two countries takes place in their own currency
Let us tell you that this year another big decision has been taken between India and UAE. Under this decision, both the countries have agreed to start business transactions in their respective currencies. The first unpaid trade agreement has been signed between India and UAE. Along with this, it was agreed to link UPI with UAE’s instant payment platform IPP. PM Modi said that soon trade worth Rs 8000 billion will be targeted between India and UAE. For the first time, we have reached 85 billion dollars in bilateral trade.
PM Modi will visit UAE in February
Let us tell you that PM Modi will visit UAE again next month i.e. in February 2024. PM Modi will attend the inauguration ceremony of Swami Narayan Temple in Abu Dhabi. He will also address the people of the Indian community in Abu Dhabi on 13 February.
