Abu Dhabi: Prime Minister Narendra Modi on Saturday held comprehensive talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan here to further deepen the multi-faceted bilateral ties, and announced that the two countries have agreed to start trade settlement in their currencies.
In his remarks after meeting the UAE President, Modi said India-UAE trade witnessed a 20 percent increase since the signing of the Comprehensive Economic Partnership Agreement last year.
Modi said the agreement signed on Saturday for trade settlement in the currencies of the two countries shows the strong economic cooperation and mutual trust between the two nations.
The agreement with the UAE on trade settlement in the two countries’ currencies will boost bilateral trade and investments.
Modi said he always got the love of a brother from Sheikh Mohamed bin Zayed Al Nahyan.
“The manner in which ties between our countries have expanded, you have made a big contribution to that. Every person in India views you as a true friend,” he told the UAE President.
Modi also noted that preparations for COP-28 to be held in the UAE are going on under the UAE President’s leadership, and added that he has made up his mind to participate in the conference later this year.
Modi was accorded a ceremonial welcome here at the Qasr-Al-Watan – the presidential palace – where he was greeted by the UAE President with a warm embrace. Children were seen waving the Indian tricolour as the Prime Minister inspected the guard of honour.
India and the UAE are engaged across various sectors such as trade, investments, energy, food security, science and technology, education, fintech, defence, security, and robust people-to-people ties.
Meanwhile, Prime Minister on Saturday returned after “successful” visits to France and the United Arab Emirates.
In France, the prime minister was the Guest of Honour at the Bastille Day Parade, which saw participation of a tri-service Indian armed forces contingent led by a military band to mark the 25th anniversary of India-France Strategic Partnership.
India and France signed a slew of agreements covering sectors as diverse as space, civil aviation, museology, petroleum, and business, besides unveiling a roadmap for partnership over the next 25 years titled Horizon 2047.
India and France were also exploring possibilities for co-development and co-production of key military platforms for export to friendly countries and stepping up cooperation in space-based maritime awareness.
In the UAE, Modi met President Sheikh Mohamed bin Zayed Al Nahyan and the two leaders agreed to start trade settlement in their currencies and link their fast payment systems to make international financial interactions simpler and open a campus of IIT-Delhi in the Gulf nation.
The prime minister also met UN climate conference’s President-designate Sultan Al Jaber.
External Affairs Ministry spokesperson Arindam Bagchi described the Prime Minister’s visit to France and the UAE as “successful” and “transformative”.
