Crown prince of UAE on a three-day visit to India
India sealed 14 agreements, including elevating bilateral ties to the level of comprehensive strategic partnership, with the United Arab Emirates (UAE). The crown prince who arrived here on a three-day visit to India, will attend the Republic Day celebrations as the chief guest.
He described the strategic agreement as a testimony to the age-old ties between the two sides. Prime Minister Narendra Modi also welcomed greater investment from the country for India’s infrastructure sector. However, the summit-level talks fell short of clinching a major investment agreement for India.
Synergy in partnership:
We can work together for peace and stability in Asia and the Middle East and fight security challenges. Which enhances optimism about the future of our relationship. Apart from the strategic partnership, agreements on defense industries, maritime transport, cybersecurity, shipping and transport were also signed.
Various dimensions to our relationship:
Investment Agreement: A major agreement on engaging the sovereign wealth fund of the UAE for India’s infrastructure sector remained unattained. There is discussion on an agreement that they will invest nearly $75 billion in India in the near furture. During the visit, we were hoping that an MoU will be signed between their investment fund and NIIF (National Infrastructure Investment Fund) that we have created on our side, this is at an advanced stage of discussion. However, UAE needed more time to study the documents on the structure and management of NIIF.
Agreement on oil reserves:
Chanakya IAS Academy
The two nations signed a strategic oil pact to lease part of its strategic storage to Abu Dhabi National Oil Company (ADNOC). Under the proposed idea, India would have first rights to the stored crude in case of an emergency. India imports 80% of its crude oil requirements and to hedge against any emergency and safeguard its energy security programme, the country is building vast facilities.
MOUs signed:
On cooperation in the field of defense industry.
Establish cooperation in the fields of defense manufacturing and technology, through research, development, innovation and cooperation between public sectorand private sector institutions.
The two sides will cooperate in areas of armaments, defense industries and transfer of technology.
On cooperation in the field of maritime transport which provides a framework for enhancing bilateral maritime trade ties through facilitating maritime transport, free transfer of money between contracting parties and reciprocal recognition of ships' documents
Bilateral cooperation in road transport and highways sector
Cooperation in preventing and combating human trafficking,
In the field of small and medium enterprises, agriculture and allied sectors
Mutual exemption of entry visa requirements to holders of diplomatic and official passports
Trade remedial measures to promote cooperation in areas of mutual interest and cooperation in energy efficiency services
The Gulf state will also showcase its growing military clout at the Republic Day parade in India, where a marching contingent of its armed forces will participate in a show of solidarity with India.
