India and UAE Relations: Today marks 50 years of diplomatic ties between our two nations. During their virtual summit in February this year, the leaders issued a postage stamp to commemorate this significant occasion.
Around 3.5 million Indians live in the UAE, making up nearly 25% of India’s most extensive diaspora. The Indian community is a substantial economic contributor to the UAE and a crucial tenet of close ties. Indians now have a place to call home in the UAE, where they may work, boost both nations’ economies, and enjoy a friendly, peaceful socioeconomic environment.
India and the United Arab Emirates inked the Comprehensive Economic Partnership Agreement in February of this year, significantly strengthening trade links between the two nations (CEPA). Since May, this agreement has allowed 97% of the tariff lines, or 99% of Indian exports, access to the market.
India and UAE Relations: CEPA agreement
The CEPA was the first of its type to be signed by the UAE and any country in the globe, as well as by India in the Middle East and North Africa. Amazingly, the discussions for this historic agreement lasted only 88 days and were only made possible by shared commitment and confidence. Our bilateral ties have advanced thanks to the accord. Even though trade negotiations might last for years, the CEPA has shown that all that is needed to complete an agreement is the parties’ shared commitment to cooperate.
With the Joint Vision Document published during the leaders’ virtual summit in February, India, and the UAE strengthened their strategic alliance in yet another essential way. This text, appropriately named “New Frontiers, New Milestones,” plots the course toward a shared future. In addition to laying out new opportunities for cooperation, it also aims to build on prior successes.
These include fintech, sustainable development, food security, digital payments, cyber security, cryptocurrencies, and advanced technology. Furthermore, another momentous statement signaled what would be the start of a new era in higher education cooperation between India and the United Arab Emirates: A new Indian Institute of Technology has opened in Abu Dhabi.
India and UAE Relations: India and the UAE have been collaborating closely in the UN Security Council amid the present tumultuous geopolitical times on the international front. With the introduction of the I2U2 Group in October 2021, together with Israel and the US, India, and the UAE jointly set new ground. The I2U2 meeting, which was held in July of this year, was quickly organised by Sheikh Mohamed, Mr. Modi, US President Joe Biden, and Israeli Prime Minister Yair Lapid.
The I2U2 Joint Statement was full of intent, content, and significant announcements with an outcome-oriented approach, including a $2 billion investment by the UAE to create food parks in India and a $330 million joint initiative to develop renewable energy capacity of up to 300 megawatts in India.
I2U2 and its main goal
I2U2’s mission crosses national borders and aims to use the four societies’ and economies’ vitality and entrepreneurial spirit to address some of the world’s biggest problems today. I2U2 advances the August 2020 Abraham Accords by creating new opportunities for multilateral cooperation.
Expo 2020 Dubai’s organisation during a period of global sadness and anxiety has demonstrated the UAE’s genuine grit to the world. This was no small feat during the epidemic, with more than 24 million visitors in only six months. The India Pavilion at Expo 2020 Dubai attracted one of the largest crowds.
Additionally, it is an honor for India to be one of the nations given a permanent pavilion. There is little doubt that India and the UAE are crucial components of one another’s future.
Import Export history between India and UAE
Although food is India’s main export to the UAE, the country also brings in goods, including equipment, diamonds, vegetables, and pearls. According to a survey conducted in 2014, commerce between India and the UAE totaled $60 billion.
The following is a list of some top exports from India to Dubai, United Arab Emirates:
- Metal, metal clads, cultivated or natural pearls, precious stones
Our nation exports pearls, metals, stones, and related goods to the United Arab Emirates. The number of exports from India in 2017 was $104.219,000,000.
- Mineral Fuels, Mineral Oils, Mineral Waxes, and related items
The United Arab Emirates bought mineral goods worth 4565997 thousand dollars during the 2017 fiscal year.
- Steel, iron, and its products.
India is one of the biggest producers and manufacturers of iron and steel. India is a respected partner of the UAE when it comes to the exporting of iron and steel goods. In 2017, the UAE imported 447807 thousand dollars worth of steel and iron, totaling 772,598 thousand dollars.
- Clothing that is sewn or unstitched
India regards as the world’s top clothing and apparel manufacturer, sending products abroad. Large quantities of unstitched clothing and apparel are also exported from India. UAE imported 1,501,497 thousand dollars in unstitched goods from India and 1,960,509 thousand dollars in stitched goods in 2017.
- Fruits that can be eaten, nuts, and cereals –
Oats, flakes, bread, fruits, nuts, etc., are all included. India exported the same in 2017 and made 889,350 dollars off of it.
- Boilers, television pictures, sound recordings, nuclear reactors, and their parts; electric machinery and equipment;
In 2017, India exported equipment and boilers valued at 689,174 thousand dollars. In addition, electric equipment and other items totaled 612,785 dollars in exports.
- Precious metals, organic or inorganic molecules, or inorganic or organic chemicals
Both chemical manufacturing facilities and research facilities may find in India. In 2017, India made $340,272 in revenue. Such chemicals were exported by India and brought in 291,784 USD.
- Essential oils, Perfumery, Toiletry Preparations, and Resinoids
India made 168,871, 000 dollars in FY 2017 by exporting the goods above to the UAE.
- Meat, including edible offal,
India produces enormous amounts of meat and related goods, which it sends to many nations worldwide. UAE imported goods worth $166,619,000 in 2017.
India and UAE Relations: Final Words
Today, the UAE may be India’s closest ally in the Mena region. Their bond is as much about their shared past as their promising future. The two countries have strong people-to-people contacts.
There is a large Indian diaspora in the UAE, an important source of remittances to India. In addition, the UAE is also a popular tourist destination for Indians.