New Delhi, Dec 14 (Representative) External Affairs Minister S Jaishankar and visiting UAE Deputy PM and Foreign Minister Sheikh Abdullah bin Zayed discussed the India-Middle East-Europe Economic Corridor (IMEEC), and welcomed the recent launch of the work on the Virtual Trade Corridor (VTC), during the 15th India-UAE Joint Commission Meeting here today. The two sides also welcomed the launch of work on the MAITRI interface (Master Application for International Trade and Regulatory Interface), and acknowledged that VTC and MAITRI will streamline trade processes through a data exchange system that facilitates paperless transactions between the two countries, a statement said. The Virtual Trade Corridor is an integral part of the India-Middle East-Europe Economic Corridor (IMEEC), a flagship initiative aimed at improving maritime connectivity and trade between India, the UAE, and Europe. Work on the VTC and MAITRI was launched in September this year.
The two Ministers also welcomed the signing in February this year and entry into force of the India-UAE Bilateral Investment Treaty. They reaffirmed the strong trade relationship between the UAE and India, further enhanced by the India-UAE Comprehensive Economic Partnership Agreement (CEPA). They commended the strong cooperation between the two central banks, particularly in the fintech sector, and the development of public digital infrastructure, including Central Bank Digital Currencies (CBDC), instant payments, and card schemes, a statement said. They appreciated the robust cooperation in the energy sector between the two countries, including the desire to deepen ongoing collaboration in areas such as long-term supply agreements, collaboration in upstream and downstream projects, mutual investment in strategic reserves etc. They also welcomed the expansion of cooperation in new areas of partnership such as nuclear energy, critical minerals and green hydrogen. Both Ministers expressed satisfaction over the active and growing exchanges between the two countries in the defence and security sector, which aligned with the broader strategic goals of the two countries. They welcomed the successful completion of the first Army-Army exercise ‘Desert Cyclone’ in January 2024 and the holding of the first-ever India-UAE defence partnership forum involving the defence industries of the two countries, the statement added.
They commended the functioning of the IIT-Delhi Abu Dhabi campus, which was inaugurated by Crown Prince of Abu Dhabi Sheikh Khaled Bin Mohamed on September 2. They reviewed the ongoing work to establish the overseas campus of the Indian Institute of Management, Ahmedabad and Indian Institute of Foreign Trade in Dubai. They highlighted the need to strengthen partnerships between Higher Education Institutes of both the countries, with a focus on advancing joint research initiatives, academic exchanges, and the development of new technologies. They emphasized the importance of promoting greater cooperation in different fields such as space, healthcare, food security/ agritech, logistics and supply chains. EAM thanked the UAE leadership for the care and hospitality extended to the 3.89 million Indians in the UAE. The Deputy Prime Minister and the Foreign Minister of the UAE appreciated the contribution of the Indian community to UAE’s progress and development.
Both sides agreed to hold the meetings of various institutional dialogues to resolve consular issues and enhance collaboration in skills and manpower in the coming months, the statement added. A UAE statement said the two ministers also commended the ratification of the UAE-India Bilateral Investment Treaty (New India-UAE BIT), a pivotal step in establishing a robust legal framework that ensures comprehensive protection and promotes mutual investments. Noteworthy investments were also highlighted, including the Abu Dhabi Investment Authority’s decision to establish a subsidiary in Gujarat International Financial Tec-City, reflecting the UAE’s strong confidence in India’s sustainable economic growth. The two sides also explored prospects for cooperation in various spheres, including integrating national digital payment systems, developing the UAE-India food corridor, and expanding cooperation in areas of science, research, education, nuclear energy, space, and critical minerals. Following the meeting, they witnessed the exchange of a Memorandum of Understanding (MoU) on polar research cooperation.