On 15 July 2023, Prime Minister Narendra Modi met with H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and the Ruler of Abu Dhabi, in Abu Dhabi. The discussions held during the delegation level and one-on-one talks focused on various aspects of the bilateral partnership, ranging from trade and investment to climate action and higher education. The meeting witnessed the exchange of significant documents and resulted in the issuance of a Joint Statement, highlighting the commitment of both leaders to enhance cooperation.
Wide-ranging Discussions on Bilateral Partnership: Prime Minister Modi and Sheikh Mohamed engaged in comprehensive discussions, exploring different dimensions of the bilateral partnership. The talks encompassed trade and investment, fintech, energy, renewables, climate action, higher education, and people-to-people ties. These discussions reflected the shared commitment of India and the UAE to further strengthen their economic, technological, and educational collaborations.
Boosting Cross-Border Transactions: During the meeting, the two leaders witnessed the exchange of three significant documents. The first memorandum of understanding (MoU) was signed between the Reserve Bank of India (RBI) and the UAE Central Bank to establish a framework promoting the use of local currencies (INR – AED) for cross-border transactions. This move aims to facilitate smoother and more efficient trade and financial exchanges between the two nations.
Bilateral Cooperation on Payment Systems: Another MoU was signed between the RBI and the UAE Central Bank, focusing on bilateral cooperation in interlinking their payment and messaging systems. This agreement aims to enhance the efficiency and security of cross-border financial transactions, promoting seamless connectivity between the banking systems of India and the UAE.
Advancing Education Collaboration: The meeting also witnessed the signing of an MoU between the Ministry of Education of India, the Department of Education and Knowledge in Abu Dhabi, and IIT Delhi (Indian Institute of Technology Delhi). This collaboration aims to establish IIT Delhi – Abu Dhabi, UAE, fostering academic excellence and knowledge exchange between the two countries.
Joint Statements on Bilateral and Climate Issues: Following the discussions, a Joint Statement was issued, highlighting the outcomes of the meeting and the shared commitment of both leaders to strengthen bilateral ties in various sectors. Additionally, a separate Joint Statement on Climate Change was issued, emphasizing the importance of concerted global efforts to address climate challenges and outlining the commitment of India and the UAE to sustainable development.
