India and the UAE on Wednesday signed comprehensive strategic partnership agreement amidst assertion by Prime Minister Narendra Modi that cooperation stands poised for a “major take off”. View more at #Hindustan360.
However, much-anticipated pact pertaining to the $75 billion investment fund, committed by the UAE, was not among the fourteen pacts which were signed after the talks between Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan.
Al Nahyan, who arrived in New Delhi on Tuesday accompanied by a high-level delegation comprising ministers, senior officials and captains of industry, will be the Chief Guest at the Republic Day parade on Thursday. Terming his discussions as “fruitful and productive”, Modi, at a joint press event with the UAE leader, said the discussions were wide ranging covering the entire spectrum of the bilateral engagement.
We have shaped an ambitious roadmap of engagement to make our comprehensive strategic partnership purposeful and action oriented. The agreement that was exchanged just now has institutionalized this understanding.
Narendra Modi, Prime Minister
Asserting that security and defence cooperation have added growing new dimensions to the ties, he said their closer ties are of importance, not just to both the countries but also of significance to the entire neighbourhood. He also said convergence between the two countries can help stabilize the region and the economic partnership can be a source of regional and global prosperity.
He noted, “Moving forward, our cooperation stands poised for a major take off. I am confident, Your Highness, that your visit will build on the strong gains and understanding of our previous interactions. And shape its future framework marked by depth, drive and diversification of our partnership.” However, the two sides did not sign a pact pertaining to the $75 billion investment as was hoped by Ministry of External Affairs (MEA) officials on Tuesday.
Holding that the UAE has the largest sovereign fund, Secretary for Economic Relations in MEA Amar Sinha on Tuesday had told reporters, “During the visit, we are hoping to sign an MoU between their investment fund and our National Infrastructure Investment Fund (NIIF)” which will put in place a framework as to how the fund will be administered and which all sectors it can be invested in.
Asked as of why the accord was not inked, senior officials said, “Talks are in an advanced stage and this visit has helped in identifying sectors in which the investment can be made.” Noting that they have agreed to expand cooperation in the field of defence to new areas including in the maritime domain, Modi said the MoU on Defence Cooperation will help steer the defence engagements in the right direction.
“We also feel that our growing engagement in countering violence and extremism is necessary for securing our societies,” the Prime Minister said.
Ahead of delegation-level talks at Hyderabad House, the two leaders held a one-on-one meeting for nearly one hour at the Prime Minister’s official residence here. Counter- terrorism and security situation in the region were among other key issues discussed between the two of them. Terming the UAE as one of India’s most valued partners and a close friend in an important region of the world, Modi said, “We regard the UAE as an important partner in India’s growth story,” adding that he has conveyed the interest of Indian companies to be a partner in infrastructure projects for the World EXPO 2020 in Dubai.
Pacts To Boost Economic Cooperation
- India and UAE also inked several initial agreements to increase economic cooperation and establish a framework for the storage of crude oil by Abu Dhabi National Oil Company in New Delhi.
- Another MoU was signed to enhance cooperation in the field of anti-dumping through exchange of information, capacity-building, seminars and trainings in mutually identified areas related to trade remedial measures.
- The oil agreement was signed between Indian Strategic Petroleum Reserves Ltd. and Abu Dhabi National Oil Company.
- “This agreement aims to establish a framework for the storage of crude oil by Abu Dhabi National Oil Company in India and to further strengthen the strategic relationship between the two countries in the field of energy,” an official statement said.
- These pacts were exchanged during the visit of Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan to India.
- A pact was also signed to deepen the maritime economic activities in general by establishing a framework for Mutual Recognition of Certificates of Competency of marine officers, engineers and crews.
- Another MoU was signed with a view to establish cooperation in highways and road transport through sharing of technologies, systems and best practices in freight logistics, warehousing and value added services.
- MoUs to promote cooperation in MSMEs, R&D, agricultural fields of mutual interest and energy efficiency services were also inked.
View more at #Hindustan360.