India, UAE set ambitious trade and connectivity agenda during President Sheikh Mohamed bin Zayed’s visit
New Delhi, January 19. India and the United Arab Emirates (UAE) have agreed to fast-track a range of strategic initiatives aimed at deepening economic, financial and cultural ties during the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to New Delhi on January 19.
Briefing the media, Foreign Secretary Vikram Misri said both sides reviewed progress on several flagship projects, including Bharat Mart, the Virtual Trade Corridor and the Bharat Africa SETU initiative, and agreed to work expeditiously on their implementation. He noted that UAE firms DP World and First Abu Dhabi Bank have received approvals to establish offices and operations at Gujarat International Finance Tec-City (GIFT City), underscoring growing financial sector cooperation.
The two countries also decided to move towards interlinking their national payment platforms to further promote trade and investment. This initiative will build on existing mechanisms such as the local currency settlement system, the rollout of India’s Unified Payments Interface (UPI) in the UAE and the introduction of the UAE’s Jaywan card.
In a significant cultural initiative, India and the UAE agreed to work towards establishing a ‘House of India’ in Abu Dhabi. The proposed facility will serve as a unique cultural space featuring a state-of-the-art museum showcasing India’s ancient civilisational heritage, and is envisioned as a lasting symbol of the India-UAE partnership.
On the economic front, Misri highlighted that bilateral trade has crossed the $100 billion mark since the Comprehensive Economic Partnership Agreement (CEPA) came into force in 2022. Building on this momentum, Prime Minister Narendra Modi and President Sheikh Mohamed bin Zayed agreed to raise their ambitions and aim to double bilateral trade to $200 billion by 2032.
The two leaders also agreed to facilitate greater exports from India’s micro, small and medium enterprises (MSMEs) to markets across West Asia, Africa and the Eurasian region, further expanding the scope of the CEPA-driven partnership.
