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United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan is coming to India on an official visit on Monday at the invitation of PM Narendra Modi. This is his third visit to India after becoming President and fifth in the last ten years.
According to the Ministry of External Affairs (MEA), relations between India and UAE have become stronger in the last few years. During this visit, important issues related to trade, investment, defense cooperation, energy and the world can be discussed.
MEA said that both the leaders can also discuss the current situation in the Middle East. This visit is taking place at a time when the situation in West Asia remains very sensitive.
After the Comprehensive Economic Partnership Agreement (CEPA) economic agreement signed between India and UAE in 2022, business and people-to-people contacts have gained momentum. Both the countries have become each other’s trade and investment partners.
The picture is of July 15, 2023. In this, UAE President PM Modi is seen tying a friendship band.
Giving information about the visit, MEA said-
- There has been a strong partnership between the two countries regarding energy supply for a long time. Additionally, the Local Currency Settlement System and Bilateral Investment Treaty have further strengthened economic relations.
- The visit will provide an opportunity to further advance the India-UAE Comprehensive Strategic Partnership and open new avenues of cooperation on regional and global issues of mutual interest.
- Diplomatic relations between India and UAE were established in 1972. The two countries also cooperate closely in multilateral fora such as the United Nations, BRICS, I2U2 and UFI.
India exports the most to UAE among Gulf countries.
UAE is India’s third largest trading partner. There is a trade of more than Rs 6 lakh crore between the two countries. In this, UAE has imported Rs 2 lakh crore from India. India has a financial deficit with UAE. That means India imports more from UAE and exports less.
India has imported Rs 4 lakh crore from UAE in the financial year 2022-23. India had also signed a trade pact with UAE. India exports petroleum products, metals, stones, gems and jewellery, minerals, food items like cereals, sugar, fruits and vegetables, tea, meat and seafood, textiles, engineering machinery products and chemicals to UAE.
What does India export to UAE?
India’s major exports to UAE include petroleum products, metals, stones, gems and jewellery, minerals, food items such as cereals, sugar, fruits and vegetables, tea, meat and seafood, textiles, engineering machinery products and chemicals.
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