India, UAE to strengthen ties for increase in bilateral trade

| Updated: Jan 27, 2017 00:11 IST

New Delhi [India], Jan 26 (ANI): India and UAE have agreed to strengthen their bilateral trade ties in order to develop a medium and long term strategy for increasing bilateral trade by 60 percent over the next five years. A joint statement issued during the three-day visit of Crown Prince of Abu Dhabi Sheikh Mohammed Bin Zayed Al Nahyan stated that India and UAE have agreed to strengthen the two sides of its trade as an abiding link between the two countries. Prime Minister Narendra Modi and the Crown Prince lauded the current level of economic and trade engagement with both countries being among each other's largest trading partners. Over recent years, both countries, as economic hubs, have become increasingly interconnected and continue to develop a range of synergies in numerous fields. Both countries underlined the importance of the MoU on Indian Rupee and UAE Dirham Bilateral Currency Swap Arrangement between the Reserve Bank of India (RBI) and Central Bank of the United Arab Emirates concluded during the Crown Prince's previous visit in February 2016. It was also noted that the MOUs signed by the Confederation of Indian Industry with the Registration Authority of Abu Dhabi Global Market as also with Global Manufacturing and Industrialization Summit in November 2016 and another on Mutual Cooperation and Technical Assistance between SEBI and Abu Dhabi Global Market Financial Services Regulatory Authority would facilitate joint collaboration on initiatives and efforts to further encourage business developments. The two leaders lauded the work of the UAE-India High Level Task Force on Investments and reiterated the important role it plays in promoting economic and investments cooperation between the two countries. Crown Prince Sheikh Mohammed Bin Zayed reaffirmed his strong confidence in India's vibrant economy and expressed appreciation for Prime Minister Modi's inspiring vision for the country's future. Prime Minister Modi apprised the Crown Prince of progress on a range of key initiatives, including "Start Up India", "Make in India", "Smart City", "Digital India" and "Clean India", highlighting their strong potential to provide Indian economy a positive thrust for a robust and sustained growth. The UAE side reaffirmed its interest in investing in infrastructure development in India, especially in priority areas such as energy, power generation and transmission, defence production, industrial corridors and parks, railways, roads, ports, shipping and logistics. The two leaders welcomed the signing of MoUs on cooperation in Maritime Transport, on Mutual Recognition of Certificates of Competency of the Seafarers and on Cooperation in the Road Transport and Highways Sector during the visit. The two leaders reviewed the progress in realizing the USD 75 billion target for UAE investments in India's plans for rapid expansion of next generation infrastructure development. PM Modi invited UAE participation in India's National Infrastructure Investment Master Fund as an anchor investor. They agreed that the Joint Working Group formed under the MOU on the framework for facilitating the participation of UAE Institutional Investors in National Infrastructure Investment Fund should meet regularly to boost investment ties to realize the full potential. The two sides agreed to further strengthen their mechanisms for exchange of information in tax matters under the existing Double Taxation Avoidance Agreement. Sheikh Mohammed Bin Zayed encouraged Indian participation and partnership in Dubai Expo 2020 and also presented to Prime Minister Modi an overview of the UAE's upcoming developmental priorities. He conveyed the interest of Indian companies to be a partner in the infrastructure projects being undertaken by the UAE in preparation for the Dubai Expo as well as in his country's development plans. (ANI)