ABU DHABI: India and the UAE have reiterated their commitment to achieving the ambitious goal of USD 100 billion of bilateral trade in the next five years, as External Affairs Minister S Jaishankar co-chaired a "very productive" meeting of the joint commission between the two nations and assessed the "significant progress" made in multiple domains of cooperation.
Jaishankar, who is here on a three-day visit, co-chaired the 14th India-UAE Joint Commission Meeting (JCM) along with his UAE counterpart Sheikh Abdulla bin Zayed Al Nahyan in Abu Dhabi on Thursday.
During the meeting, both ministers expressed their deep satisfaction at the continued high growth trajectory of bilateral relations between India and UAE, the Ministry of External Affairs said in a statement.
"A very productive meeting of the 14th India-UAE Joint Commission. Thank HH Sheikh Abdullah bin Zayed Al Nahyan for co-chairing it. Assessed the significant progress made in multiple domains of cooperation. The Joint Vision of our leadership is being implemented expeditiously," Jaishankar tweeted after the meeting.
The two leaders noted the regular high-level political interactions between both sides, especially the meeting between Prime Minister Narendra Modi and UAE President Sheikh Mohammed bin Zayed Al Nahyan on June 28, 2022, in Abu Dhabi, their Virtual Summit on February 18, 2022, and their participation in the virtual I2U2 (India, Israel, the UAE and the US) summit in July 2022.
They also noted the cooperation between the two countries in various multilateral forums and international organisations, in particular in the UN Security Council in 2022.
Both ministers expressed happiness at the entry into force of the landmark Comprehensive Economic Partnership Agreement (CEPA) on May 1, 2022 and the organisation of various activities and events for the effective implementation of the pact.
They reiterated their commitment to achieving the goal of USD 100 billion of bilateral trade in the next five years. They also positively assessed the investment partnership between both countries and the growth of UAE investments in India in diverse sectors.
It is expected that the next meeting of the High-Level Task Force between the two countries will be held shortly in India.
The progress in various elements of bilateral cooperation identified in the Vision Statement adopted by the two leaders (Modi and Sheikh Mohamed) on February 18, 2022 was also reviewed.
Both ministers noted the commitment on either side to further strengthen their long-term energy partnership, including two-way investments. They also noted the progress in discussions on various aspects related to renewable energy and green hydrogen.
Both ministers reviewed the ongoing discussions between the two sides in the area of food security, including in the I2U2 framework. They expressed happiness at the forward movement in healthcare and education cooperation, the statement said.
A team consisting of both government and private sector representatives from India and UAE visited Kenya and Tanzania recently to identify opportunities for joint projects in the health sector, it said.
The discussions between both sides on the establishment of an IIT in UAE have also moved forward with the establishment of a Joint Working Group between institutions on both sides.
Both Ministers emphasised the importance of promoting start-ups and entrepreneurship in different fields such as fintech, edutech, healthtech, agritech, logistics and supply chains.
They noted the possibility of linking instant payment platforms in either country, such as through the United Payment Interface (UPI) of India.
The UAE Foreign Minister appreciated the contribution of the Indian community to the country's progress and development while Jaishankar thanked him and the entire UAE leadership for taking care of the Indian community.
Both sides agreed to hold meetings of various institutional dialogues on consular issues, skills and manpower in the coming months. Two MOUs were signed between the two sides in the presence of the ministers.
These include an MOU between the Wildlife Institute of India and the International Fund for Houbara Conservation for the Conservation of the Great Indian Bustard and the Lesser Florican and an MOU between the Ministry of Foreign Affairs and International Cooperation of the UAE and the Indian Council for Cultural Relations (ICCR) on the establishment of the India-UAE Cultural Council Forum.
The two Ministers were joined by Thani bin Ahmed Al Zeyoudi - UAE MOS for Foreign Trade, Vinay Kwatra - Foreign Secretary of India and ambassadors and senior officials from both sides.