Bilateral trade between the UAE and India grew to approximately $84 billion in the past year, highlighting the success of the comprehensive economic partnership agreement that entered into force in May 2022. The two countries had previously set a target of $100 billion in bilateral trade by 2030.
During the latest India-UAE Joint Commission Meeting held today in New Delhi today, the two countries explored prospects for cooperation in various spheres, including integrating national digital payment systems, developing the UAE-India food corridor, and expanding cooperation in areas like science, research, education, nuclear energy, space and critical minerals.
H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, and Subrahmanyam Jaishankar, Minister of External Affairs of India, co-chaired the 15th India-UAE Joint Commission Meeting, emphasizing the long-standing historical and strategic ties binding the two countries and their peoples across various fields.
Progress in UAE-India relations
During the meeting, Sheikh Abdullah highlighted the significant progress in UAE-India relations over the years. He underscored the important role of bilateral platforms, including the joint commission, in strengthening their unique historical partnership and enhancing cooperation across all areas of benefit to the two friendly nations.
For his part, Dr. Jaishankar reiterated India’s commitment to advancing innovation and driving economic growth in partnership with the UAE. He also emphasized the shared vision that develops the two countries’ collaboration and propels their partnership toward greater horizons.
The UAE and India also reviewed the outcomes from the joint commission’s October 2024 meeting, which addressed implementation matters such as goods, rules of origin, technical barriers to trade, sanitary and phytosanitary standards and services trade.
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Stronger investment ties
The two sides also commended the ratification of the UAE-India Bilateral Investment Treaty, a pivotal step in establishing a robust legal framework that ensures comprehensive protection and promotes mutual investments.
The meeting shed light on noteworthy investments including the Abu Dhabi Investment Authority’s decision to establish a subsidiary in Gujarat International Financial Tec-City, reflecting the UAE’s strong confidence in India’s sustainable economic growth.
Notably, the UAE is the seventh-largest investor in India, with an estimated investment of $18 billion in 2023. Estimates suggest that UAE investors have injected close to $20 billion worth of capital into the Indian economy since 2000.
From April 2000 to March 2023, the UAE accounted for about 2.5 percent of the total FDI India received, with $15.6 billion worth of overseas inflows.
Following the meeting, Sheikh Abdullah and Dr. Jaishankar witnessed the exchange of a memorandum of understanding on polar research cooperation. The MoU was exchanged by Abdulla Balalaa, Assistant Minister for Energy and Sustainable Affairs and Deputy Chair of the UAE Polar Mission Steering Committee, and Dr Ravichandran, Secretary, Ministry of Earth Sciences.
