UAE in BRICS: New Dynamics in Global Relations

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The UAE reaffirmed its commitment to working closely with India and other member states and realising the shared objectives of BRICS….reports Asian Lite News

The United Arab Emirates (UAE) has acknowledged the praise from India for joining the BRICS group on January 1, this year. The development came two weeks ago India and the UAE released a joint statement over Saudi President Mohamed Bin Zayed Al Nahyan’s official visit to the country to attend the Vibrant Gujarat Global Summit in Ahmedabad.

The UAE also reaffirmed its commitment to working closely with India and other member states and realising the shared objectives of BRICS.

“Both sides committed to continue working together within BRICS and other international and multilateral fora to deliver significant outcomes. The UAE stressed that becoming a member of an extended BRICS grouping reflects the country’s keenness to champion the value of multilateralism in supporting peace, and development for the benefit and wellbeing of peoples and nations across the world,” the joint statement read.

The BRICS group includes Brazil, Russia, India, China, and South Africa. On January 1, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates officially joined the bloc.

The UAE President visited India at the invitation of PM Modi to the 10th edition of Vibrant Gujarat Global Summit 2024 as the chief guest.

During the visit, both leaders held constructive talks, reaffirming the strength of the Comprehensive Strategic Partnership and close ties between their countries and their commitment to continue collaborating to reinforce the longstanding and robust strategic partnership.

The two leaders also discussed the significant global roles of India and the UAE in 2023, including India’s Presidency of the G20, and the UAE’s Presidency of COP28. The UAE commended the endeavours by the Indian Presidency, describing it as the most ambitious in the history of the G20 and the efforts of both sides to maximize synergies between the G20 process and COP28 over the course of 2023.

The UAE side also expressed its appreciation to India for inviting the UAE as a Guest Country and the Indian side praised the UAE’s key participation in the summit. The UAE’s involvement in the event was a clear sign of the country’s steadfast commitment to multilateral cooperation and international priorities on global issues.

Additionally, India congratulated the UAE for successfully hosting COP28, for adopting the action agenda at the early stages of the conference, and for achieving an exceptional accomplishment concluding with “The UAE Consensus”, a historic agreement by 198 Parties to usher in a new era of climate action.

The Indian side also thanked the UAE for the special honour accorded to Prime Minister Narendra Modi, to speak at the ceremonial opening of the World Climate Action Summit Plenary in Dubai. The UAE expressed appreciation to India for its support and contribution towards the success of COP28, said the release.

Both the leaders also reviewed the India-UAE relationship, which was formally elevated to a Comprehensive Strategic Partnership during the visit of the UAE President to India in 2017 and expressed satisfaction on the progress achieved in various sectors and noted that the India-UAE partnership has been significantly growing and expanding over the years.

The leaders also exchanged number of MoUs, including Memorandum of Understanding on Investment Cooperation in Innovative Healthcare Projects, MoU on Investment Cooperation in the Renewable Energy Sector, MoU on Investment Cooperation in Food Park Development and MoU between DP World and the Government of Gujarat

Recognising the importance of food security, Prime Minister Modi and President Al Nahyan emphasized that the India-UAE Food Park project will promote the reliability and resilience of food supply chains and expand food and agriculture trade between the UAE and India. Both nations share an intent to implement this project, among others, in India, which will unlock further value for both nations and the region in food security.

The two leaders recognised the importance of the Memorandum of Understanding on Investment Cooperation in the Renewable Energy Sector, which focuses on forging effective collaboration in renewable energy, with the aspiration to implement energy projects.

The two leaders also reviewed the efforts from both sides to strengthen the strong economic and commercial cooperation and explore new areas of collaboration. They noted that the UAE is the fourth largest investor in India in 2022-23, compared to ranking seventh in 2021-22. They welcomed the Abu Dhabi Investment Authority (ADIA)’s progress in establishing a presence in Gujarat International Finance Tec-City (GIFT City), a financial free zone in Gujarat. The leaders underlined that these measures will further facilitate the flow of bilateral investments.

They welcomed the strong growth in India-UAE trade since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) on May 1, 2022.

The UAE is India’s third-largest trading partner for the year and its second-largest export destination. India is also the UAE’s second largest trading partner.

“With the bilateral trade rising to USD 85 billion in 2022-23, the leaders expressed optimism that the target of non-oil trade to 100 billion USD can be achieved, well ahead of the target year 2030.They also noted that the MoU between DP World and the Government of Gujarat for Special Economic Zone (SEZ) development, ports and related infrastructure signed today would further boost bilateral trade between the two countries,” the joint statement added.

Underscoring the importance of ensuring a stable and resilient multilateral trading system in fostering global economic prosperity, the two leaders stressed the importance of the 13th WTO Ministerial Conference, taking place in Abu Dhabi in February 2024, to achieve a successful outcome that serves the interests of all WTO Members and strengthens the rules-based trade order.

The two leaders also resolved to further enhance the bilateral partnership in the energy field, across oil, gas, and renewable energy. Both sides will advance their cooperation in Green Hydrogen, solar energy and grid connectivity.

The two countries further agreed to increase investment across the energy spectrum, including in India’s Strategic Petroleum Reserve Programme. (ANI)

Launch of India-UAE CEPA Council

At the recent Vibrant Gujarat Global Summit in Ahmedabad, hosts India and the UAE launched the UAE-India CEPA Council (UICC) to encourage close partnerships and tangible cooperation across all levels of the UAE and Indian business communities, according to an official press statement.

The launch was attended by the UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi and Union Minister of Commerce and Trade, Piyush Goyal.

The CEPA council will emphasise on critical industries such as start-ups, women entrepreneurs, micro, small, and medium-sized enterprises (MSMEs), and the services sectors.

The launch was part of the UAE-India Business Summit, which coincided with the ongoing Vibrant Gujarat Global Summit 2024.

The business summit involving the two nations was held under theme of ‘Two Nations, One Vision’.

The event marked yet another important milestone in the UAE-India economic partnership, with the unveiling of a range of new initiatives aimed at further bolstering the strategic bilateral partnership.

Speaking on the occasion, UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said, “The launch of the UAE-India CEPA Council underlines the strength of our economic partnership. The Council is a testament to the shared vision of creating a dynamic and resilient economic relationship, driving sustainable growth, and prosperity for both our nations.”

Highlighting the significance of economic cooperation between the UAE and India, Union Minister Piyush Goyal said, “The UAE-India Business Summit reflects our shared commitment to economic growth, innovation, and mutual prosperity. This summit serves as a catalyst for the next phase of our economic collaboration and our common journey towards a greater shared growth. The launch of the UICC is a significant step in providing a structured framework to businesses keen to explore bilateral trade opportunities, thus strengthening economic cooperation between the UAE and India.”

The UAE Ambassador to India, Dr. Abdulnasser Alshaali said, “The UAE-India Business Summit reinforces the strategic collaboration between our nations, charting a path for new avenues of growth and cooperation. Our shared commitment to sustainable development and inclusive growth is evident in the initiatives unveiled today, and I am confident that this partnership will continue to flourish.”

The summit also provided the opportunity for participants to take part in a range of focused sessions on trade finance, investment facilitation, and the gems and jewellery trade.

Further according to the press statement, the Vibrant Gujarat Global Summit for which the UAE enlisted its participation as a partner country, marked a significant milestone in fostering international collaboration and was inaugurated by Prime Minister Narendra Modi.

The summit has evolved into India’s premier platform for promoting business networking and knowledge sharing since its inception in 2003.

Gujarat Chief Minister Bhupendrabhai Patel also held several meetings with the visiting dignitaries on the sidelines of the summit.

The UAE’s representation was at the highest level, with President Sheikh Mohamed bin Zayed Al Nahyan gracing the event as the chief guest.

A robust delegation of over 250 from the UAE, spanning across diverse sectors such as retail, energy, and finance, underscored the commitment to bilateral economic cooperation.

This summit continues to play a pivotal role in facilitating dialogue, fostering innovation, and enhancing partnerships on a global scale, according to a media release. (ANI)

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